Interest Free Overdraft Ended - Unemployed

stee01

I was wondering if anyone can give me some advice. Having dropped out of university in 2009, the bank automatically switched me to a graduate scheme, which meant I kept my interest free overdraft up until 4 days ago.

I'm now facing the problem of being £1000 in the red and looking at interest charges of 19.9%APR - approximately £20 a month. This wouldnt have been a problem if I had landed a job, but I've been unemployed for 11 months, although things are starting to look up, and theres a possibility I may have a job at the end of next month.

Being unemployed I can't afford this. I know this is all my own stupid fault lending money from a bank, but whats done is done. Just seems like another kick in the nuts after the past year I've had.

I'm not sure where to go from next with this. I've been going through what i have of my bank statements from 2006, and I am thinking of reclaiming what may be around £400 in bank charges from them from when I was in university and unemployed (which I think both class as hardship) with the hope it may take a dent out of the interest they will be charging. I dont know what else to do, and this is clearly pondering my mind, as you can probably tell from the time stamp.

Any advice would be greatly appreciated, and I promise to never deal with w..bankers again!

Thanks

Stee

DevonGirl

What are the £400 in bank charges for? How old are they?

In the past (2007 + 2008) I've managed to get a couple of £25 charges for going over my overdraft refunded back to me, by ringing up immediately, explaining it was an error, getting back in balance straight away and basically appealing to the better nature of the person in the call centre. (Amazingly that was with HSBC!!!). So for one offs you might be fine... However, I'm not sure what you mean by 'hardship' and whether you can claim back years later.

I'm not sticking up for the banks, (can't stand most of them), but what they are doing sounds like normal banking conditions. Did you make them aware of your situation at the time? Why do you feel your situation should be classed as 'hardship'? They have millions of customers who are unemployed or students, all of whom are subject to their terms & conditions. Your bank has provided you with the perks of a student account for a number of years, then the perks of a graduate account for 2 years, and now rightly are moving you to a normal account. That's life. So I can't really see what there is to complain about?

I know you probably don't want to hear the above, sorry if I've been a bit harsh. I hope the job comes through for you and you can get rid of the overdraft asap.
Good luck

stee01

The £400 in bank charges are what I estimate I have received from sept 2006 to present for going over my overdraft. Some are £25 charges, some £50, a couple around the £35 mark, the highest I think was about £60.

I had contacted them in the past about my financial issues and they werent very helpful (unamazingly this is HSBC!!). Point is I cant afford for them to be taking ~£20 a month out of my account when im barely surviving on JSA.