Bank Charges Reclaiming Guide discussion

Nasqueron

Nattyc wrote: »

Can anyone help?? I had monthly fees from both Lloyds and Santander quite a few years ago but have different accounts now so no record of the account numbers or statements.

You don't need these to make a complaint, they should be able to find you from name/address

Nattyc wrote: »

Is there any way I can still do the reclaim for monthly fees?

Nobody "reclaims" monthly fees, you complain about why you feel it wasn't suitable for you and provide your evidence

Nattyc wrote: »

I was sold these accounts under the " this is the account you have to have" remit, not offered other free accounts and didn't know any better! Thanks in advance

Can you prove you were told that?
They don't have to, you're in the internet age, you can easily see the accounts online and look for free alternatives
Not knowing any better isn't a miss-sale reason


Your main problem here is that if the accounts were opened more than 6 years ago and closed more than 3 years ago (or other criteria is met such as sending account benefit statements advising of alternative accounts) then your case will be time barred

Remortgage_wannabee

I’m not proud of myself so please go easy.
I have struggled all my adult life with banking despite being intelligent, educated and having a good job. For all these reasons I have been able to wing it though up until now but now have ended in a financial mess. With large amounts of credit card debt, high proportion of income spent on servicing high interest credit cards and overdraft and no way of refinancing to lower interest rate because credit score now poor. I have always been extremely anxious about dealing with financial matters and never been able to open bank statements etc - complete head in the sand approach (completely ashamed to say this but being honest)

I am now on a strict budget and am making very small inroads and have learned a huge deal in a very short time. My new approach to finance was born when one of my two banks where I hold current accounts invited me in to discuss my account, this all came out and they helped me work out where I was going wrong etc.
As part of this I have very painfully reviewed old bank statements and been absolutely horrified to see a dreadful paattern of being in persistent overdraft, going over overdraft limit, getting charges for it at the end of the month usually before payday, these charges taking me over my overdraft limit, starting off he next month down because I’ve been charged so much, direct debits beig bounced, unpaid transaction fees- then end of next month more of the same as all the fees stack up and take me back over my overdraft limit etc.

I am not in severe hardship in that I can afford to service my debts and pay my bills but there is little left and a very high proportion of income going on debt repayment of unsecured credit cards and overdrafts.

There wasn’t one particular point I can think of where it all went wrong like losing a job /redundancy etc , I think I have an extremely disorganised chaotic personality and long term have struggled with anxiety, which causes exhaustion and then contributes to poor self-management. My question is can I claim bank charges back on this basis? I reckon I have about £2500 bank charges. I know it is my own fault but I also do feel that the bank could do more to help people like myself and could have noticed that this pattern was happening on a regular basis aover many years. If I could claim back these charges it would pay off one of my overdrafts and would help me start moving forward with rebuilding my credit score thus having a knock on effect on helping me work my way out of this mess. At the moment the credit score is low due to high levels of debt utilisation (pretty much maxed out) and also missed payments. I am working really hard on both these aspects but feel if the back would refund me charges that could be a major boost.

Could I explain this to the bank and would they understand and view sympathetically. I am ashamed even to write it down!

Thoughts and advice much appreciated

Nasqueron

Remortgage_wannabee wrote: »

I’m not proud of myself so please go easy.
I have struggled all my adult life with banking despite being intelligent, educated and having a good job. For all these reasons I have been able to wing it though up until now but now have ended in a financial mess. With large amounts of credit card debt, high proportion of income spent on servicing high interest credit cards and overdraft and no way of refinancing to lower interest rate because credit score now poor. I have always been extremely anxious about dealing with financial matters and never been able to open bank statements etc - complete head in the sand approach (completely ashamed to say this but being honest)

I am now on a strict budget and am making very small inroads and have learned a huge deal in a very short time. My new approach to finance was born when one of my two banks where I hold current accounts invited me in to discuss my account, this all came out and they helped me work out where I was going wrong etc.
As part of this I have very painfully reviewed old bank statements and been absolutely horrified to see a dreadful paattern of being in persistent overdraft, going over overdraft limit, getting charges for it at the end of the month usually before payday, these charges taking me over my overdraft limit, starting off he next month down because I’ve been charged so much, direct debits beig bounced, unpaid transaction fees- then end of next month more of the same as all the fees stack up and take me back over my overdraft limit etc.

I am not in severe hardship in that I can afford to service my debts and pay my bills but there is little left and a very high proportion of income going on debt repayment of unsecured credit cards and overdrafts.

There wasn’t one particular point I can think of where it all went wrong like losing a job /redundancy etc , I think I have an extremely disorganised chaotic personality and long term have struggled with anxiety, which causes exhaustion and then contributes to poor self-management. My question is can I claim bank charges back on this basis? I reckon I have about £2500 bank charges. I know it is my own fault but I also do feel that the bank could do more to help people like myself and could have noticed that this pattern was happening on a regular basis aover many years. If I could claim back these charges it would pay off one of my overdrafts and would help me start moving forward with rebuilding my credit score thus having a knock on effect on helping me work my way out of this mess. At the moment the credit score is low due to high levels of debt utilisation (pretty much maxed out) and also missed payments. I am working really hard on both these aspects but feel if the back would refund me charges that could be a major boost.

Could I explain this to the bank and would they understand and view sympathetically. I am ashamed even to write it down!

