A compromise?

Majestic

Tomorrow I have a meeting with the bank about my finances, which I can only describe as going into meltdown.

I have just turned 27 and have a fairly decent job (23k a year) but with outgoings each month I have just enough to sort my essentials such as food, petrol,taxes etc etc...

A few months ago I accidently (entirely my own fault) went over my overdaft. I dont deny I truly am pathetic with my own accounts but these last two months have really tried to 'grow-up' and get a grip of my spending, but my bank (Yorkshire) have hammered me with charges and I mean hammered, £125 alone this month.

I cant affford it, and while I am only to blame for my spending, the charges are very much contributing to my current struggle, I even rung up to sort the problem, saying I couldn't get out of this mess as the charges were the main reason for me staying in the red. I recieved absolutley NO assitance and certainly NO refund.

Basically, I'm planning a compromise with my bank tomorrow, I'll take a letter in requesting 6 years of statements with a view to request an entire refund, OR the branch refund me the last 2-3 years charges there and then, In truth i'm pretty desperate, with about £40 to last me 3 weeks!

I just wondered if anyone had any advice about the meeting I have planned tomorrow, i'm not that hopeful but its worth a try. I cant keep living like this, but the bank certainly aren't helping.

Thanks

jayneg_2

Majestic wrote: »

Tomorrow I have a meeting with the bank about my finances, which I can only describe as going into meltdown.

I have just turned 27 and have a fairly decent job (23k a year) but with outgoings each month I have just enough to sort my essentials such as food, petrol,taxes etc etc...

A few months ago I accidently (entirely my own fault) went over my overdaft. I dont deny I truly am pathetic with my own accounts but these last two months have really tried to 'grow-up' and get a grip of my spending, but my bank (Yorkshire) have hammered me with charges and I mean hammered, £125 alone this month.

I cant affford it, and while I am only to blame for my spending, the charges are very much contributing to my current struggle, I even rung up to sort the problem, saying I couldn't get out of this mess as the charges were the main reason for me staying in the red. I recieved absolutley NO assitance and certainly NO refund.

Basically, I'm planning a compromise with my bank tomorrow, I'll take a letter in requesting 6 years of statements with a view to request an entire refund, OR the branch refund me the last 2-3 years charges there and then, In truth i'm pretty desperate, with about £40 to last me 3 weeks!

I just wondered if anyone had any advice about the meeting I have planned tomorrow, i'm not that hopeful but its worth a try. I cant keep living like this, but the bank certainly aren't helping.

Thanks

Im certainly no expert on this so afraid cant help much except to say my experience of the bank [any bank] is that they do not wish to be helpful or compromise in any way. I know its difficult when you are short of money but I think your only option is to use the templates from the site and try and recover all your charges. Yes it will take longer and yes its a little scary but so many people are getting their charges back before it gets to a small claims stage. Have you read the success stories on this site? Might give you the inspiration and confidence to go for it - I am claiming against three banks and did get an offer of about 400 less than I asked for from one bank but I have started this now and am going to see it through to the end! Whatever you decide - best of luck and I hope someone will answer your query in more detail. This site is absolutely bril so someone should come along with something for you to think about - JG

SkinFlint_2

I very much doubt whether you will get 2/3 years charges refunded there and then and I would review your account with them first before you even mention it. You are not really in a position to offer them any ultimatums at this stage and they haven't been sympathetic up to now.

Have you got another account to fall back on just in case they close it ? If you're saying you are now facing up to your spending then go armed with a breakdown of your revised monthly expenditure and show them you mean business. You may also have to forego some of your luxuries for the time being. They may then be inclined to offer some consolidation package to get you back in the black.

I wish you luck Majestic.

Majestic

SkinFlint wrote: »

I very much doubt whether you will get 2/3 years charges refunded there and then and I would review your account with them first before you even mention it. You are not really in a position to offer them any ultimatums at this stage and they haven't been sympathetic up to now.

Have you got another account to fall back on just in case they close it ? If you're saying you are now facing up to your spending then go armed with a breakdown of your revised monthly expenditure and show them you mean business. You may also have to forego some of your luxuries for the time being. They may then be inclined to offer some consolidation package to get you back in the black.

I wish you luck Majestic.

Thanks Jay and SkinFlint.

To be honest I am really curbing the spending, but unfortunately I needed to purchase a new motor as my old banger died on me recently! It seems like one thing after another!

More to the point, surely the bank would see some sort of 'severance(?)' package would suit the bank in the long run.

I'm talking maybe 2 to 3 grand (maybe more) over 6 years, All I want is just to get back in the black and live my life more comfortably.

This month, due to a few missed direct debits I was charged £100 and then account charges on top of that, what am I YB's piggy bank?

I'm not a rich man, and the daily £8 charges are killing me, its a vicious circle.

I recently visited my branch and was actually advised by a Cashier to claim against the charges, she stated many succesful claims had been made.

I'm maybe even a little less hopeful after the last comments now! Oh well, the ball rolls tomorrow.

SkinFlint_2

Sorry Majestic, I didn't mean to put you off.

I don't think the bank would see it as a 'severance' because they would have nothing to gain by it. They will just want what they are owed.

