unplanned overdraft Lloyds

Gromitt

bezpaliva wrote: »

how do i get text service set up?

Sign into your online banking. It's on your right, near the bottom.

bezpaliva wrote: »

what if i dont have 40 pounds now? can i ask them to stop UO till i have this amount of money??

No, they'll charge £10/day (as the amount owed in more than £25) until you pay it off, upto £80 in charges per month.

So I recommend you borrow £10 each from a few friends and pay it off ASAP. They'll be much cheaper (last time I did this it cost me a beer, far cheaper!).

bezpaliva

well, is there any ways not to pay these money?? maybe i should argue with them??

Gromitt

bezpaliva wrote: »

well, is there any ways not to pay these money?? maybe i should argue with them??

You can argue all you like, but the fact is you agreed to these charges when you opened the account, and they didn't cause you to go overdrawn, you did that all by yourself.

Like others have said, if you have not gone overdrawn for at least 1 year since your last refund request, you MAY get a good will gesture, but very rarely after the first. I'd say the most would be a reduction in the charges, but no point requesting that if you can't pay the rest off!

Borrowing the money from elsewhere really is the best option you have at the moment. Heck, a cash advance on a credit card is cheaper than a £10/day charge (max 8).

bezpaliva

Gromitt wrote: »

You can argue all you like, but the fact is you agreed to these charges when you opened the account, and they didn't cause you to go overdrawn, you did that all by yourself.

Like others have said, if you have not gone overdrawn for at least 1 year since your last refund request, you MAY get a good will gesture, but very rarely after the first. I'd say the most would be a reduction in the charges, but no point requesting that if you can't pay the rest off!

Borrowing the money from elsewhere really is the best option you have at the moment. Heck, a cash advance on a credit card is cheaper than a £10/day charge (max 8).

i didnt request! they gave it to me automatically. i would not spend anything if i knew i have no money on a card..

debtfreeby2013

bezpaliva wrote: »

well, is there any ways not to pay these money?? maybe i should argue with them??

No, unfortunately if you spend the £40 then you need to pay it back. Why should the bank give you £40 for free? On what grounds are you planning to argue? If you can PROVE hardship they MAY waive the charges but you would still owe the £40

bezpaliva

debtfreeby2013 wrote: »

No, unfortunately if you spend the £40 then you need to pay it back. Why should the bank give you £40 for free? On what grounds are you planning to argue? If you can PROVE hardship they MAY waive the charges but you would still owe the £40

no, i paid what i borrowed! its the amount they charge me..they charge me everyday 5 pounds..so its been 8 days now...

debtfreeby2013

bezpaliva wrote: »

no, i paid what i borrowed! its the amount they charge me..they charge me everyday 5 pounds..so its been 8 days now...

They won't still be charging you if you have paid the £40?

bezpaliva

debtfreeby2013 wrote: »

They won't still be charging you if you have paid the £40?

my overdrawn was 13 pounds. they took it later from my card then i got my wages. but they charge me 5 pounds every day for going overdrawn. and its been 8 days now..so i owe them 40 pounds... which i cant paid ))) i will try to explain them my money situation..the most i can pay is 10 pounds..

VanessaDeagan

There's so much wrong with this unauthorized overdraft "service":

a) As it is a service, it should be opt-in (for an unauthorized overdraft) rather than opt-out. The fact that Lloyds TSB impose this service on its customers and make then pay £10 per month for their "Control" service is possibly illegal under UK law.

b) No APR is listed anywhere for Lloyds TSB unauthorised overdrafts. Under UK law, any money lender must provide the APR. Lloyds will naturally reply with "it's not credit, it's an unauthorised overdraft", and will try and shift both the focus and onus on poor account/finance management skills of the customer(s). However, one would argue that they are providing the customer with cash that the he/she does not have and are charging for it (in other words, providing "credit"). To corroborate this point, if you look at the Lloyds TSB "banking charges broshure" you will see that they give examples that include an "EAR" (Equivalent Annual Rate) for planned overdrafts, but do not for unplanned overdrafts.

Please ignore those who tell you "it's your responsibility", they're missing the point and most likely work for a bank. It simply defies logic and common sense - that somehow there is a magical pot of cash you can dip in to, but it's up to you to only take as much as you have earned (lest you be hit with extortionate fees).

As "reclusive46" has mentioned above, the "Control" facility costs money, but it's not £5 per month, it's £10 per month (Google it).

I have only just today lodged a complaint with Lloyds TSB, will be waiting 8 weeks, and will then be taking legal action.

innovate

sorry, wrong information given