interest charges

1welshlady

Hi,
Can someone please tell me if it is possible to reclaim interest charges on my credit cards and bank account?
I have a Halifax current account which charges £1 a day in interest! I have paid them hundreds of pounds this year alone.

Thanks

Better_Off_1983

I highly doubt it because that was in the terms and conditions. I was with them about a year back and they wrote to me saying thay I could upgrade the account and pay £12.00 per month or pay as much as £30.00 per day in interest.

I am guessing you have an overdraft? How much is the overdraft?

My suggestion would be to clear the overdraft and open an account elsewhere if you do not like their service.

pooch

1welshlady wrote: »

Hi,
Can someone please tell me if it is possible to reclaim interest charges on my credit cards and bank account?
I have a Halifax current account which charges £1 a day in interest! I have paid them hundreds of pounds this year alone.

Thanks

Let us know if you get any success reclaiming interest charges. I reckon I've paid thousands over the years in interest on my mortgage.

Mind you, if interest is refundable, I guess the banks will look to recover all the interest they have paid all their savers over the years too.

Do you think there could be a fundamental flaw in the basis of your question, perhaps?

roonaldo

Banks don't have to refund charges/ fee's just because customers request it. They are not charging £1 per day for interest, they are charging a £1 a day fee. There needs to be a wrong doing by the firm for anything to be refunded. It really looks like you should run your account better and keep in black, perhaps look to go to another bank, others such as Santander charge 50p per day up to a max of £5 per month for using overdraft. Other banks do a similar thing where there will cap charges per month.

dunstonh

Interest is not a charge. It is interest.

Banks lend money and you pay the interest on it. That is how borrowing works. So, no, you cannot claim interest back. If you could then we would all buy interest only mortgages and then claim our monthly payments back.