bank of scotland student overdeaft - HELP please!

littlepinkstars44

ok so i opened a student account a few years back with BOS(2004/2005 i think)

anyway long story short...
it's not a student account anymore cause i think you only have 4 years on it or omething, and i've been messing about since i was 18, dropped out of 3 courses ( some personal reasons n stuff) anyway i'm now doing my 2nd year of my hnd in tourim and loving it (and everyone is suprised i've stuck it out) and am hoping to go to uni next year (get into 3rd year of a 3 year uni course with my hnd)
SO...
BOS told me that my student account was ending..blah blah blah and i had to pay back my overdraft, which i don't have that kinda money, as i'm still a full time student.
Anyway i went a bit mad with the card online, as it was letting me buy stuff, even though i had no overdraft left to use.
Got my card taken off me n stuff.
with me so far?

So i ended up going over my £1050 overdraft, and it ended up at £1600 eek.
I have been making monthly payments of £100 to it since then.
The bank kindly put my overdraft up to cover the money i had already went over my overdraft.
BUT i recieved a statement from them today, and i haven't had one from them since this whole thing started, i though the account was closed.

Anyway the statement says i've got £1137.98 still to pay, which is fine i'm paying £100 to it a month, but it also has a £28 charge on it, which is what i'm confused about?
AND it says my overdraft limit is now £1255.00, so they have changed it without telling me, can they do this?

I have since opened a RBS student overdraft at £1400, so thats now my main account i use, nothing goes in or out of the BOS acount, apart from the £100 i pay a month to it.

Lokolo

£28 charge for going over your agreed limit.

littlepinkstars44

Lokolo wrote: »

£28 charge for going over your agreed limit.

but they put my overdraft up to cover that

Lokolo

littlepinkstars44 wrote: »

but they put my overdraft up to cover that

After you went over the original agreed..

littlepinkstars44

Lokolo wrote: »

After you went over the original agreed..

yeah but that was in like May/April

opinions4u

I think there is a case for reading every letter a bank sends you (before you shred it!). Letting them know your address is also wise, if you move about.

I don't doubt they will have written to you each and every time they have either increased or decreased your overdraft.

They also have a very nice habit of enclosing charging leaflets occasionally that say "if you mess up we'll screw you for a rather high fee, so keep an eye on your money and don't spend our money when we've not said you can".

littlepinkstars44

opinions4u wrote: »

I think there is a case for reading every letter a bank sends you (before you shred it!). Letting them know your address is also wise, if you move about.

I don't doubt they will have written to you each and every time they have either increased or decreased your overdraft.

They also have a very nice habit of enclosing charging leaflets occasionally that say "if you mess up we'll screw you for a rather high fee, so keep an eye on your money and don't spend our money when we've not said you can".

But i haven't recieved anything for them for months

littlepinkstars44

Got another letter from them today saying:

I write in reference to your arrangement with us and as a reminder your payment is due in line with the repayments above.

urm yeah i know that.

*confused*

barclaysguy

I take it they have put you on a overdraft reduction plan of some sort. Ive never dealt with them but most banks will tend to increase your od limit to what you are od, and then reduce monthly, so in your case they will reduce by 100 per month. Ive just checked the halifax website and they have a unauthorise od fee - which is £28. So my assumption would be that you were above the limits set in plan for your overdraft reduction plan. I would assume you were late paying one month or something.

opinions4u

You say:

"But i haven't received anything for them for months"

then go on to say:

"Got another letter from them today ..."


While you might be a little confused around it all, there is a suggestion that you might be burying your head in the sand where resolving this is concerned.

You need to call them to discuss:

1) Exactly how much you owe.
2) What, if any, charges are going to be added to that (and how you can ensure there are no future fees).
3) What, if any, interest is going to be charged (ask them if they can freeze the interest - the probably won't, but it costs nowt to ask!).
4) How much a month you must pay.
5) How long, after taking in to account interest and charges, do they estimate it will take to clear.
6) Request a monthly statement to show interest, charges, credits and reducing balance so you know exactly what's going on.

You then need to follow the balance down and ahead of the final payment get in to a branch, hand over the cash plus the final few pence in interest and demand that the account is shut.

Good luck!