Santander overdraft

izools

The facts I pointed out are that Santander won't reduce the fee, and have no obligation to do so.

Also that you could free up this amount of money in your budget by cutting back.

If you can't free up £4 a month in your budget no matter how much you cut back, perhaps you need to figure out if there are infuences in your life that need changing to account for this, like working more hours, cheaper accommodation, a debt management plan, or whatever suits your circumstances best.

The only thing that is important is that Santander aren't going to reduce the fee for you so you need to make arrangements around this.

KingElvis

izools wrote: »

OH... He. Lol everyone gets that wrong if they've read me talking about my OH also being a he :rotfl:

Thanks though

Some people don't want to hear the truth of a situation, it's called Ostrich Syndrome.

You've been given good advice, I would read it through again and digest it.

ghost_whistler

izools wrote: »

The facts I pointed out are that Santander won't reduce the fee, and have no obligation to do so.

Also that you could free up this amount of money in your budget by cutting back.

If you can't free up £4 a month in your budget no matter how much you cut back, perhaps you need to figure out if there are infuences in your life that need changing to account for this, like working more hours, cheaper accommodation, a debt management plan, or whatever suits your circumstances best.

The only thing that is important is that Santander aren't going to reduce the fee for you so you need to make arrangements around this.

You need to stop making stupid judgements. YOu don't know my lifestyle, expenses or budget. I've already made it clear that I cannot afford to pay their changing overdraft fees. Simply stating the obvious in respect to them not wanting to stop charging me is not advice: i acknowledge this in my first post which is why i say, again, you clearly haven't read what I've written.

You're a troll, and on a forum like this that's just pathetic. Either help or leave, it's that simple, troll.

ghost_whistler

KingElvis wrote: »

Some people don't want to hear the truth of a situation, it's called Ostrich Syndrome.

You've been given good advice, I would read it through again and digest it.

I haven't been given any advice at all. I cannot cut back on expenses. I made that perfectly clear. Perhaps you could refer to what other advice you mean, since that's the only thing that was said, other than an assinine comment about blame which itself refers to nothing.

izools

If you can't cut back on expenses then you will need to open a basic account with another bank to have your income paid into and outgoings (SO / DD) taken out of.

You will then have to come to an arrangement with Santander in regards to repaying the overdraft at a reduced rate. Unfortunately the account with them will have to fall into arrears (i.e. be overlimit for a month or two) or worse yet default before they will be willing to entertain a reduced repayment arrangement.

I am sorry you feel I have been a troll. The information I have provided to you is based in truth. If you don't believe me, or think you have a point which hasn't been acknowledged here you may want to make an appointment to see the CAB. They will advise you of your options - which I'm sure all will agree - are the options presented to you already in this thread.

Taking offence and spouting spurious comments about long standing members suggests to me that perhaps you are the one with a chip on your shoulder, and perhaps would benefit from some time to reflect on what you've been advised and whether or not your attitude is conducive to resolving your banking challenges?

To stedfastly refuse point blank to acknowledge the possibility of reducing your outgoings is certainly likely to cause issues in the future. There are always ways and means. I've already covered a few - working more, moving to cheaper accommodation, changing your grocery shopping habits, reducing the amount you are paying towards debts if you have any, err downgrading your mobile phone or landline package,

The list is endless and as you quite correctly suggested I don't know your lifestyle so I can't offer advice tailored to your situation.

What I do know however is that it is possible to cut corners. What would happen if you lost your job if you have one? Would you convince yourself that there's no way you could cut back, and carry on until you can't afford to pay your rent / mortgage and / or until the bank withdrew your current account? I sincerely hope not. It's not uncommon for those suffering financial hardship to do things like sell their car, move to a cheaper flat, or buy only basic own brand groceries.

It's what is more commonly referred to as "Living within your means".

Best of luck :beer:

Cmdr_Bond

ghost_whistler wrote: »

I have an authorised overdraft with Santander that, come next month, will be unmanageable. I don't have enough money to take me out of that and with the change in their overdraft costs i'm going to get charged way more than I can afford.
I barely use the account anyway and have tried closing it down and offering to pay them £3 (what i pay currently as a result of being overdrawn) a month. They aren't interested. Now the situation is urgent because their policy changes in the middle of March.
How can I get them to listen? I don't want the account, I don't have the money to just clear the overdraft and close it normally, and I can't seem to make them listen.

