the rule of offset.

[paulg4]

General question
I have a loan i am defaulted on with Lombard. I have just opened a basic bank account with Nat West. as they are both part of RBS group can Lomabard take money from my natwest account by using the rule of offset.
Many thanks

[plasticdaft]

To be safe I would open an account elsewhere.

[Adam Davies]

Hi

I think that you are safe but as plasticdaft says probably best to be certain and look elsewhere
Regards

[Michael Peoples]

You are probably OK but I agree with PD that to be safe it would be better to get a new account as quickly as possible.

[Adam Davies]

Hi
I think the Co-op Bank are the only bank not to be linked to anyone else, apart from their recent merger with Brittania
Regards

[MelanieGiles]

There is no right of set off by Natwest and Lombard so far as I am aware.

[tamzin]

Oh God another worry now
My major creditor is natwest
i have opened a new bank account and today savings account (for any overtime payments) with halifax not realising they where both under hbos
I have been using the new account for about 2 months with no problems and have sent Natwest 2 cheques from my new account with a token payment - but after reading this worried Ntwest can take all they want from my new Halifax account.
Natwest are insisting on £480 a monh when i only have £450 for all 9 of my creditors
Would like to stop with Halifax as managed to set up the account before i defaulted so got a full account( with no overdraft)
This is a minefield. Thanks all for your help
xx

[MelanieGiles]

They do not exercise right of set off either, so your account will be safe tamzin.

There is a very good product soon to hit the marketplace from Secure Trust Bank which gives the benefit of a proper current account, with the ability to pre-load onto a payment card. I will provide more details of this when it is generally available to forum mmembers.

[David Mond]

Are you referring to the Evolution one Melanie?

[MelanieGiles]

That is a trade name adopted by Bains & Ernst so I understand.

[bigpete]

seems up and running?

http://www.securetrustbank.com/

[shuli_b]

don't worry, i don't think they can do that. but if you're really worried change accounts as suggested.

[David Mond]

They do not exercise right of set off either, so your account will be safe tamzin.

There is a very good product soon to hit the marketplace from Secure Trust Bank which gives the benefit of a proper current account, with the ability to pre-load onto a payment card. I will provide more details of this when it is generally available to forum mmembers.

Which one is this then if not the Bains & Ernst one?

[MelanieGiles]

I think that Bains & Ernst have branded theirs as Evolution - but that the product can be made available to the world at large as well in its unbranded form.

[David Mond]

Mel you are not answering my question.

You stated:

There is a very good product soon to hit the marketplace from Secure Trust Bank which gives the benefit of a proper current account, with the ability to pre-load onto a payment card. I will provide more details of this when it is generally available to forum mmembers.

Is this something you are involved with? Or are you aware of another product being launched?

Would love to know please.