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  • FIRST POST
    • thejungles
    • By thejungles 3rd Dec 17, 2:11 PM
    • 12Posts
    • 3Thanks
    thejungles
    Bank charges every single month (santander)
    • #1
    • 3rd Dec 17, 2:11 PM
    Bank charges every single month (santander) 3rd Dec 17 at 2:11 PM
    Hello all im new here and this is my first post.

    I will start by saying that i know im responsible for my own money and going into the minus is entirely my own doing but im stuck in a vicious circle of charges that mean that i have no choice but to go into the minus.

    one month i had £34 in my account and i spent £2.80 on my card and in the following bank statement it said that when i spent the £2.80 i had -£11 which simply isnt true as i checked my account online when i was in the que ready to pay.......... low and behond i was charged -£10 ontop of the £2.80

    I recieved a letter from my bank stating that since november last year i have had over £700 in bank charges (that ive just worked out to actually be over £900) ive been stuck in this circle for over 5 years and 6 years ago i got into contact with my bank and they paid me £600 back from £2000 in charges but that was 6 years ago.

    today i called my bank and asked about getting some of my charges back and he said he could see my charges and offer me a "good will gesture" of £64 (last months bank charge) i said thank you but i dont want to accept that and when he asked why i explained that last time when i went to citizens advice they stated that as the bank have given me £600 of the estimated £2000 then i cant claim anymore and i said that by accepting the £64 i dont want to put myself in the same situation again, to which he accepted that and we ended the call mutually.

    where do i stand here and can anyone give me any advice, i have a £700 mortgage to pay (with another bank) and bills/food and i only get paid £1200 a month add a £95 bank charge ontop of that and im looking at having £23.70 a month to live off.
Page 1
    • xylophone
    • By xylophone 3rd Dec 17, 2:32 PM
    • 23,633 Posts
    • 13,761 Thanks
    xylophone
    • #2
    • 3rd Dec 17, 2:32 PM
    • #2
    • 3rd Dec 17, 2:32 PM
    Would a weekend job be feasible so that you could earn enough to pay off the overdraft?
    • InA
    • By InA 3rd Dec 17, 2:39 PM
    • 99 Posts
    • 292 Thanks
    InA
    • #3
    • 3rd Dec 17, 2:39 PM
    • #3
    • 3rd Dec 17, 2:39 PM
    I can't advise on your bank charges, but looking at your expenses it seems to me that you have over extended yourself with your mortgage.

    The bank charges and going over drawn in the first place is a consequence of having a mortgage that you cannot afford.

    In your position I would be asking why your mortgage is so high relative to your income.

    If it's because you bought a house you could not afford on your income, I would seek to remedy that by either downsizing or finding a way to earn extra income, for example, by taking on a lodger.

    If either of these seem too drastic then you might want to consider your lifestyle to find ways to cut back your spending, if indeed that is possible.
    • thejungles
    • By thejungles 3rd Dec 17, 2:39 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    • #4
    • 3rd Dec 17, 2:39 PM
    • #4
    • 3rd Dec 17, 2:39 PM
    Thats something ive been looking into although i already work 40 hours a week, and at the moment im spending my remaining home time programming/ game designing, trying to release a game on steam within the next year.

    i may have to let go of the dream in order to get out of this hole

    in terms of paying off the overdraft, that has been paid (i borrowed £1500) off my mum and paid my overdraft off, i would rather owe her the money as she wont give me monthly charges.
    Last edited by thejungles; 03-12-2017 at 2:46 PM.
    • thejungles
    • By thejungles 3rd Dec 17, 2:42 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    • #5
    • 3rd Dec 17, 2:42 PM
    • #5
    • 3rd Dec 17, 2:42 PM
    "
    I can't advise on your bank charges, but looking at your expenses it seems to me that you have over extended yourself with your mortgage.

    The bank charges and going over drawn in the first place is a consequence of having a mortgage that you cannot afford.

    In your position I would be asking why your mortgage is so high relative to your income.

    If it's because you bought a house you could not afford on your income, I would seek to remedy that by either downsizing or finding a way to earn extra income, for example, by taking on a lodger.

