Can the banks do this to me?

callum9999

Agent_Smirnoff wrote: »

Believe me I will :A




If I am a minor and therefore unable to get a credit file or credit can the miserable sods already refer things to the CRA. Is that even possible and do the banks etc.... already send info off to CRA's before I have even reached the age of majority or do they do this once I reach 18.

Is there a credit file with my name on it already , just waiting to "activate" upon my 18th birthday or does one pop up on my 18th.

I know it may seem a bit of a worrisome thing to say but I can't wait..... I want to replace my sodding phone with something niceer


Really the problem also is I cannot afford to pay thier crappy sodding fee. Unless they prefer me running debts up other places to pay thier fees. Quite frankly they wouldn't care anyway. I disagree with fleecing young people tbh.

No they won't refer things to the CRA and yes they will give you back the fee if you just ask them to do it. Just a quick (polite - don't go on about how they are fleecing you etc.) message over internet banking or a phone call will sort it out.

Just a bit of general advice. This was purely your fault. If you wish companies to be lenient on your mistake, then it's best practise to be polite to them instead of badmouthing them over it (don't know if you'd talk like this directly to them?). If you view this as fleecing then you probably shouldn't use any bank or building society. They aren't community charities, they are businesses and if you want to use them, you play by their rules.

custardy

Agent_Smirnoff wrote: »

I was surfing another forum ,called the student room , but the money and finance subforum there is nothing compared to the MSE forums from what I can see.

I am only 17 years old and I have a current account with Nationwide. It is the FlexAccount. I only went into the minus areas by a few pence and got hit with a Paid item fee.

I can understand charging these fees to people over 18 but are banks allowed to charge a minor (such as myself) who :

• Cannot be reasonably expected to have so much money to pay about £15 a pop
• Is only a student on EMA. Therefore I would obviouly have barely a penny to my name
• Cannot be held accountable to a contract as I am under 18
• Has a CashCard+ (Scaled down version of a Visa Debit) Meaning that they should not allow any money to be taken out at the first place if there isn't enough funds , unlike a normal Visa Debit
• They didn't even debit the money on the day I authorised the transaction
  
  
  
  
  

I mean : Come on! :mad: For one thing..... If I bought something from Sainsbury's on Tuesday evening why do you debit the money for the purchase on Thursday or even Friday as matter of fact. It should be debited at the point of service.

I am sick of being hit with £15 paid item fees. I am seriouly considering refusing to pay and go back to one of my old banks.


I await the help of felow MoneySavers

Regards all

Jon:money:

when you turn 18 does your trust fund kick in?

izools

Agent_Smirnoff wrote: »

Is there a credit file with my name on it already , just waiting to "activate" upon my 18th birthday or does one pop up on my 18th.

Your credit file is "Built" by the data provided to credit reference agencies by 3rd parties.

It's not like a blank file exists already and is waiting to "activate". If you never have any accounts and never register to vote you'll never have credit file, and credit checks against you will come up "NULL".

Companies might not be legally bound when entering into a credit agreement with you, but they are still legally entitled to a) establish whether you are a suitable customer for a product by credit checking you to ensure you've handled a similar product properly in the past and b) advising the credit reference agencies whether you are / aren't using your existing financial products within the terms agreed.

If you are registered to vote and have a Flex Account with Cashcard+ I'd say yes, you do have a credit file now. You just can't be held to terms on a credit agreement in a court of law.

This doesn't prevent your bank from stating a fact on your credit file - i.e. that you failed to meet the terms of the account in a given month.

jonesMUFCforever

I don't believe a CRA account will show before you are 18 years old.
This is because nobody will allow credit until this date.
If you start on the wrong foot now though - you won't get a student account - you won't get a contract mobile phone or anything else for a long time.

As somebody else has said grow up!
I must say for a minor you do have impeccable grammar - I hope you are not trolling us.

Agent_Smirnoff

jonesMUFCforever wrote: »

I don't believe a CRA account will show before you are 18 years old.
This is because nobody will allow credit until this date.
If you start on the wrong foot now though - you won't get a student account - you won't get a contract mobile phone or anything else for a long time.

