How to pay back £2000 in 14 days?? - HotUKDeals
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How to pay back £2000 in 14 days??

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6y, 6m agoPosted 6 years, 6 months ago
Co-op bank asking for my overdraft back immediately - how am I going to pay this off in 14 days?? My proposal of £60 a month got rejected :(
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6y, 6m agoPosted 6 years, 6 months ago
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banned#1
Don't spend what you don't have?
#2
depends on how large it is......why have they requested it be paid back anyway?

why dont you increase the offer £14 a week isnt a lot........
banned#3
casparwhite
depends on how large it is......why have they requested it be paid back anyway?why dont you increase the offer £14 a week isnt a lot........


They've stopped being a student?
#4
casparwhite
depends on how large it is......why have they requested it be paid back anyway?why dont you increase the offer £14 a week isnt a lot........

I cant - I have other expenses. It was a student overdraft and now want it back.

P.s Dislike the new control panel layout on here!
banned#5
Can't edit so will add some more info....student overdraft is £2000, its in the t&c that this must be paid back when you stop being a student and therefore no longer entitled to the student account...my guess.
#6
sell everything you have.
#7
i would offer them a bit more mate, im sure you can afford more than what you have offered.......did you get all of this in writing.

i would send them a detailed letter with all your outgoings showing what you can afford......dont just offer them a tiny amount without any calculations. you have to prove it......im afraid
#8
lumoruk
Can't edit so will add some more info....student overdraft is £2000, its in the t&c that this must be paid back when you stop being a student and therefore no longer entitled to the student account...my guess.
I didn't expect them asking for it all back straight away. Is there a way to fight this?
#9
if you have made a offer to pay it back and they dont accept it let them take it to court, because you have made a offer the court will see in your favour and accept it as long as you keep putting in the £60 they can have, just remember to let the £60 a month build up, then there is nothing they can do, if they decide not to take that money then that will go against them at court and the judge could wipe the debt altogether, hope this helps
#10
Go and see a debt councillor and they'll give you the options that you have. They'll also contact the bank and outline your proposals. It will have a lot more clout coming from them. Do it now as you don't have much time but don't worry. It can be sorted.
#11
Just tell them you are still a student and are starting a masters in September.
#12
wickedteen
if you have made a offer to pay it back and they dont accept it let them take it to court, because you have made a offer the court will see in your favour and accept it as long as you keep putting in the £60 they can have, just remember to let the £60 a month build up, then there is nothing they can do, if they decide not to take that money then that will go against them at court and the judge could wipe the debt altogether, hope this helps


+1 (but not sure about the last bit)
banned#13
They cannot just demand back the whole amount, don't worry.

I suggest you phone their collections / overdraft department and talk to someone.

There are several pieces of legislation which you can use as a defence.

However please be aware that it is still their money.
#14
wickedteen
if you have made a offer to pay it back and they dont accept it let them take it to court, because you have made a offer the court will see in your favour and accept it as long as you keep putting in the £60 they can have, just remember to let the £60 a month build up, then there is nothing they can do, if they decide not to take that money then that will go against them at court and the judge could wipe the debt altogether, hope this helps


no....the court will want to see evidence of all your outgoings and they will make you pay what they think you can afford from the calculations.......ive already suggested he do this off his own back before the courts do it for him......and he has court costs etc added to the total
#15
yeah on a serious note go to citizens advice and they will contact the bank to work something out and then if they are still not budging let them take you to court.
#16
4leafed
Go and see a debt councillor and they'll give you the options that you have. They'll also contact the bank and outline your proposals. It will have a lot more clout coming from them. Do it now as you don't have much time but don't worry. It can be sorted.


they will only do what i have already suggested he does and they will charge you a fee for their services......
#17
go bankrupt.
#18
greyparrot
yeah on a serious note go to citizens advice and they will contact the bank to work something out and then if they are still not budging let them take you to court.


i dont think its a case of not budging just the repayments hes offered arent enough......especially when hes been buying mac books and stuff recently.......they arent stupid
#19
Can you not open another bank account and get everything switched over?
That way the overdraft will be paid back to co-op and be owed to whoever you open the account with.
#20
casparwhite
greyparrot
yeah on a serious note go to citizens advice and they will contact the bank to work something out and then if they are still not budging let them take you to court.
i dont think its a case of not budging just the repayments hes offered arent enough......especially when hes been buying mac books and stuff recently.......they arent stupid
The bank doesn't have any record of me buying macbooks :).
GAVINLEWISHUKD
Just tell them you are still a student and are starting a masters in September.
Don't think they provide a graduate account thought :(
greyparrot
yeah on a serious note go to citizens advice and they will contact the bank to work something out and then if they are still not budging let them take you to court.
Yes going to see them tomorrow morning but if bank takes me to court, do I have to pay the court fees and interest etc?
#21
agree with what someone else has said put your offer in writing - if they reject it well what else can you do. If you make any offer to pay a debt back and they ignore or reject then they don;t really have a legal leg to stand on
I seriously doubt they will take you to court think of all the people who are in a similar situation as you. Its just bully tactics.
#22
dont know if it has been said before but why dont you open a 0% credit card and transfer the balance to the card?

