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Can A Bank/bs Refuse Legal Tender Against A Debt? Refused To Accept 93p

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Payind down mortgage with money found off street

For those who've read the above thread you will know that all the money found on the street I've been collecting and paying off my mortgage debt.

Today I went to pay some more off £5 in 10ps collect when the wife did a car boot and £1 in 20p and 93p in 5p, 2p and 1p.

They took the 10p & 20p but refuse to accept the 93p

I'm going to write to the building society in question as I want the letters just in case I find myself in the unfortunate position of fighting to keep my home, at least I would be able to present to the judge I had done everything within my power to pay down my debt and the bank refused to accept the money. This clearly would cause the bank a problem because I'm now still being charged interest on this 93p.

They do have a sign about paying coins into accounts that they will only accept 5 bags a day, for those of a legal mind does this disclaimer allow them to refuse loose change against a debt?

Any help on this most apprieciated and yes I will be very persistant.

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Guest KingCharles1st

I used to always think that the odd penny on the road, or in the floor in a shop was too beneath me to bend down and pick it up. I have totally changed my opinion, and now realise real money is to be respected- not this electronic shite.

Last Thursday I was down at a friends lock up garage- and I found an old penny in the grass. Well I cleaned it up yesterday, and found it is King George V 1936!!

Wonder if it's worth owt?

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Yes they might be able to refuse it if the amount of coins are too numerous

something along the lines of

1 and 2p to the value of 20p

5 and 10p to the value of $5

20p and 50p to value of $10

If not presented in an acceptable way the coins to do not have legal tender status conferred on them.

Edited by Alan B'Stard MP

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Last Thursday I was down at a friends lock up garage- and I found an old penny in the grass. Well I cleaned it up yesterday, and found it is King George V 1936!!

Wonder if it's worth owt?

A British 1936 Penny, uncirculated and in absolute mint condition could fetch up to £15 GBP. If it has been circulated but still in good condition, it might fetch up to £0.50 to £4 GBP.

(dubious) LINK.

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Yeah I think 93p of random loose change is too much. You need to bag it into pounds or 50p or something at least. If it's just a random collection of loose change they can't weigh it.

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I'm going to write to the building society in question as I want the letters just in case I find myself in the unfortunate position of fighting to keep my home, at least I would be able to present to the judge I had done everything within my power to pay down my debt and the bank refused to accept the money.

If the terms of your mortgage allows overpayments surely this puts the bank in breach of the contract?

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If the terms of your mortgage allows overpayments surely this puts the bank in breach of the contract?

I'm legally entitled to pay off £500 per month.

Does that mean the building society has to accept payment in any denomination?

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I'm legally entitled to pay off £500 per month.

Does that mean the building society has to accept payment in any denomination?

IANI* but it sounds like they want to write off your debt. :lol:

*I Am Not Injun

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I'm legally entitled to pay off £500 per month.

Does that mean the building society has to accept payment in any denomination?

I don't believe so, I am pretty sure turning up with a cement mixer full of 1p coins for example would not be taken.

Much though I appreciate (and am amused by) your persistence, I think you owe them a small duty of removing some of the hassle by bagging the coins up with only like coins and in correct denominations if you want to pay this way.

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Guest KingCharles1st
(dubious) LINK.

Thanks for that- I'm going back with a metal detector now :P

Not bad if I could get 4 quid just for bending over-

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£5 (post-1990 crown) unlimited £2 unlimited £1 unlimited 50p £10 25p (pre-1990 crown) £10 20p £10 10p £5 5p £5 2p 20p 1p 20p

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I don't believe so, I am pretty sure turning up with a cement mixer full of 1p coins for example would not be taken.

Much though I appreciate (and am amused by) your persistence, I think you owe them a small duty of removing some of the hassle by bagging the coins up with only like coins and in correct denominations if you want to pay this way.

Why it's money.

There is a crisis in the banking sector, why wouldn't they want to recover as much money as possible and repair there balance sheets?

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Yes they might be able to refuse it if the amount of coins are too numerous

1 and 2p to the value of 20p

5 and 10p to the value of $5

20p and 50p to value of $10

As people have pointed out there are limits, but I suppose you could always take the 93p in, have them convert it to larger denominations, and then use those. I imagine it's more a case of just wanting to deal in round numbers though.

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Why it's money.