    If either of these seem too drastic then you might want to consider your lifestyle to find ways to cut back your spending, if indeed that is possible."


    I was getting charges way before my mortgage, ive only had the mortgage for 3 years and between me and my wife we pay £700 each for the mortgage and all the bills, where i live its not possible to buy a house for any less or i would. the house only cost us £118,000
    Last edited by thejungles; 03-12-2017 at 3:14 PM.
    • Dobbibill
    • By Dobbibill 3rd Dec 17, 2:43 PM
    • 2,537 Posts
    • 3,631 Thanks
    Dobbibill
    • #6
    • 3rd Dec 17, 2:43 PM
    • #6
    • 3rd Dec 17, 2:43 PM
    Hi thejungles,

    Welcome to the forum.

    You may be better to get all outgoings down in a SOA - if you post this on the DFW board the good members there will see what options you have to free up more funds.

    Is the overdraft you refer to a planned overdraft or are these unplanned charges?

    Sometimes checking your account balance when making a payment is not sufficient as some other card payments may still be pending giving you an inaccurate balance.

    If spending on a card is causing you to exceed your balance/overdraft then maybe dealing in cash would help.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Lizabeth21
    • By Lizabeth21 3rd Dec 17, 3:06 PM
    • 59 Posts
    • 44 Thanks
    Lizabeth21
    • #7
    • 3rd Dec 17, 3:06 PM
    • #7
    • 3rd Dec 17, 3:06 PM
    £1400 a month mortgage?
    • thejungles
    • By thejungles 3rd Dec 17, 3:12 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    • #8
    • 3rd Dec 17, 3:12 PM
    • #8
    • 3rd Dec 17, 3:12 PM
    "Hi thejungles,

    Welcome to the forum.

    You may be better to get all outgoings down in a soa - if you post this on the DFW board the good members there will see what options you have to free up more funds.

    Is the overdraft you refer to a planned overdraft or are these unplanned charges?

    Sometimes checking your account balance when making a payment is not sufficient as some other card payments may still be pending giving you an inaccurate balance.

    If spending on a card is causing you to exceed your balance/overdraft then maybe dealing in cash would help."

    Spending in cash only is an excellent idea, (if only i had the cash to spend haha) we have done many SOA with another bank account and this needed to be done so they could work out if we could afford the mortgage, we are not overspending infact quite the opposite, we have cut down on plenty of things, cheapest tv bundles, cheaper internet, im now pay as you go on ym mobile instead of contract so if i cant afford credit one month i simply pay nothing, we are on key meter on our gas and electric. (the cost is slightly higher but again if we cant afford gas we sinply just freeze at home)

    its just this constant cycle of charges and payments thats really making me short of cash.

    i may even move my account now my overdraft has been paid and get the nice little £150 moving bonus
    • thejungles
    • By thejungles 3rd Dec 17, 3:13 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    • #9
    • 3rd Dec 17, 3:13 PM
    • #9
    • 3rd Dec 17, 3:13 PM
    "£1400 a month mortgage?"

    No we pay £700 each a month into a bills account. £700 is for the mortgage and the remaining 700 is for food and bills
    • IAmWales
    • By IAmWales 3rd Dec 17, 3:17 PM
    • 1,824 Posts
    • 3,804 Thanks
    IAmWales
    What help are you looking for if you don't want to post an SOA? We will be able to help you, but we need some figures as a starting point.
    • Lizabeth21
    • By Lizabeth21 3rd Dec 17, 3:18 PM
    • 59 Posts
    • 44 Thanks
    Lizabeth21
    "£1400 a month mortgage?"