As somebody else has said grow up!
I must say for a minor you do have impeccable grammar - I hope you are not trolling us.

Well that's going to suck. Like I said. Something is going to have to change

Thanks. Some people on internet forums have said that my grammar is quite poor. I guess the A level English pays off :rotfl:

Troll? :rotfl: Trollbuster moar liek :rotfl:

izools wrote: »

Your credit file is "Built" by the data provided to credit reference agencies by 3rd parties.

It's not like a blank file exists already and is waiting to "activate". If you never have any accounts and never register to vote you'll never have credit file, and credit checks against you will come up "NULL".

Companies might not be legally bound when entering into a credit agreement with you, but they are still legally entitled to a) establish whether you are a suitable customer for a product by credit checking you to ensure you've handled a similar product properly in the past and b) advising the credit reference agencies whether you are / aren't using your existing financial products within the terms agreed.

If you are registered to vote and have a Flex Account with Cashcard+ I'd say yes, you do have a credit file now. You just can't be held to terms on a credit agreement in a court of law.

This doesn't prevent your bank from stating a fact on your credit file - i.e. that you failed to meet the terms of the account in a given month.

So I assume one already exists. I just cannot get access to credit at the moment. Am I right?

Yes. I am on my Electoral Register (You can sign onto it from the age of 16) If I have numerous current accounts and savings accounts with numerous banks but haven't used a few for quite a while..... Does that mess it up? Say for example if you have a Santander, Natwest,Barclays,Lloyds TSB and Nationwide account but don't use some of them but use some of the others.

callum9999 wrote: »

No they won't refer things to the CRA and yes they will give you back the fee if you just ask them to do it. Just a quick (polite - don't go on about how they are fleecing you etc.) message over internet banking or a phone call will sort it out.

Just a bit of general advice. This was purely your fault. If you wish companies to be lenient on your mistake, then it's best practise to be polite to them instead of badmouthing them over it (don't know if you'd talk like this directly to them?). If you view this as fleecing then you probably shouldn't use any bank or building society. They aren't community charities, they are businesses and if you want to use them, you play by their rules.

But how do I ask them and what do I say? They could just ask "Why the hell should we waive your fee and pay you back your previous P.I.F?"

izools

It's certainly a good idea to close the accounts you don't use and maintain a long relationship with one bank, yes. Stability is paramount to a healthy credit score and chopping / changing banks can make you look like a bad risk.

I would just call up Nationwide, explain the situation about your income, advise that you were under the impression that fees didn't apply to minors but apologise for your mistake and ask if they can refund the fee and you will endeavour to run your account better in future. They may very well then credit the fee back to you.

Good luck!

Stephen_Leak

At least the OP has found MSE. Everything happens for a reason and works out for the best in the end.

Agent_Smirnoff

izools wrote: »

It's certainly a good idea to close the accounts you don't use and maintain a long relationship with one bank, yes. Stability is paramount to a healthy credit score and chopping / changing banks can make you look like a bad risk.

I would just call up Nationwide, explain the situation about your income, advise that you were under the impression that fees didn't apply to minors but apologise for your mistake and ask if they can refund the fee and you will endeavour to run your account better in future. They may very well then credit the fee back to you.

Good luck!

Thanks :beer:

I may have to review the banking situation. I will probably keep the Nationwide -(My mum has an account with them so I can get my allowance in a quick 5 minute transfer.) , My Lloyds TSB account gets my EMA and I can just use the Santander account for whatever. (If I clear the OD)

glider3560

Agent_Smirnoff wrote: »

(If I clear the OD)

How do you have an overdraft if you are 17?

ERICS_MUM

Agent_Smirnoff wrote: »

But how do I ask them and what do I say? They could just ask "Why the hell should we waive your fee and pay you back your previous P.I.F?"

good question! One of life's most important skills - learning how to negotiate, persuade or bulls4!t one's way through problems to get what you want without the other party feeling cheated or taken for a fool. Maintain a good relationship - you might need to appeal to their good nature again someday.

It needs practice and trial & error to learn.

Good luck getting the charges refunded.