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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4546
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Some months ago my bnak froze my account and demanded

Customer Question

Some months ago my bnak froze my account and demanded re-payment of my £15,000 overdraft. I wrote to my Bank with a Subject Access Request and also a letter of complaint on the basis that they had missold me the Private Banking Account which had then incurred additional charges over and above my regular account. I was expecting to get around £1,200-2,000 in charges refunded if could persuade them of the legitimacy of the claim.
Suprisingly after just 1 letter from me I received a call telling me that they were now prepared to write off the entire overdraft (Now £17,000) if I signed a letter agreeing I ws happy with the settlement.
The letter duly arrived but contained some rather worrying statements that now makes me believe I had undersold my case on misselling.
Further to the usula notes about writing off the OD he then added:
1. "I trust you agree that replying in any detail will not serve any additional purpose"
2. "With the passage of time it has made it difficult to recover records that might have given us additional information about the background to the initial introduction to Private Banking and their decision to grant the overdraft facilities that they did"
3. "Court action was suspended when we understood the nature of your concerns and will not be recommenced. We will not be contacting you seeking any repayment in the future"
Should I push this further, am I likely to achieve anything by doing so? It seems very odd that they have written off the entire OD.
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend, Hello and welcome. Thank you for providing an opportunity to assist you. From what I understand from your situation, even I feel that the bank mis-sold you the private banking account and I also feel that they were aware of what they were doing. Havind said this, if you follow up with them and if at all you take legal action and seek damages, they can very well be in soup. However, again, at this juncture, I would not suggest stretching this matter too much. If they are foregoing your amount of OD, it is best advised that you finish this matter off. The bank also guarantees that they will not sue you in future. It should be understood that bank is not doing you any favor but they are being pragmatic. They know that they are at fault and know their limitations. I suggest you finish this matter off with proper documentations. You are not payining them the OD money. There is nothing more to gain from this. I am sure this would help. I wish you good luck.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards,