Bank Charges Reclaiming Guide discussion

edited 10 June 2010 at 4:34PM in Reclaim Bank & Credit Card Charges
1.8K replies 456.1K views
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  • BogalotBogalot Forumite
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    kazman64 wrote: »
    To quote form this site (updated Feb 17):
    "Bank charges reclaiming didn't end after the court case in 2009, people still regularly get some of their excess charges back. They can add up to £1,000s, joining the £1bn already repaid.

    If you're in financial hardship, you could reclaim the charges for breaching your overdraft. This is a step-by-step guide to doing just that, including free template letters."

    This is the templates I used so why is it all still on the site if the boat has sailed

    Is there no one we can rely on anymore

    Unfortunately MSE is now very much focused on making profits through affiliate links, and not helping those in difficulties as it used to. Although there are still many posters that will try to help.

    Are you in current financial difficulty? If so have you posted your statement of affairs on the Debtfree Wannabe board?
  • [Deleted User][Deleted User] Forumite
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    Bogalot wrote: »
    Are you in current financial difficulty? If so have you posted your statement of affairs on the Debtfree Wannabe board?
    The OP first posted about this back in 2008;
    http://forums.moneysavingexpert.com/showthread.php?p=9705391

    ...but it sounds (rather than current financial hardship) that she and her husband have come though long bouts of depression and only now feel able to tackle the bank over what they regard as unfair treatment.
    Unfortunately, it looks like it is now far far too late.
  • Sbelle12Sbelle12 Forumite
    3 Posts
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    Hi

    I've been reading this site for a long time, but decided to join today to make my first post in the hopes you all could offer some good advice. I've read the reclaiming guide, but it mainly focuses on reclaiming unauthorised overdraft charges. I, however, have an authorised overdraft of £1400 and am constantly at the maximum. The interest I am being charged on this overdraft is £45 - £55 a month and will soon reach over £500. I am struggling with some bills and I cannot pay anything off of the overdraft, in part due to the "authorised" charges. I seem to be stuck in a cycle.

    I am currently on benefits of £72.10 a week until I can return to work, as I had to resign a while ago due to illness. As such, the £50ish a month is eating a big hole in that.

    I am unclear whether I can claim back anything on authorised overdraft charges and am unsure of what to do next.

    Sorry for the long post and thanks for any advice.
  • dunstonhdunstonh Forumite
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    I've read the reclaiming guide, but it mainly focuses on reclaiming unauthorised overdraft charges.

    That was because until 2009, that was really what it was all about.
    I am unclear whether I can claim back anything on authorised overdraft charges and am unsure of what to do next.

    You can ask them under their financial hardship criteria. You need to point out that you are in a cycle of charges and how it is affecting your living standards and you are finding bills hard to pay. Do note, that they check your spending habits. So, if you have things like spotify, large mobile phone bills, netflix or shop in Next etc. then these things will suggest you are not in hardship and they will reject.

    If they agree you are in hardship, they dont have to refund anything. Sometimes they look at some over the last 6-12 months. Sometimes they suspect charges for the next x months or arrange a debt repayment plan.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Sbelle12Sbelle12 Forumite
    3 Posts
    Third Anniversary
    Thanks
    Do note, that they check your spending habits. So, if you have things like spotify, large mobile phone bills, netflix or shop in Next etc. then these things will suggest you are not in hardship and they will reject.

    My mobile bill is about £30/m. I do have to pay for storage unfortunately as where I am living is very small. I have made one £10 purchase in H&M in the past 6 months, apart from that it is grocery shopping, which is not much at all.
    If they agree you are in hardship, they dont have to refund anything. Sometimes they look at some over the last 6-12 months. Sometimes they suspect charges for the next x months or arrange a debt repayment plan.

