What Will My Bank Charges Be?

bluenose1988

Hey everyone, hope you are all okay and I apologise for this thread being placed here as it is more to do with my situation prior to bank charges being applied etc, but this seemed the most relevant place to put it.

Just a couple of quick questions really as with christmas spending, like many other people, hitting my pocket quite severely, I find myself in a bit of a pickle.

I have 3 bills to pay, which equal about £60.
If I were to pay these on a maxed out overdraft, I realise that I would straight away, be charged the standard fee of £35 I think it is for entering an unauthorised amount. In January, my finances will be settled again as I am expecting a bit of money, I was just hoping that somebody could help me with the following few queries:-

As I have 3 bills to pay, would I be charged 3 x £35.00 as my bank will have to cover 3 unauthorised fees for me??

I would not be able to pay this back for 4 weeks, and therefore, do you think the charges altogether would by far exceed the value of £60 that it is being used to cover??? Would it make more sense to take out a credit card to cover the fees and then close it when I can pay all the fees off?

Thanks very much in advance, I really appreciate it

Paul

Premier_2

Probably best to contact the people you owe the money to and see if you can re-negotiate payment terms with them
If they allow that, it's usually interest free.

That way you won't be using someone elses money to pay them

esmerellda

Definately better on your pocket to borrow the £60 from elsewhere and pay the bills direct or contact the companies and pay a bit later.

On top of those 3 £35 charges you may have a £20 odd charge for using unauthorised overdraft, plus theres no guarantee the bank would actually pay them, they may just bounce them.

knowing which bank would also help work out the fees.

orc_2

Agree with post above from Premier which is sensible advice. Failing that borrow from family perhaps.

Don't risk ever going over OD limits as it will cause you more heartache.

I don't believe in credit cards, I have never had or applied for one. So I'm probably a bit wary but would advise against opening a credit card account for that reason. Again, problems can arise for some people if they are not managed properly and repaid when they should be. (Never pay only the minimum amount please)

bluenose1988

Guys, thanks a lot for the advice. I was about to walk into the bank before and query a credit card but decided against it, giving a family member a call and swallowed my pride, everything is now sorted

Thanks again, I feel a lot better now it all ironed out

esmerellda

Good news