Can the banks ask for their money back?

Question

i have a few credit cards up to the limits and a bank account with overdraft, i am getting increasingly worried with the way things are going, can they turn round ask for all the money back now, and expect people to be able to pay it?

Answer 1

Sorry to tell you, but if you read the small print, banks can make immediate "call on demand" on all loan or credit card debts. It's also called "Money at call". This is also true of mortgages which fortunately, no banks or lending organisations could effectively do, especially with the credit crunch and housing market decline. I would suggest calling each and every loan provider you are having problems with and discussing it with them. They're far nicer and easier to deal with if you contact them before they have to contact you.

Hope that helps.

Steve

Answer 2

Better to get additional job now to earn more money & repay them immediately. Other banks might not lend u anymore in the future for ur credit score is bad. FYI, all banks can check your credit background by luking at ur credit score.

Answer 3

They could (it's their money after all), but that seems unlikely, as they probably know you can't pay all back at once. Your best bet is to go see them and discuss how you can repay the debt back - get details of your income and outgoings, and commit to repay a certain amount every month (what you can afford). Ask them to freeze or reduce the interest as well so the debt doesn't get bigger (may not work, but worth asking). Make sure you get a detailed breakdown from them of when the debt will be paid off, so you can see an end to your troubles.

If you can't reach an agreement, go and see the CAB (if you are in the UK) and they will help you sort out your finances.

Once you have agreed repayments, you have to be really careful and not miss any month, or increase your debt as the bank will not renegotiate easily.

Answer 4

No, they will not ask and no you will not be required to pay it all back immediately.

Why not start making extra payments to cover your debt now before it gets worse?

That way there will be less to worry about and before you know it the debt will have gone.

Answer 5

theoretically they can, just like yahoo can terminate your account for no reason and without telling you why, usually they dont do it but they have the legal right. so do most banks and credit cards its written into the fine print. some banks can even ask for all of your mortgage back without warning and throw you out if you dont pay in so many days - barclays fine print... its a joke.

Answer 6

Yes they can, it's their money, you just happen too be the one that spent it.

Answer 7

They can ask but that doesn't mean they will get. You cant give them what you haven't got and if you declared yourself bankrupt they'd get nothing and they dont want that. Ring them up, tell them your in trouble and ask for their help. You will be surprised at how understanding they can be.