Help With Bos

LFJ3

Hiya I Was Looking For Help Reclaiming Bank Charges If Possible, I'm A 19 Year Old College Student And Get Paid 140 Pounds Off College Every Fortnight But Almost Everytime I Seem To Pay Out 70 pounds Or Upwards With Bank Charges Because I Dont Have Enough Money To Cover Bank Charges And Pay Car Insurance And Put Petrol In My Car So I've Paid Over 1000 Pound In Bank Charges In Just Over A Year!! Can Anyone Help Please

Oh I'm With Bank Of Scotland

jay3_2

Hi, the answer is simple: if you don't want to pay the charges, don't go overdrawn.

Easier said than done? Maybe. I was a poor student once, but I wouldn't have dreamt of trying to run a car! Is there any way you could trade it in for a bike?

You need to get ahead of the cycle of charges, by generating a small float of cash, so you start each month in credit rather than debt. All this means in practise is going without something for a few weeks - petrol, beer, going out clubbing maybe? There must be some part of your spending that can be cut at least temporarily.

If I sound a bit unsympathetic, really I don't mean to be, but banks are going to try much harder to generate profits from people who go overdrawn in the current environment, and it's up to everyone to manage their finances in such a way as to avoid these charges.

Just to be clear, I totally disagree with disproportionate charges, but they are all avoidable. Keep your money for yourself, and don't let them get you!

LFJ3

The Thing Is I Stay 15 Miles From College Which Means A 30 Mile Round Trip Everyday. So I Cant Do Without The Car And I Don't Go Clubbing Or Drink Beer I Know Most Do But Because Of I've Even Had One For Going 97p Over

jay3_2

15 miles is Ok for cycling! That's about an hour each way. You'll stay fit, and I reckon you'd save around £3-4 a day just in petrol. Thing is, even if you don't like it, you'd only need to do this for a couple of months, until you build up a decent surplus on your account. If you can cycle for just 6 months, you could save your road tax & insurance as well. How much is your insurance? Then, you won't need to worry about bank charges, as long as you just stay within your budget. After six months, list your income & outgoings with & without the car, and if the sums add up with petrol, depreciation, insurance & tax, keep it. If they don't, keep the bike! Good on you for not drinking beer as well!

adolphin1

I would take on board what Jay3 is saying, sometimes going in and talking to your bank might help, but try and help yourself a little. Summers coming(I hope) and that would be a good time to cycle.
Don't though be put off reclaiming your bank charges, follow the templates that are available, it costs you nothing, but a stamp!

natweststaffmember

Might be worth seeing if there is a local bus service that offers a weekly ticket which may or may not save on the petrol cost. Good luck and keep us posted if you need more advice.

Tozer

Why are you typing the first letter of each word with a capital?

Didn't think Bank of Scotland still existed...

Smasher

He's probably typing the whole thing in caps, but the forum will allow only the first letter in a word to be a capital.