Honestly Majestic, if you can show that you've managed to reduce your outgoings to less than your income, you will strengthen your position tomorrow. Ask about refunding 'some' charges as a goodwill gesture on their part just to help your situation.

Then when you are fully prepared (I mean possible account closure, no overdraft etc.), claim back all the rest.

Again good luck.

Twinkly

I'd get away from this account as much as possible. Open another to handle the direct debits if they are absolutely necessary. Personally I will pay any other possible way even paying a small charge rather than get hammered with charges for someone else's inefficiency.

You can certainly take in the letter to request your six years details with you and then you know they definitely received it

I'd advise not to make any offer to settle for less at this stage as you may walk away accepting much less than you would be entitled to reclaim. You need all your details to be fully aware of what you just might throw away if you settle now so for now I would prioritise making an arrangement to pay the overdraft on a monthly basis that you can afford and then start reclaiming.

Getting an agreement in writing about repayment of the overdraft is important, as is keeping up with the monthly agreed payment. It may be useful later if/when the bank tries to take part of or even all of your refund against the overdraft. This action can be challenged using the Financial Ombudsman if you stick to the payment arrangement but you can deal with that as and when and if it happens. Good luck

Majestic

Twinkly wrote: »

I'd get away from this account as much as possible. Open another to handle the direct debits if they are absolutely necessary. Personally I will pay any other possible way even paying a small charge rather than get hammered with charges for someone else's inefficiency.

You can certainly take in the letter to request your six years details with you and then you know they definitely received it

I'd advise not to make any offer to settle for less at this stage as you may walk away accepting much less than you would be entitled to reclaim. You need all your details to be fully aware of what you just might throw away if you settle now so for now I would prioritise making an arrangement to pay the overdraft on a monthly basis that you can afford and then start reclaiming.

Getting an agreement in writing about repayment of the overdraft is important, as is keeping up with the monthly agreed payment. It may be useful later if/when the bank tries to take part of or even all of your refund against the overdraft. This action can be challenged using the Financial Ombudsman if you stick to the payment arrangement but you can deal with that as and when and if it happens. Good luck

Excellent advice, Twinkly, thankyou very much.

A few things.

Firstly I recently recieved a CCJ due to a HM Customs balls up, my creditscore had always been pretty good up until this had happended, and now over the last few months I struggle even to get a loan, nevermind a new bank account. Trust me when I say this wasn't my mistake, but I was left to pick up the peices. Its now cleared but my Credit Score is ridulously low, what with some missed payments due to being in the red. So regarding a new bank account, I'm sceptical. Although I seem to remember an old Barclays account from my college days, i'll have to check that out.

Secondly, I plan to check my charges online tonight before my visit tomorrow, hopefully that will put me in the picture for what YB have charged me over the years, understand, i'm not trying to come away with 'loadsamoney' I just want to clear my OD and live life in the black!

And thirdly, thankyou very much for advising me on a Overdraft Repayment plan, obviously I like to get of the OD, but a swift snatch from the money I could've been owed would have been a bit disheartening. Great Advice.

Thanks again.

chris-thomas_2

Majestic wrote: »

Excellent advice, Twinkly, thankyou very much.

A few things.

Firstly I recently recieved a CCJ due to a HM Customs balls up, my creditscore had always been pretty good up until this had happended, and now over the last few months I struggle even to get a loan, nevermind a new bank account. Trust me when I say this wasn't my mistake, but I was left to pick up the peices. Its now cleared but my Credit Score is ridulously low, what with some missed payments due to being in the red. So regarding a new bank account, I'm sceptical. Although I seem to remember an old Barclays account from my college days, i'll have to check that out.

Secondly, I plan to check my charges online tonight before my visit tomorrow, hopefully that will put me in the picture for what YB have charged me over the years, understand, i'm not trying to come away with 'loadsamoney' I just want to clear my OD and live life in the black!

And thirdly, thankyou very much for advising me on a Overdraft Repayment plan, obviously I like to get of the OD, but a swift snatch from the money I could've been owed would have been a bit disheartening. Great Advice.

Thanks again.

hi just wanted to say you can open a basic bank account even with a low credit score. it will be a basic account thou mo check book or overdraft but might help

Majestic

Just an update about the 'Compromise' with my Yorkshire Bank.

Absolutely NO help at all, I spoke to a nice young lady about the ridiculous charges to my account, after she had scurried off to 'see the manager' a couple of times all I was left with was statements such as

1. The Charges are well publicised, therefore we are not willing to refund ANY of the mentioned charges.

2. Maybe it would help if you cut your Maestro Card up

3. You have never complained in the past!

More to the point whilst I was sat with the young lady (who agreed the charges were unfair!) I chose to cancel ALL Direct Debits and Standings Orders to stop any more possible Overdarft charges, This was last Thursday......SUPRISE SUPRISE, I check my account this morning £35 bank charge for Missed Loan repayment, a Direct Debit which I had cancelled and planned to sort manually.

What more do I have to do to stop YB hammering me with charges?

Needless to say, i'm now following the Reclaiming Banking Procedure as advised via these boards.