Halifax/ Bank of Scotland: a guide to account changes.

jambosans

littlewren wrote: »

It's all very well for people to be giving advice to other people about not relying on their overdraft, and in an ideal world none of us would need to, but I am in the same boat and don't think these comments serve any purpose at all.

Trying to give perspective and providing constructive advice is better than simply complaining about it. This thread is designed to give general advice, but does not claim to solve peoples debt problems.

Advice like "pop over to the Debt-Free Wannabe board" is very generalised, but without knowing the ins and outs of someones finances, you cannot tell them exactly what they need to do. Those giving advice (myself included) are aware that complaining about this change is going to do little in swaying HBOS into reverse, therefore the only thing you can do is be constructive, and try to find positives.

On a more general point, there has been a lot of very negative attacks on those who provide advice because it assumed they are "in a more fortunate position", or perhaps work for Halifax and are desperate to keep custom (this one makes me laugh the most). Regardless of the motivations, subjective reasoning and discussion are what forums are all about and everyone is entitled to voice an opinion (not just disgruntled HBOS customers).

steven07968

At present, is it just Halifax and Bank of Scotland who have proposed this style or charges?

Or is there a plan for all banks to follow suit?

Cause if it's a one of off with these banks, then I will simply move my bank account elsewhere.

Any good recommendations of banks which will not be imposing these charges, and have good rates on overdrafts?

jambosans

steven07968 wrote: »

At present, is it just Halifax and Bank of Scotland who have proposed this style or charges?

Yes, but no one knows what other banks will do in future. Although I think it is fairly certain that they will do something (at the latest) when the bank charges Test Case, and any subsequent court action has finished.

brody77

jambosans wrote: »

No.

The changes are a reaction to the likely loss of the Test Case on bank charges, and a subsequent ruling by the OFT that charges are, indeed, unfair under UTTCR. They have reduced unauthorised overdraft charges from £35 (max of 3 per day) and £28 to £5 per day. So if something goes down, to balance the books, something else has to go up: arranged overdraft charges.

I know they are unconnected, but you have sat on this overdraft for two years now, paying only a token £15 to cover interest. BoS could have quite easily withdrawn the facility and demanded repayment in full. Overdrafts are only meant to be short term, so you would need to have properly addressed this debt at some point. You've quite happily paid £15 a month for two years and paid nothing off, the change, although doubling your monthly fees, should make your realise that this overdraft cannot be kept forever.

There are two options: borrow or budget your way out of debt. If your credit rating is poor then it be difficult to get a loan, credit card, or another bank account but one of these may result in lower monthly charges. If those are not an option then you're going to have to budget, and the best place for advice and support would be over on Debt-Free Wannabe.

I realise you're trying to offer advice, but I don't like the inference in the above comments in bold.
You assume I've basically ignored this overdraft - not true.
Re-read my post.
EVERY PENNY of my wages is accounted for each month in my other account (ironically or stupidly with Lloyds lol) so I pay in to BoS what I can afford to, not just a case of covering interest.
If I had more, I'd get rid of the damn thing.

I now have to find another £15 or so each month to cover this malarky, and without a word of a lie this will not be easy.
Simply put, there's no way I can manage it in this financial climate.
Better or worse, I can't get credit in any way shape or form.
There is no scope for promotion or pay rises in my work and I'm already stretched on OT.( I'd actually like to spend time with my family)

I'm going to visit my branch next week if I am able, as it's a long walk there (I'm unable to drive at present) but I fully expect to be politely told "tough" by them, even if I set up some sort of agreement to pay back the overdraft to close my account.

It sounds like nothing when it's £1 per day, but when you add it up, that's a lot of coin over a year (I'll go out on a limb here and assume that it's per day and not per WORKING day?)

I'm actually surprised that nobody said "why don't you just start using the a/c again then?" - because the last time I had to move all my dd stuff manually and it caused me a lot of grief, and I don't want to be a BoS customer.

Anyway, yes, I'm angry at this - I'm the little guy struggling to make ends meet, so don't expect me to be understanding of the bank pov.

Thanks.

jambosans

brody77 wrote: »

I realise you're trying to offer advice, but I don't like the inference in the above comments in bold.
You assume I've basically ignored this overdraft - not true.
Re-read my post.
EVERY PENNY of my wages is accounted for each month in my other account (ironically or stupidly with Lloyds lol) so I pay in to BoS what I can afford to, not just a case of covering interest.

I was merely pointing out that you have had the overdraft for two years, and BoS could have withdrawn it at any point. You stated you paid in enough to cover the interest, not me. I will be honest, I do find it hard to believe that in two years you've not made a dent in your overdraft. So the assumption was not so much you've ignored this debt, but not held it as a priority. Apologies if this is not the case.

brody77

Fair play there mate, yeah, they could have - which would have been even worse!

You're correct that it hasn't been a priority, I've been concentrating on my evil next a/c - the bane of my life!

Thanks for taking the time to reply, and apologies from me also if we got off on the wrong foot!

jambosans

Cheekily bumping thread, to highlight changes.

Specifically, new section: "HBOS Suggestions". Some of the details are a bit sketchy (in particular the credit card balance transfer), so any improvements/ re-wording would be helpful.

rb10

jambosans wrote: »

Specifically, new section: "HBOS Suggestions". Some of the details are a bit sketchy (in particular the credit card balance transfer), so any improvements/ re-wording would be helpful.

Note that this is only available to those people who already hold a Halifax/BOS credit card.

vix2000

rb10 wrote: »

Note that this is only available to those people who already hold a Halifax/BOS credit card.

where can I find details of this?

jambosans

vix2000 wrote: »

where can I find details of this?

You will need to contact Halifax for more details (Telephone Banking: 08457203040 or visit branch), as it's not open to new custom, information will not appear on the website. Also, it is somewhat of an exception under the circumstances surrounding the changes, so you would have to discuss this directly (in reference to your accounts), and obviously meet the criteria (which Halifax will check).