There will be a small fee 3% (£30) but you will have much longer to pay it off (up to 9 months depending on the card)
#23
im pretty sure they can see you incomings and outgoings which is why they have refused your offer of £60 a month.......

go see the citizens advice but youll get exactly the same info i have given you after youve waited an hour or 2

if it goes to court yes you will have court fees etc added to the total ......you want a 2 grand loan interest free with rewpayments over 2 years.....get real
#24
shedboy66
agree with what someone else has said put your offer in writing - if they reject it well what else can you do. If you make any offer to pay a debt back and they ignore or reject then they don;t really have a legal leg to stand on
I seriously doubt they will take you to court think of all the people who are in a similar situation as you. Its just bully tactics.


i dont know how you can make these assumptions when you have no idea of what amounts he has coming and going from his account tbh

they have refused his offer for a reason.....if he only had £100 a month going in do you think they would reject an offer of £60?

be responsible
#25
1. Stop all contact with them via the phone. If you offer them something on the phone or accept something, you have no evidence.
2. Send them a RECORDED mail with a income/expenditure sheet (should be able to find one of these easy on google) and stating your offer with the condition that interest and fee's are frozen. Also state that you wish all future contact to be done through post.
3. Open a new bank account with another bank. They will close your account and take anything you pay into it, so you need a new bank account for your money to go where they cant touch it.
4. Majority of people on this board it seems havent been in this situation and are just spouting BS.. ive been in the exact same situation £1250 student overdraft and them wanting me to pay it back instantly.

Here's a few more details on what to expect:
1. They may reject it and offer you a loan to repay it.. DO NOT TAKE THE LOAN.
2. They may flat out reject it.
3. Once they've rejected it, send them basically the same mail but asking them to have another look.
4. At this point, if your income/expenditure is done right (i.e. you're paying what you can afford) they might accept it.. IMPORTANT: IF YOU CANNOT AFFORD TO PAY ANYTHING HIGHER, DO NOT ACCEPT TO WHEN THEY TRY AND NEGOTIATE but remember, this is what you can afford to pay.. not what you wish to pay.. If your money is going on luxurys, then you can afford to pay more.
5. If your offer is still being flat out rejected and without giving you a sensible offer (i.e. We see in your income/expenditure that if you stopped going out as much, you could pay a higher monthly fee).. Then you will be passed onto another debt collection agency.
6. This debt collection agency will be more willing to listen to you, if your attempts have fallen on flat ears. They will try to get you to pay more than you can afford but do not budge if you cant afford it.
7. If your offer is still not accepted, they will take you to court. This probably means, you've screwed up, they will not take you to court if they've rejected the maximum you can afford to pay and what you offered. They will only take you to court instead of taking your offer, if they see from your income/expenture that you're buying luxurys.

Notes:
A small amount on trainers/clothes is not luxurys.
They do not wish to take you to court if they can avoid it but they will if you ignore there responces or are offering too little (to what you can afford).
REMEMBER, YOU ALSO NEED NO FEE'S OR INTEREST. Its law that they cant keep adding fee's so that you're not paying back the debt or that most of what your paying back is going to fee's and not the actual debt. cesparwhite obviously knows nothing if he thinks you cant get it interest free and multiple years repayment.. The bank is not after her to give her a loan, the bank wants its money back and as much of it as possible.. Its no longer a loan, its a debt.
Go see citizens advice as well, they may be able to give you more information and make sure you're doing everything right.
You can find default letters to send on the internet if you dont know what to put.


If you've done everything right and recorded everything with recorded delivery and kept copies of what you've sent and what they've sent. If they take you to court, the court will make you pay what you can afford which should be what you've offered.

They play hardball first and all the letters look like final demands but dont take that as a 'your screwed'. If you've figured out the maximum you can afford, thats all you can offer and thats all the court will make you pay.

Also, once you've got it down to below £1000, you can offer them say £500 to clear the debt and they will likely accept it (note.. if you decide to do this, you have to make sure everything is clearly documented or else they can just harass you again in afew months and you've got no proof that they agreed to the deal).

About me:
When i had my £1250 overdraft, i negotiated monthly installments of £30 due to my circumstances and then once it got down to £400.. i paid £175 and cleared the debt.
#26
O.K have you seen anyone face to face ??? be brave and go in, they want to come to an agreement but the call centre are not the best negotiators.
I work for a bank and they will NOT take you to court unless you pay NOTHING. It is not worth it to them. They sometimes sell your debt or send a solicitors letter that is really from their own debt collection agency.
Citizens advice is your best first port of call, they are free and have special debt councillors, there are lots of options and they should find one that is right for you, don't worry, been there, got the T shirt and still got my job so it can b resolved.
It is probably a first for you but honestly, don't panic there are thousands out there that don't want to pay and as soon as they see that you are not one of them they will negotiate.

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