Which Commissioners Decision?

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  • #45638
    trace2.0
    Participant

    I understand there is a commissioners decision relating to off-set mortgage accounts and capital held in the same institution.

    Does anyone know which decision it is?

     

    Many thanks,

    Tracy

    #128501
    Anonymous
    Guest

    CJSA/3067/2009 – this says that credit and debit balances with the same bank may be offset in determining the market value of a claimant’s savings (subject to the terms and conditions of the accounts). If the bank could, in theory, seize the money and use it to clear the mortgage (if for example the claimant has defaulted on his payments), the balances should definitely be offset.

    #128508
    trace2.0
    Participant

    I read that one but I thought there was another one in the pipeline. Maybe I have imagined it! Clearly worrying!

    Thank you anyway.

    I have dissallowed a claim on the basis of excess capital because back in 2009 a customer received £153k from selling his holiday home in France and told us that he had put the money into an account attached, and within the same institution, to his off-set mortgage account with Barclays. We decided, at that point, that the customer had not deliberately deprived himself of capital. We neglected to ask him why he hadn’t declared the holiday home in France in the first place, but that’s another story! However when I visited him he showed me evidence that the proceeds from the sale where put into bonds in other institutions with the interest being fed into his mortgage account.

    I think the above commissioners decision is enough but if anyone thinks I have missed something please advise.

    Many thanks

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