Thanks

Ignoring everything else that has been said in this thread (whether I agree with it or not)

What I am trying to understand is exactly how large your OD is.

You say you barely use the account, but that does not rule out the fact you have loaded the OD up already.

You say you currently pay them £3/month - is this just the interest or is this purely all you can pay?

I understand that the fees will be going up to £10/month max for authorised overdrafts. So that is another £7 to find.

If you really have done everything you can I don't know what to suggest - I know I could find £7 a month - even if I had to starve for a couple of days.

I appreciate that you may not have found the above messages tone helpful, but you haven't really supplied any information yourself. Yet you have a go at those people who have made their opinions known.


Give some more info, we might be able to give better help.

ghost_whistler

Cmdr_Bond wrote: »

Ignoring everything else that has been said in this thread (whether I agree with it or not)

What I am trying to understand is exactly how large your OD is.

You say you barely use the account, but that does not rule out the fact you have loaded the OD up already.

You say you currently pay them £3/month - is this just the interest or is this purely all you can pay?

I understand that the fees will be going up to £10/month max for authorised overdrafts. So that is another £7 to find.

If you really have done everything you can I don't know what to suggest - I know I could find £7 a month - even if I had to starve for a couple of days.

I appreciate that you may not have found the above messages tone helpful, but you haven't really supplied any information yourself. Yet you have a go at those people who have made their opinions known.


Give some more info, we might be able to give better help.

I am overdrawn by £200. I don't have an income beyond JSA and I do not, again, have more money to pay this off. I've made that perfectly clear on two separate occasions.

If you're suggestion, on a debt management forum, is that people go without eating then I'm afraid you are in no state to be giving anyone advice and I would recommend this site be closed down immediately. That is the most irresponsible 'advice' I have ever, ever, heard.

thatsean

Op - you either want advice, or you don't.

You have a debt, you recognise that servicing it is likely to become an issue.

In fairness to you, many of the posts on here are from people 5 months down the line after they ran into trouble - so you're doing pretty well by looking ahead.

I see these as the potential options:

1- Cut the fat out of your budget, and reduce the overdraft slowly (i understand that this may take a long time)
2- Go to the branch, with your statement of affairs and advise them that, whilst you understand that they can amend their products whenever they want, this change will push you into hardship. See if they can suggest a scheduled plan to clear the overdraft
3- Open a basic account elsewhere, have your income paid into it, and pay the Santander account as an when you can, or under arrangement

Clearly 3 is the least desirable, as the debt may increase and your credit rating could be trashed. You say you can't do 1, and 2 relies on the bank having a debt management product that they can offer, and a bit of goodwill on their part.

Good luck.

Cmdr_Bond

ghost_whistler wrote: »

I am overdrawn by £200. I don't have an income beyond JSA and I do not, again, have more money to pay this off. I've made that perfectly clear on two separate occasions.

If you're suggestion, on a debt management forum, is that people go without eating then I'm afraid you are in no state to be giving anyone advice and I would recommend this site be closed down immediately. That is the most irresponsible 'advice' I have ever, ever, heard.

Well at least we now know you have a £200 OD and not a £3 one.

I would also suggest you temper your responses. I understand your frustration, but it is only now we are getting any facts.

I am not a financial advisor, nor do I purport to be - and neither did I tell you to starve yourself. I would never tell anyone one to do that.

I suggest you re-read what I said:

Cmdr_Bond wrote: »

...

If you really have done everything you can I don't know what to suggest - I know I could find £7 a month - even if I had to starve for a couple of days.

...

If what you say is true (and I have no reason to doubt you), and you cannot cut anymore off of your spend, then I would speak to someone like the CAB.

Can I ask this -

You have a £200 OD - of which you are paying £3 a month - do I have this correct?

How much interest are you currently being charged a month and what is the limit on the account?

Looking at Santander's site, overdraft interest rates of 12.9% or 19.9% (1.075% or 1.658% / month)

On £200 that is £2.15 at 1.075% or £3.32 at 1.658% - Obviously this is going to change drastically soon, as you will be paying £10/month which will work out at 5%/month or (if my maths are right) 60% AER.

The reason I asked for your limit is because if you are close to it, you are royally screwed when you go over - as the unauthorised overdraft charges are £5 a day capped at 20 days or £100 a month.
based on the answers to the above questions

If you are teetering or veering toward this, then you definitely need to consider professional advice (anything on this forum, no matter who it comes from or what experience they have personally or professionally, cannot be considered as professional advice).