There is a crisis in the banking sector, why wouldn't they want to recover as much money as possible and repair there balance sheets?

costs them £25 to do any transaction dontchaknow...ask anyone who receives a letter telling they have overdrawn.

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at my bank HSBC, there is a machine where you pour it all in and it sorts and counts it for you and it goes straight in your account. Easy.

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From the Royal Mint

http://www.royalmint.com/corporate/policie...guidelines.aspx

Legal Tender Guidelines

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The amounts for legal tender are stated below.

BANK OF ENGLAND NOTES:

In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.

COINS:

Coins are legal tender throughout the United Kingdom for the following amount:

£5 (Crown) - for any amount

£2 - for any amount

£1 - for any amount

50p - for any amount not exceeding £10

25p (Crown) - for any amount not exceeding £10

20p - for any amount not exceeding £10

10p - for any amount not exceeding £5

5p - for any amount not exceeding £5

2p - for any amount not exceeding 20p

1p - for any amount not exceeding 20p

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Payind down mortgage with money found off street

For those who've read the above thread you will know that all the money found on the street I've been collecting and paying off my mortgage debt.

Today I went to pay some more off £5 in 10ps collect when the wife did a car boot and £1 in 20p and 93p in 5p, 2p and 1p.

They took the 10p & 20p but refuse to accept the 93p

I'm going to write to the building society in question as I want the letters just in case I find myself in the unfortunate position of fighting to keep my home, at least I would be able to present to the judge I had done everything within my power to pay down my debt and the bank refused to accept the money. This clearly would cause the bank a problem because I'm now still being charged interest on this 93p.

They do have a sign about paying coins into accounts that they will only accept 5 bags a day, for those of a legal mind does this disclaimer allow them to refuse loose change against a debt?

Any help on this most apprieciated and yes I will be very persistant.

Ask your GP to increase the strength of your medication

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From the Royal Mint

http://www.royalmint.com/corporate/policie...guidelines.aspx

Legal Tender Guidelines

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The amounts for legal tender are stated below.

BANK OF ENGLAND NOTES:

In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.

COINS:

Coins are legal tender throughout the United Kingdom for the following amount:

£5 (Crown) - for any amount

£2 - for any amount

£1 - for any amount

50p - for any amount not exceeding £10

25p (Crown) - for any amount not exceeding £10

20p - for any amount not exceeding £10

10p - for any amount not exceeding £5

5p - for any amount not exceeding £5

2p - for any amount not exceeding 20p

1p - for any amount not exceeding 20p

Would that mean you can hand it over in units of say 20p they must accept or break the law by refusing legal tender? :lol::lol::lol:

Edited by zebbedee

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OP - you didn't say how this 93p was comprised. If it was all in 1p coins then it was not Legal Tender and it could quite properly be refused as payment of a debt. This is important. What coins did you offer as payment?

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OP - you didn't say how this 93p was comprised. If it was all in 1p coins then it was not Legal Tender and it could quite properly be refused as payment of a debt. This is important. What coins did you offer as payment?

22p in 2p

11p in 1p

60p in 5p

According the BoE link shouldn't they have accepted 20p in 2p + the rest?

However my main gripe is that I'm still now paying over 6% on this 93p that the bank refused to accept, it's just an interest rate rip off.

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Pop into your supermarket and use one of those counting machines that will convert your cash to a more wholesome number. It will cost a few % but the time you save can be used to get yourself some more money - thus making a net profit.

That does highlight a point Ive made before, some people on this forum spend an awful lot of time posting and you can't help but think if they had used that time to make their own blog or write a book they'd earn more money than they are trying to save by timing the housing market! Maybe. Have a think about whether your persistence is really the best means to your end. But maybe scrabbling around on the floor and arguing with banks is a good option - whatever works for you :)!

Join us at MSE for more like minded chat and mortgage paying off stories :)!

Edited by Orbital

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Pop into your supermarket and use one of those counting machines that will convert your cash to a more wholesome number. It will cost a few % but the time you save can be used to get yourself some more money - thus making a net profit.

That does highlight a point Ive made before, some people on this forum spend an awful lot of time posting and you can't help but think if they had used that time to make their own blog or write a book they'd earn more money than they are trying to save by timing the housing market! Maybe. Have a think about whether your persistence is really the best means to your end. But maybe scrabbling around on the floor and arguing with banks is a good option - whatever works for you :)!

Join us at MSE for more like minded chat and mortgage paying off stories :)!

Those things charge 7%!!

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