MSE News: Barclays to revamp current account fees – will you be better off?
Options
Comments
-
Catriona_P wrote: »Comments like 'stop using your overdraft' are just unhelpful, when you've been caught in the spiral of debt it's immensely difficult to break out of it (speaking from my own experience). Admit I'm surprised to see that kind of mentality when Martin Lewis himself talks about how difficult it is. Not what I expected to see here but I guess it takes all sorts!
What do you consider a helpful comment?
I'm not entirely sure what comment could be more helpful in this case. Barclays are not going to change their mind on these fees (regardless of the petition), so getting out of the overdraft is the only way to ensure that you don't pay them. That might be through less spending, more earning, or moving banks. Nobody said it's easy, but it remains the only thing to do to avoid the fees.
I feel immensely sorry for people caught up in these spirals of debt, and in no way assume its their fault, but those are also not helpful comments. Neither is insulting Barclays and calling them 'immoral', which some have done.0 -
What do you consider a helpful comment?
I'm not entirely sure what comment could be more helpful in this case. Barclays are not going to change their mind on these fees (regardless of the petition), so getting out of the overdraft is the only way to ensure that you don't pay them. That might be through less spending, more earning, or moving banks. Nobody said it's easy, but it remains the only thing to do to avoid the fees.
I feel immensely sorry for people caught up in these spirals of debt, and in no way assume its their fault, but those are also not helpful comments. Neither is insulting Barclays and calling them 'immoral', which some have done.
'Stop using your overdraft' also isn't the same thing as 'get out of debt'! As well as the actions in this quoted post, there may be other debt options that are cheaper to service, such as 0% cards, loans, borrowing from friends/family, etc, although obviously these are mostly dependent on credit status. However, the fact remains that overdrafts are often expensive ways of managing debt, albeit convenient....0 -
Catriona_P wrote: »Comments like 'stop using your overdraft' are just unhelpful, when you've been caught in the spiral of debt it's immensely difficult to break out of it (speaking from my own experience).
That 'spiral of debt' you speak about is simply an apologist phrase for 'fiscal incompetence'.0 -
Can anyone clarify - I currently pay for a packaged account which gives me mobile phone insurance and a £300 fee free overdraft. Will I be charged a daily fee for the £300 fee free overdraft? Surely then I am paying twice?0
-
I feel immensely sorry for people caught up in these spirals of debt, and in no way assume its their fault, but those are also not helpful comments. Neither is insulting Barclays and calling them 'immoral', which some have done.
I feel very sorry for people who've been hit for six when they've done everything right, by a life-changing event that wipes out their savings, and sends them into this "spiral of debt".
The majority, the ones who've simply not lived within their means, I feel much less sorry for, but that doesn't stop me trying to offer useful advice to help them sort themselves out.
People who get on their high horse and criticise this useful advice, I have no sympathy for whatsoever, and won't wast my time helping.0 -
Does this apply to Barclays Mortgage current account with reserve accounts?
Me thinks this is different as our interest rate for this account overdraft is at Base rate +4.50%Better in my pocket than theirs :rotfl:0 -
Does this apply to Barclays Mortgage current account with reserve accounts?
Me thinks this is different as our interest rate for this account overdraft is at Base rate +4.50%
I will answer my own question.
No it does not get charged as it as linked with mortgage and is not a current account.
:beer:Better in my pocket than theirs :rotfl:0 -
No I will not be better off. I currently have an overdraft of £450 for which I pay between £1 and £5 for. This proposed change will now cost me around £22.50 per month! I have formally complained to Barclays but was told as it was a general business issue and not an individual issue that I would not hear anything back, but my concerns had been duly noted! I also contacted the OFT and FCA as I did not think that this was fair at all (this is not the agreement I made when I took out the overdraft about 15 years ago). However, they said that as long as I was given plenty of notice and that Barclays were being clear and transparent, there was nothing they could do as it was a general business decision and not an individual issue. They did say that if they received a lot of complaints/concerns about this, they may then investigate further!
I feel very strongly about this and am astounded, given the many revelations about financial institutions being unfair, greedy and corrupt that Barclays have even considered this let alone plan to introduce it from 16th June 2014.0 -
borrowing money unsecured from a bank is a privilege, not a right. The Ts and Cs state they can recall the OD at any time, which would you prefer, to pay the new going rate for the service, or to pay the lot back now? As a Barclays customer and shareholder I'm pleased they are de-risking their loan book in this way.The questions that get the best answers are the questions that give most detail....0
-
The spread between savings and loan rates has now become quite unbelievable. Barclays Cash ISA 0.10% PA lol..... Barclays Overdraft 1,000,000% lol0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards