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Bank Charges Every Month

johnA_2
johnA_2 Posts: 4 Newbie
edited 3 March 2012 at 5:36PM in Budgeting & bank accounts
Hi

I'm a student on a very low income and every month Lloyds bank is charging me £100-£180 for going over my £1500 OD limit and bouncing direct debits. This is a very sizable amount of my income and I cannot seem to get myself out of this vicious circle.

I estimate that Lloyds has had over £5000 in charges from me over the last 4 years. I know the recent case regarding bank charges has been settled in favour of the banks but was wondering if there is anything I can do to sort this in both the immediate and long term.

Also is there an easy way to check how much you have paid in charges, do the banks have to provide this information? I can do it via online banking but it’s a slow and painful process as I can only view 3 months’ worth of transactions at a time.

Thank you for your time

-John

Comments

  • pinkdalek
    pinkdalek Posts: 1,355 Forumite
    Tenth Anniversary 1,000 Posts
    Under Data Protection Act you can request information about you, it would cost you £10 but this would show your fees for the past 6 years. However most banks will be able to give you this information if ask them in writing without going down the form Data Protection route.

    You would be better to open a bank account elsewhere and switch your direct debits there so that your bills are being paid and you are not getting more charges for failed direct debits. Then set up some arrangement to repay your overdraft with LTSB.
  • thatsean
    thatsean Posts: 992 Forumite
    Not sure how much knowing what you have paid is going to help

    The options as I see it are:

    1. You ask Lloyds to restructure your existing debt and pay it off according to a schedule
    2. As previously stated you go elsewhere and then speak to Lloyds about a schedule to pay off your debt

    Both of these must be combined with a budget, if you are getting charged every month then you simply can't afford your lifestyle, the Dfw board can help you with this.
  • johnA_2
    johnA_2 Posts: 4 Newbie
    edited 3 March 2012 at 5:59PM
    Thanks for your reply. Is there any way to recover (even just in part) previous charges? It does not seem right that I have to borrow money most months which in turn is going straight to the bank.

    You mentioned setting up a new account...What is the general consensus on the best current account at the moment? I would hope to not go over limit with a new account but if I did I would like to be charged somewhat less than Lloyds which I believe is £20 a day now.

    Any changes to my already tightly controlled lifestyle would make a minimal difference as most of my outgoings are direct debits (Lloyds loan, and some other hire purchases). I will never take out HP again! These total around £300 a month and will all come to an end in around 18 months.
  • thatsean
    thatsean Posts: 992 Forumite
    Check your credit file before you start to apply, you might find that it's difficult to get another full service account if youre not running your current one in the limits. Also, be aware that if you stop funding your current Lloyds account, there's a chance they could pull the overdraft. I'd recommend talking to them. Also, not wishing to bang on, but you need to stop thinking that it's ok to go over limit. It shouldnt matter what the fees are, because if you manage your finances it won't happen.


    Good luck.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The bank only charges if you break the rules!
    So why do you persist in having direct debits on an account which is overdrawn?

    Do you have a student account?

    If the charges have been legitimately charged to you and after 4 years I would have thought that the penny would have dropped then no you stand no chance of getting anything back.

    Have to be honest I don't believe a lot of your story- there must be a lot of the story missing that you haven't posted.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    johnA wrote: »
    Hi

    I can do it via online banking but it’s a slow and painful process as I can only view 3 months’ worth of transactions at a time.

    Thank you for your time

    -John


    I have immediate online access to my Lloyds/TSB current account statements going back about 10 years ... just press previous page ... previous page ...
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ben8282 wrote: »
    I have immediate online access to my Lloyds/TSB current account statements going back about 10 years ... just press previous page ... previous page ...
    As I said previously a lot of this story does not stack up.
  • mikesten
    mikesten Posts: 38 Forumite
    A year ago you were in the same situation, and you were advised by members on here to cancel Direct Debits and you had a meeting with your bank about your overdraft etc.

    I'm with jones on this - and I don't want to sound harsh, but you don't seem to have done anything in the last year to help yourself
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