New Halifax Overdraft Charges
Comments
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Their excuse was they wouldn't be in a position to know what the charges will be on my overdraft until then. Err I think they would be if I tell them I can only repay £500 between now and then if I'm lucky..wizzywig27 wrote: »They told me to call back in October too. This is shocking!
I have my mortgage with them as well and to be fair they are one of the easier lenders where mortgages are concerned..but my overdraft interest will be higher than my mortgage interest - double in fact.
I did want to repay it but I hope I manage to get the figure down before they slap on the charges.0 -
He did say to me that the bank will put procedures in place to assist customers but he couldn't tell me what.0
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Just like to say to Halifax - thank you for giving me the kick to sort out the overdraft and move to a different bank account by introducing this new means of screwing more money out of those who are overdrawn.
The letter says "Overdraft fees are changing so could cost you more". I did a quick calculation based on my bank account for July and this new scheme would have cost me £161.48. Under the current scheme, I acutally paid £60.00....a 169% increase.
Time for a short term load at 5% to clear the overdraft and move to another bank.....so thank you Halifax for the kick to sort it out.(thats sarcasm just in case they missed it)0 -
Well as they have announced it and sent letters out, with a number to call and we have waited on the line it's a bit rich of them to not discuss it now. I don't know whether the arrangement they suggest will affect my credit file..some 'arrangements to pay' do show up almost as a default.wizzywig27 wrote: »He did say to me that the bank will put procedures in place to assist customers but he couldn't tell me what.
They have these mystery symbols on the letters as well - mine has a red dot in the corner and they asked me what symbol I had when I phoned.0 -
Just like to say to Halifax - thank you for giving me the kick to sort out the overdraft and move to a different bank account by introducing this new means of screwing more money out of those who are overdrawn.
The letter says "Overdraft fees are changing so could cost you more". I did a quick calculation based on my bank account for July and this new scheme would have cost me £161.48. Under the current scheme, I acutally paid £60.00....a 169% increase.
Time for a short term load at 5% to clear the overdraft and move to another bank.....so thank you Halifax for the kick to sort it out.(thats sarcasm just in case they missed it)
I currently pay £30 a month, I will be paying between £80-£90 a month which is approx a 200% increase0 -
AliceBanned wrote: »Well as they have announced it and sent letters out, with a number to call and we have waited on the line it's a bit rich of them to not discuss it now. I don't know whether the arrangement they suggest will affect my credit file..some 'arrangements to pay' do show up almost as a default.
They have these mystery symbols on the letters as well - mine has a red dot in the corner and they asked me what symbol I had when I phoned.
I haven't had my letter yet....0 -
[FONT=Tahoma, sans-serif]I have done a quick calculation and it looks to me as if the APR is about 67% i.e. if you had £1,000 outstanding for 1 year you would owe £1,666 at the end.
[/FONT] [FONT=Tahoma, sans-serif]Is that right or have I made a mistake?[/FONT]0 -
£518 per year according to my calculation. Not sure I'm right either![FONT=Tahoma, sans-serif]I have done a quick calculation and it looks to me as if the APR is about 67% i.e. if you had £1,000 outstanding for 1 year you would owe £1,666 at the end.
[/FONT] [FONT=Tahoma, sans-serif]Is that right or have I made a mistake?[/FONT]0 -
I have just spoken to the complaints team. She basically said that the code means different things to every customers. It could be something like a preferential rate for a set number of months, or even a loan to cover the overdraft.
As I haven't had mine yet I don't know what I will be offered.0 -
AliceBanned wrote: »Their excuse was they wouldn't be in a position to know what the charges will be on my overdraft until then. Err I think they would be if I tell them I can only repay £500 between now and then if I'm lucky..
To be fair, if you know what your outstanding overdraft balance will be in October 'you' can work out what your overdraft charges will be. What use is it for Halifax to tell you what the overdraft charge will be on a future hypothetical overdraft balance? It might actually be unwise for them to do so as some people may be misled by a discussion over future hypothetical charges.
For Info: I 'think' the APR is approx 52%.
Also for info: Don't forget that overdrafts are usually repayable on demand.0
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