    The charges are all from the past 10 months. A refund would be fantastic, but just suspending the interest charges for a while would be a great help. I bank with Barclays, do you have any idea what the chances are with them? I am slightly worried if I tell them that they could suddenly close my account and/or ask for full payment. Also, that it could severely hurt my credit score.
  • NasqueronNasqueron Forumite
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    Sbelle12 wrote: »
    Thanks



    My mobile bill is about £30/m. I do have to pay for storage unfortunately as where I am living is very small. I have made one £10 purchase in H&M in the past 6 months, apart from that it is grocery shopping, which is not much at all.



    The charges are all from the past 10 months. A refund would be fantastic, but just suspending the interest charges for a while would be a great help. I bank with Barclays, do you have any idea what the chances are with them? I am slightly worried if I tell them that they could suddenly close my account and/or ask for full payment. Also, that it could severely hurt my credit score.

    Banks have to look at financial hardship cases fairly and openly so it's not so much about chance and more about them agreeing you are stuck.

    Your credit score is meaningless as nobody but you sees it, only the data is important and that will show you living in your OD and not being able to clear it so your credit record will already be quite poor
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
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  • Sbelle12Sbelle12 Forumite
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    Your credit score is meaningless as nobody but you sees it, only the data is important and that will show you living in your OD and not being able to clear it so your credit record will already be quite poor.

    My credit score was "excellent" until recently and has just dropped down to "good". I do know the score itself is meanless, but it does represent the data in the report, which overall is ok.

    My overdraft does not appear on my credit report. I looked into it when I saw my report and apparently, because I have had the account for so long, it doesn't appear on it due to t&c.

    I want to keep the score/report good so when I do return to work, I can get a 0% interest money transfer card and pay off the entire overdraft. I applied, but was turned down due to income (hence dropping down to "good").

    I am concerned if I do contact Barclays, something would then be put on my report regarding this, which would negatively affect my chances when I can apply again.
  • dunstonhdunstonh Forumite
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    I am concerned if I do contact Barclays, something would then be put on my report regarding this, which would negatively affect my chances when I can apply again.

    No. Nothing will be.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • NasqueronNasqueron Forumite
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    Sbelle12 wrote: »
    My credit score was "excellent" until recently and has just dropped down to "good". I do know the score itself is meanless, but it does represent the data in the report, which overall is ok.

    My overdraft does not appear on my credit report. I looked into it when I saw my report and apparently, because I have had the account for so long, it doesn't appear on it due to t&c.

    I want to keep the score/report good so when I do return to work, I can get a 0% interest money transfer card and pay off the entire overdraft. I applied, but was turned down due to income (hence dropping down to "good").

    I am concerned if I do contact Barclays, something would then be put on my report regarding this, which would negatively affect my chances when I can apply again.

    Again, the "score" or rating is meaningless, people with bankruptcies on their record can get 999 on Experian. Lenders give credit on the risk THEY determine based on your data, your salary etc (credit agencies don't know your salary). Personally I'd check all 3 agencies (Experian, Equifax and CallCredit) - it's possible the account is not reported to all of them

    A single application for a card won't cause any long term issues for a record, after 3-6 months no-one would care. However, having an overdraft you are using in full and are unable to pay off and struggling to pay bills will negatively affect you way more than a CC application. If you do raise a case with the bank for financial hardship and it helps you clear down the OD what then? Will you be able to clear the OD every month or just be back to square zero in 6-12 months time?

    I'd suggest the below sub forum for help, they can talk you through doing a statement of affairs and cutting spending which you may not realise you are doing

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
    [/FONT][/FONT][/FONT]
  • Hi, when your saying that your claiming money back from your bank...it is over draft charges isn't it?
    My boyfriend has lived in his over draft for over 10 years and pays £40 a month to have it. He's stuck in a vicious circle now and can't get out of it. He's resulted in payday loans and credit cards. He doesn't have any household bills to pay as he's back with his parents now. But he has debts to pay off.

    Do you think he has a chance to claim some money back? Or at the very least stop the £40 a month for a bit so he can try to get back on his feet?

    Thanks :)
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