    No we pay £700 each a month into a bills account. £700 is for the mortgage and the remaining 700 is for food and bills
    Originally posted by thejungles

    Phew! £1400 mortgage would be a real millstone.
    Last edited by Lizabeth21; 03-12-2017 at 3:20 PM. Reason: Millstone (weight) rather than milestone (aim) whoops
    • Dobbibill
    • By Dobbibill 3rd Dec 17, 3:19 PM
    • 2,537 Posts
    • 3,631 Thanks
    Dobbibill
    Have you checked to make sure you are on the best tariff - although more limited on PAYG meters, you are still able to switch providers.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • thejungles
    • By thejungles 3rd Dec 17, 3:19 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    "What help are you looking for if you don't want to post an SOA? We will be able to help you, but we need some figures as a starting point."

    im going to do one just waiting until my wife is home to fill it out properly.
    • Dobbibill
    • By Dobbibill 3rd Dec 17, 3:23 PM
    • 2,537 Posts
    • 3,631 Thanks
    Dobbibill
    "What help are you looking for if you don't want to post an SOA? We will be able to help you, but we need some figures as a starting point."

    im going to do one just waiting until my wife is home to fill it out properly.
    Originally posted by thejungles
    Be brutally honest with yourselves too - many people start off with a wishlist rather than a factual SOA.

    This may be for harsh reviewing but will be better for you in the long run ;-)
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • thejungles
    • By thejungles 3rd Dec 17, 3:29 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    "What help are you looking for if you don't want to post an SOA? We will be able to help you, but we need some figures as a starting point."

    im going to do one just waiting until my wife is home to fill it out properly.
    by thejungles ” Be brutally honest with yourselves too - many people start off with a wishlist rather than a factual SOA.

    This may be for harsh reviewing but will be better for you in the long run ;-)

    We are always honest with money, to the point that the bills account is the only money we share, our own accounts are our own money and we even borrow and lend money to eachother and force the other to pay back (sounds harsh but we are both broke)

    Ive decided that im going to close my santander account and transfer it to yorkshire bank and recieve the £150 moving bonus, but before i transfer would i need to try and get back some bank charges before i close the account or can i get these charges back even after i leave?

    and be honest would you guys have just accepted the £64 "good will gesture" or hold out to try and get more?
    • Robin9
    • By Robin9 3rd Dec 17, 3:41 PM
    • 1,945 Posts
    • 1,257 Thanks
    Robin9
    "£1400 a month mortgage?"

    No we pay £700 each a month into a bills account. £700 is for the mortgage and the remaining 700 is for food and bills
    Originally posted by thejungles
    We await with interest your SOA - on face value £700 for "food and other bills" is high
    Never pay on an estimated bill
    • colsten
    • By colsten 3rd Dec 17, 3:48 PM
    • 8,811 Posts
    • 7,497 Thanks
    colsten
    It sounds to me that you are making the big mistake of using your current account as a budgeting tool. If you continue doing that, changing bank will not make a blind bit of difference - you will always be at risk of spending money that you don't have. The available balance is not guaranteed to show how much money you have actually available to spend. Your bank can only record the purchases retailers have reported to them, and retailers don't always report all purchases immediately.

    The only person who could possibly know how much money you have to spend is yourself. You need to keep a record of what you have spent, and of how much you are committed to spend (direct debits, SOs etc).

    You can keep that record using pen and paper, or using personal finance software such as YNAB or MS Money etc. Using cash for casual spending is one way of controlling your spend - provided you don't draw more cash than you have available, that is.

    As to getting your bank charges back: you should have taken the offer of the £64 as that was rather generous. Don't expect to get any more.
    • thejungles
    • By thejungles 3rd Dec 17, 4:19 PM
    • 12 Posts
    • 3 Thanks
    thejungles
    Just looked into it all with the wife and both decided that paying in £650 each a month instead of £700 would still repay the mortgage and all the bills and give us £50 extra a month, thats a little bonus i suppose.
    • Dobbibill
    • By Dobbibill 3rd Dec 17, 4:30 PM
    • 2,537 Posts
    • 3,631 Thanks
    Dobbibill
    That's a good start - there may be other areas to save money too.

    Switching providers, haggling for a better deal, selling things you no longer use.

    Keep looking for those gaps.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
    • Robin9
    • By Robin9 3rd Dec 17, 4:39 PM
    • 1,945 Posts
    • 1,257 Thanks
    Robin9
    As you have been paying £700 into your "bills account" and are now reducing it to £650 does that account have a healthy credit balance that could go towards the overdraft ?
    Never pay on an estimated bill
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