Overdraft payments?

AndyM20

I'm in deep doodoo at present, and my bank is now going to take £100 in bank charges in a few days as I went over my overdraft limit.

Trouble is, I only get Incapacity Benefit and that £100 will tip me over the overdraft limit again, which will incur yet further charges.

It's a recurring problem that I just can't get out of right now.

Other than the obvious answer of finding some money and not going over, is there any chance that the bank will wave these charges under certain circumstances?

talana

AndyM20 wrote: »

Other than the obvious answer of finding some money and not going over, is there any chance that the bank will wave these charges under certain circumstances?

No harm in asking them. If it's a first time, they may waive some charges as goodwill.
But you need to break the cycle. What exactly is that £100 charge made up of? Break it down for us

Tixy

You benefits should not be taken by the bank for their charges if it will leave you short of money for prioirty items - you can stop this using your 'first right of appropriation'. You shoul able to find some info on it if you google for it.

However in the long run you may be better off opening a new basic account elsewhere (with no overdraft) to have your benefits paid into. Then once set up you could write to your existing bank to offer a monthly repayment by standing order to slowly repay your overdraft . At the same time you can ask them to freeze interest & charges on the debt- they don't have to but its worth asking, especially if you point out you are on benefits.

Always worth asking if they will waiver the charges or they may halve them for you.