Thoughts and advice much appreciated

You cannot claim back old charges, period. The 2009 case established that


If you are in financial hardship such as getting charges every month and struggling to pay them, you can ask them for help with the current situation but they do not have to repay you anything, they can simply offer to freeze charges for say 6 months, or help you with a debt plan

[Deleted User]

Remortgage_wannabee wrote: »

I reckon I have about £2500 bank charges.... If I could claim back these charges it would pay off one of my overdrafts and would help me start moving forward with rebuilding my credit score thus having a knock on effect on helping me work my way out of this mess.

You won't be getting a refund of £2.5K I'm afraid.

You can, however, make your case to the Bank and see what debt help they can offer you. They may choose to refund (some) recent charges or freeze interest on your overdraft for a period or ask you to consider debt management.

I strongly urge you to seek help on the "Debt Free Wannabe" section of this website, where you will find a wealth of information and knowledgeable posters willing to share their experience..

Remortgage_wannabee

Thank you very much for the advice. Yes my next step is the debt free wannabee board, I’ve taken massive steps already to cut costs but know there is more to go . I’ve noticed both replies above sound very authoritative - wondered the background eg if you have experience of trying to apply or maybe professional knowledge from working in a bank.? As the advice seems a little at odds with what Martin lewis is now suggesting which is that financial hardship cases may be viewed differently - and there are many categories of financial hardship including debt to income ratio etc so it isn’t necessarily about being completely on the breadline . Does anyone else have any experience of getting charges back recently ? Many thanks in anticipation

Remortgage_wannabee

Also just in reflection. I’ve followed the steps in the bank charges reclaiming guide and I think I’m really hoping that someone who has been successful in this area might be able to give me some help with how best to frame my request to maximise chance of success eg should I explain dosorganskatik or should I stick to the facts of the snowball of charges (I have a list of charges and what they relate to and almost all of them relate to going back over overdraft limit when my charges are added on at the end of the month . I don’t want to blame the banks and take responsibility for my own actions but at the same time why should the back have sat back and seen this happening month in and out without any attempt to help me break the cycle?

Nasqueron

Remortgage_wannabee wrote: »

Also just in reflection. I’ve followed the steps in the bank charges reclaiming guide and I think I’m really hoping that someone who has been successful in this area might be able to give me some help with how best to frame my request to maximise chance of success eg should I explain dosorganskatik or should I stick to the facts of the snowball of charges (I have a list of charges and what they relate to and almost all of them relate to going back over overdraft limit when my charges are added on at the end of the month . I don’t want to blame the banks and take responsibility for my own actions but at the same time why should the back have sat back and seen this happening month in and out without any attempt to help me break the cycle?

As above, banks look at current financial hardship only. They must look at this and your cycle of charges causing charges and struggling to clear etc.



What you need to understand is that in 2009 the banks won the case at the highest court in the land (the supreme court) that put an end to historical charge reclaiming, now it's hardship only and there is no requirement for them to refund anything, that is just one option they may consider - equally they may just freeze future charges for a set time

[Deleted User]

Remortgage_wannabee wrote: »

I’ve followed the steps in the bank charges reclaiming guide

That guide is hopelessly outdated!
If you've followed the steps and demanded a refund plus interest and referred to the charges as in any way "unfair" you'll simply be rejected out-of-hand. If you've spent time compiling a list of charges, that will have been completely futile as the Bank already know what you've paid.

What you needed to do was detail your current Financial Hardship with, for example, charges one month causing another round of charges the next. You'll need to show that you are struggling to pay essential bills.

If the Bank do treat your complaint as a Financial Hardship case, your recent statements will be examined to see if you are spending on non-essentials like subscription television, mobile phone contracts and even shopping at the more expensive supermarkets. If you are, you won't be deemed to be in the bank's definition of Financial Hardship.

In any case, you won't be getting a refund of £2500.

Historical bank charges ceased to be reclaimable after the 2009 High Court Case was won by the Banks.

Remortgage_wannabee wrote: »

I’m really hoping that someone who has been successful in this area might be able to give me some help

Read back through this thread and you'll see only people making the same incorrect assumptions as you have. You'll also see how difficult it is to obtain any large refunds.

Remortgage_wannabee wrote: »

why should the back have sat back and seen this happening month in and out without any attempt to help me break the cycle

It's your own responsibility to run your own bank account responsibly, not the banks.
The charges you've paid should be enough of a wake up call.
However, if you want the Bank to do as you suggest, you'll need to request debt management from them.
I truly doubt you'll want that.

Remortgage_wannabee

Thanks that’s helpful - I haven’t sent anything yet. Do you mind me asking if you have some insider/ professional knowledge on this as you sound as if you really know what you are talking about. Can the bank force me into a debt management plan because of financial hardship if I do go ahead and request charges back. I was planning on asking nicely as a gesture of goodwill. The definition of financial hardship on the MoneySavingExpert website is quite broad - do banks all have their own definitions?

[Deleted User]

Remortgage_wannabee wrote: »

Can the bank force me into a debt management plan because of financial hardship if I do go ahead and request charges back?

No, as stated, but they can certainly refuse to refund you any historical charges.

They are also at liberty to demand you pay off your overdraft without notice (but they are very unlikely to).
Assuming you meet the Financial Hardship criteria, the most likely outcome is that they'll suspend interest on your existing debt for a period. Realise that the Bank have a range of options available to them though.

Not sure why you continually ask about the qualifications of the respondents ?

Anyone can post here, so it's up to you whether you take the freely given advice at face value or not..