Hi £300 overdraft was withdrawn from my Starling account and the bank stated that it was due to my negligence. So I have to repay back the full amount.
I’ve told them im not paying back a penny, what’s the worst that can happen?
A bailiff knocking at your door at some point. But before that, a default will be registered on your credit report, debt collectors will chase you, and a County Court Judgement (CCJ) will be issued against you.
Also, the nature of overdrafts is that the agreement typically states that the bank can withdraw it and demand repayment of any sums owed at any time without notice, so they are within their right legally.
The worse that could happen is that they put a notice on your credit file making it hard to borrow money again and then also pass the debt to a collection agency who then add their fees and before you know it you owe £0000’s in debt collection fees as well as the £300.
I am sure the T&Cs would have mentioned that they can demand full payment at anytime and you have obviously used the £300 so why won’t you just pay it back and move to Monzo
However, if you don’t like paying back your debts I’d rather you went some where else.
Pay it back, it’s not worth the trouble it will cause you by not doing it. It’s a lot of money to find in 1 go so ask them for longer terms for repayment if you need to.
What negligence were they referencing?
My pin numbers were written in my wallet
If I might dig a little further
Did you lose money due to stolen wallet or similar?
How did they know?
That probably constituents negligence, ask them for longer repayment terms.
This is the negligence part. You’re gonna be contractually on the hook for it. They can make your life very difficult. The best you’re probably going to get is negotiating how long you have to pay it back and the interest rate.
Just jumping in to echo what everyone else has said. Don’t ignore it!
Ah so you didn’t have your overdraft withdrawn but someone took your wallet with the cards and pin in and maxed your account. Sorry, misunderstood. Yeah, no way out of that
I misunderstood there as well
Withdrawn vs withdrawn
Personally I wouldn’t argue it. You know you’re in the wrong and they do too.
In my opinion, it is best that you swallow your pride on this and chalk it up as a lesson learned. Don’t keep your pin number written on paper with your card.
Any other route and you risk paying a lot more in added fees and damaging your credit rating. This at its worse will stay with you for many years and then will have a knock on effect for all sorts of things in your life. One of those being that you will get worse interest rates which will then cost you even more.
Don’t pay it, it will get written off in 6 years
…and in the meantime struggle with getting any credit ever again. It’s seriously not worth it. Set up an arrangement with them to repay it, and keep to it.
It’ll be fine, in a years they can just go on MSE and say how they are being hounded by debt collectors.
Sorry, not intending to be mean. But this is a valuable (and expensive) lesson.
I have a friend who keeps a piece of paper in his wallet with three random PINs written on it. The idea being that if someone gets hold of his wallet, they will attempt the PINs and his card(s) will get swallowed by the machine.
That is genius.
That really is
I’m doing it