Personal Reserve Fee

qpop

Sounds like you need to take drastic measures if this situation is only being caused by personal spending, and not by direct debits.
Buy a notebook (the cheapest one you can find obviously). Every time you want to buy something write it in the book. Don't buy it. Return to the book and only make the decision to purchase or not after a week.

That should help illustrate how much of what you're buying is impulse purchases.

And jalexa, I still stand by what I said, all Barclays have done is formalised their unauthorised overdraft limit (which every bank operates)

getmore4less

Lucy1984 wrote: »

I don't have any standing order/direct debits going from this account, they all go from a joint account which I transfer the money into at the beginning of the month. That account is in credit. The money left in my account is my spending money, which I am clearly overspending!

How much of your income do you keep for your spending?

What are you spending it on?

Does your husband know?

jalexa

qpop wrote: »

And jalexa, I still stand by what I said, all Barclays have done is formalised their unauthorised overdraft limit (which every bank operates)

Well I quoted what I *thought* supported my interpretation. What would you quote to support yours?

Lucy1984

getmore4less wrote: »

How much of your income do you keep for your spending?

What are you spending it on?

Does your husband know?

I get paid about £1700.
I transfer about £900 to joint account for bills, mortgage etc.
Then £200 for my travel card, £45 for my phone bill (sorry that is my only direct debit from my account).
As mentioned before I pay about £88 in bank charges, plus my account costs £7 per month.
The rest is my spending money, I know that sounds like a lot but as I start the month already into my personal reserve it means part of my money goes on paying that back (hope that makes sense).

Azrael_1701

opinions4u wrote: »

Just be extra nice to him, I'm sure he'll appreciate that as the best possible pressie.

If you know what I mean

Haha, well done! *claps*

joedenise

I can't understand why you are paying a monthly fee for your account. Your authorised overdraft and unauthorised overdraft seem to have very high interest rates. You really need to get yourself a different account which doesn't charge for it and has lower charges. Do a search on the internet and look for the right account for you - the one you have certainly doesn't seem to be right for you.

I don't usually use my overdraft and if I do then it costs me 50p a day up to a maximum of £5 per month.

Denise

qpop

Lucy1984 wrote: »

I get paid about £1700.
I transfer about £900 to joint account for bills, mortgage etc.
Then £200 for my travel card, £45 for my phone bill (sorry that is my only direct debit from my account).
As mentioned before I pay about £88 in bank charges, plus my account costs £7 per month.
The rest is my spending money, I know that sounds like a lot but as I start the month already into my personal reserve it means part of my money goes on paying that back (hope that makes sense).

So after your "required" spending you have roughly £550 of net disposable income. Of this you are paying £88 in fees and possibly £10 in monthly interest on your overdraft balance.

This leaves you with roughly £450 of disposable income per month, or weekly spending of over £100.

Start taking packed lunches to work.

You really do have no reason (that I can see) why you should be unable to manage within that kind of budget.

jalexa - a couple of years working in retail banking is what I am supporting my knowledge with, hope that helps.

jalexa

qpop wrote: »

jalexa - a couple of years working in retail banking is what I am supporting my knowledge with, hope that helps

.

I am afraid that is not relevant to the unique specifics of Barclays Personal Reserve, something that you might realise if you accepted my challenge to post a extract from the Barclays web site supporting your argument.

Lucy1984

Denise- Am I able to change to another bank when I have an overdraft or would I need to pay that off first? I do want to try and change banks, but I don't know if I can before paying off my existing overdraft.
The reason why I pay for my account is I have an account that gives me mobile phone insurance, breakdown cover and card protection cover, I don't really use these things so I really need to stop paying for them.

qpop- I know I don't know where my money is going. I do take packed lunches to work always. I need to start writing everything down.

My idea was to open up another account with a different bank, and start getting paid into this account to make a fresh start. Then gradually pay off my overdraft with my current bank until it is cleared, maybe £50-£100 a month, then close that account when the overdraft it cleared. But in the meantime, I need to make sure I don't go overdrawn in my new account.

noh

Can you clarify which type of account you have with Barclays?
I'm guessing that it is the Graduate Additions account because you say it costs £7 per month.
If so is your £1500 overdraft interest free as that is one of the benifits of that packged account?

Changing to another bank isn't going to help. The fundamental problem is you are and have been spending way beyond your means you need to get a clear picture on where you money is going.

Just stop spending!