Banks cancelling overdrafts

Lokolo

Punkygoth wrote: »

I completely agree. A friend of mine who despite living in real difficulty, has always managed to not exceed his overdarft limit, has now been told he has 30 days to pay back £3000

Could he not get a loan to pay it all back and pay the loan off over say, 2 years?

Justamum

huish123 wrote: »

My overdraft was cancelled one day before all my direct debits went out, and I was charged £38 for every one that failed. I am now in the red more than when I was when I had an active overdraft. And guess what? still no overdraft. I can't believe that we the public, (who now own most of the banks,) are so powerless, to these corporations.

But its not just banks....oh no! my credit card company decided to adjust my credit limit, you guessed it! one day before the interest was due to be paid on the account, they charged me £12 for going over my so called arranged credit limit. Which I did'nt even know about until I got my credit card bill the following month.

Seriously underhand to do that. I bet they deliberately did it on that day because they knew it would mean more lovely dosh for them. They make Scrooge look charitable.

I'm getting worried about my own overdraft now. I hope it doesn't get cancelled without warning as there is nowhere for me to get the money to pay it back in a short time - as I said before I'm trying to chip away at it but it's going to take many, many months to get it to zero.

Lokolo

Justamum wrote: »

Seriously underhand to do that. I bet they deliberately did it on that day because they knew it would mean more lovely dosh for them. They make Scrooge look charitable.

I'm getting worried about my own overdraft now. I hope it doesn't get cancelled without warning as there is nowhere for me to get the money to pay it back in a short time - as I said before I'm trying to chip away at it but it's going to take many, many months to get it to zero.

Check your account everyday and if they do, go straight into branch and start a fuss. However, if you are chipping away at it its less likely to happen. From whats being said on this forum is those that are constantly in it not paying back much each month and/or staying close to the limits for long periods of times.

Robert_Sterling

The OP has now had nearly one hundred posts so this is just one more for luck.

pedro123456

Sorry Digitalia............I tried to ignore it.....but cant, I have though got to go and do some more important things for the mo.....but........i'll post this and check back later.

Lokolo............are you following this conversation?.....people are being screwed left right and centre and all you have got to say is."go in and tell them off then" ..........." make a fuss"

Or "cant you get a loan over 2 year etc etc etc"

What do you do when you are really angry...........stamp on your dolls house?



I dont think you have a clue what we've being talking about here........

I'll give you a clue "the banks are legally robbing us blind, it has been allowed for too long, they should be challenged about it, both from a moral, and legal point of view".

Please feel free to sit and listen to what concerns ppl have to say about what strokes the bandits banks are pulling

Ta Pete

exel1966

I_know_my_ABC_and_my_CMYK wrote: »

This site is about advice not personal opinions or morals.

It's a public forum and the right to express advice, morals or personal opinions on any subject is legitimate providing it's within the guidelines stipulated.

Tell me where is states otherwise ?

Nomad25

I wonder if this is a strategic move by the banks. Cancelling o/ds knowing that more people are likely to use/need them now.

They can make a killing on dd's that take people into the red and exceeding a zero overdraft facility, then charging them for going over their so called limit and then charge them a higher interest rate than before on a renegotiated o/d

Lokolo

Pedro - congratulations, you can now read my username has K and not a C in it. Would you like a gold medal?

Just because I was giving solutions to problems it doesn't mean that I agree that what the banks are doing is right.

What banks are doing is completely legal, maybe not morally correct, but it is legal.

If you don't have anything constructive to say, please go elsewhere.

Nomad25 wrote: »

I wonder if this is a strategic move by the banks. Cancelling o/ds knowing that more people are likely to use/need them now.

They can make a killing on dd's that take people into the red and exceeding a zero overdraft facility, then charging them for going over their so called limit and then charge them a higher interest rate than before on a renegotiated o/d

I suspect its a bit of this and bit of the risk refactoring. In these bad times people are losing jobs and are becoming more of a risk of defaulting against the banks. I would assume they are trying to stop this from happening by getting riskier customers to pay everything back asap and piling on pressure. Added onto this they want to earn more profits that they are losing from rediculous charges that are being refunded.

pedro123456

Cocolo..........sorry i haven't seen you giving solutions.....hehe.........I know your name hasn't got a C I just thought it ought to have......call me presumptuous if you want.

And as for going elsewhere...I'd love too just so ppl can express their veiws.

It's dinks like you that incite me to open my mouth, and whilever dinks like you lurk I'll be part of the anti-dink squad.

So stop crowding the post sit back and watch...

Its a shame I aint got my bayonet

hehehehehe......"rediculous".........how many C's in that Mr Oxford Dictionary?......be quick and edit it .............dink

Ta Pete

naijapower

It seems the banks are not consistent with this overdraft issue.
Reading this thread, it seems:
If you use your O/D, it still gets removed.
If you dont use it, it still gets removed.
So, what do we do?