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Interest on Overdraft regarding Bank charges
munchiemac3
Posts: 7 Forumite
Hi All,
like most people I started the process to reclaim bank charges over two years ago. At that time I was £4500 overdrawn on one account and about £1000 on another. In total I have claimed for nearly £4k in charges as 99% of the overdraft was made up of charges.
For the past two years I have been paying this back (bank threatened court action)...£87 to one account and £37 to another as that is all I could afford. As you can probably tell I am not so good with money and don't really check up on things but I checked my account over the weekend and was shocked to see that I am still over £4k on one and £300 on the other as they have been charging interest on the overdraft. :eek:Is there any way of stopping this interest without resorting to some sort of IVA?
if it carries on much longer I will never pay it back and if they finally ever get round to giving me any of the money back I would have been able to pay it off myself just in interest!!:mad:
many Thanks
P.S ANyone know much about Cartel? The company who can sometimes find loopholes in mortgages and loans so you don't need to pay it back? I can't see any dodgyness as if they don't win you don't pay. ( if they do they take a percentage)
Cheers:T
like most people I started the process to reclaim bank charges over two years ago. At that time I was £4500 overdrawn on one account and about £1000 on another. In total I have claimed for nearly £4k in charges as 99% of the overdraft was made up of charges.
For the past two years I have been paying this back (bank threatened court action)...£87 to one account and £37 to another as that is all I could afford. As you can probably tell I am not so good with money and don't really check up on things but I checked my account over the weekend and was shocked to see that I am still over £4k on one and £300 on the other as they have been charging interest on the overdraft. :eek:Is there any way of stopping this interest without resorting to some sort of IVA?
if it carries on much longer I will never pay it back and if they finally ever get round to giving me any of the money back I would have been able to pay it off myself just in interest!!:mad:
many Thanks
P.S ANyone know much about Cartel? The company who can sometimes find loopholes in mortgages and loans so you don't need to pay it back? I can't see any dodgyness as if they don't win you don't pay. ( if they do they take a percentage)
Cheers:T
0
Comments
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Hi.
Okay thanks for the Cartel reply!!
I did have other charges but managed to get them back. I just want to know if I can stop the interest.
I mean that if there was no interest being applied i would be half way to paying it back so that if I got the charges back it would feel like a bonus . It just feels like at the moment i will continue paying it with no chance of getting the balance lowered. Am I making sense as I am confusing myself!
Thanks0 -
The answer is no you cannot stop the interest.munchiemac3 wrote: »Hi.
Okay thanks for the Cartel reply!!
I did have other charges but managed to get them back. I just want to know if I can stop the interest.
I mean that if there was no interest being applied i would be half way to paying it back so that if I got the charges back it would feel like a bonus . It just feels like at the moment i will continue paying it with no chance of getting the balance lowered. Am I making sense as I am confusing myself!
Thanks0
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