Stupid, stupid mistake

pimento

Yes, quite.

My point was the telephone call. In my day, the bank wrote you a letter. Mind you, in my day, I knew my manager's name and he knew mine.

I hope the person on the phone wasn't as patronising as you appear to be. I've changed banks for less.

dalesrider

pimento wrote: »

By £4.00...

Clearly there was something in the history that made that £4 worth the call.

By OP
Yeah first time but I've only been with them for 5 months and the T&Cs say they may waive the charges if you haven't gone over for 366 days.

Banks won't just call for the hell of it.
It sounds a lot like the OP has a interesting history and as such may well be known to their credit services team, or has hit the radar of them.

Wonder if OP has been in the O/D pretty much all the time.

What seems to be a increasing trend is that each party has their own accounts and one is always strugling and incuring charges etc. While the other party is not.
Perhaps a mutal union would ensure that banks do not enjoy a bonus payday...

hang on scrap that I need my bonus

pimento

When I used to live on my overdraft, I reminded myself that as I was paying a handsome sum for the privilege, I was a better customer to the bank than someone who only had a savings account. They certainly made more money from me than from them.

thumshie

pimento wrote: »

... I was a better customer to the bank than someone who only had a savings account. They certainly made more money from me than from them.

And who's money had they lent you? without the savers they couldn't have provided you an OD..Except now the BoE with it's funding for lending scheme...! So in reality the bank 'makes' on the saver -- Loan APR-Saving APR=Banks Profit!!!!!

pimento

The bank makes on everyone. They need the debtors as well as the savers to make money.

debtfreeby2013

dalesrider wrote: »

Clearly there was something in the history that made that £4 worth the call.



Banks won't just call for the hell of it.
It sounds a lot like the OP has a interesting history and as such may well be known to their credit services team, or has hit the radar of them.

Wonder if OP has been in the O/D pretty much all the time.

What seems to be a increasing trend is that each party has their own accounts and one is always strugling and incuring charges etc. While the other party is not.
Perhaps a mutal union would ensure that banks do not enjoy a bonus payday...

hang on scrap that I need my bonus

I do live in my overdraft as I already stated but that's because it's interest free and I'm concentrating on other debts first. This is also the first time I've gone over my overdraft and the co-op said they were just ringing me to ensure I did incur any charges - something called customer service apparently?

innovate wrote: »

You are missing the point.

The OP couldn't live within their mean, so got an overdraft.

Now the OP cannot live within their overdraft, so goes over it.

Can you see the trend?

It's in the OP's own interest that somebody is putting their foot down and shaking things up a bit. For instance, they could stop £4 short of their overdraft limit, rather than begging for forgiveness if they went over. If they make a habit of going over it, they could soon get a very rude awakening because the bank might well call in the entire overdraft.

Seeing as everyone is so interested in my means, the reason I went £4 over my overdraft is because I run a scout group and for our christmas meal I had promised them a drink out of the units account, when we turned up several people had let us down and not bothered to turn up but the unit still had to pay for their meal (they'd paid £5 but I had to cover the other £5) so instead of paying out only £30 I had to pay out £70, either that or disappoint the scouts that had come and told them they couldn't have a drink. So, yes, I went over my overdraft by £4 but that's because I had to pay out £40 I had no way of knowing would happen.

Due to the restrictions on the unit account I can only use cheques to spend money and as the pub we were at didn't accept cheques it had to come out of my bank account to be paid back. However, the second signatory was away over Christmas so the earliest I can do this is Friday.

So therefore I apologise to everyone that I went £4 over my overdraft but I felt it was necessary to do and for the sake of £4 (and not realising the second signatory was on holiday) it was worth it.

I didn't want to go into this on here as, quite frankly, I don't see why I should have to explain my £4 I came on here to ask if anyone understood the charging system for co-op but with all the comments about how I don't live within my means and how I must be a 'repeat offender' I thought I'd put the record straight.

innovate

debtfree2013, stop trying to justify why you have exceeded your overdraft by £4.

Fact is, you have. And by your own admission your overdraft isn't your only debt.

You don't have to explain on MSE why you have the debts you have, but it appears you are on a slippery slope.

Even one penny over your credit limit is bad news - - not least because your credit limit is already beyond your means.

I would urge you to stop considering your overdraft and other loans as "your" money, because it isn't. It's in your own interest if you pay them all off. But I suppose you know that.

dalesrider

debtfreeby2013 wrote: »

I do live in my overdraft as I already stated but that's because it's interest free and I'm concentrating on other debts first. This is also the first time I've gone over my overdraft and the co-op said they were just ringing me to ensure I did incur any charges - something called customer service apparently?

Clearly you had come to the attention of their cerdit services team.
Who despite how many people feel about them, are looking out to help customers.
So hats off to Co-op in this case.

I hope that all goes well and your work to cut the debt back goes well. :T

Moneymash

I've just read this entire thread, I know the OP only works part time and to pay off £15,000 in one year is a major achievement.

However, what I find most incredible is when people post about debt and then I look at their join date in this case 2008 and their usename debtfreeby2013. I then see their signature, it's disappointing but also a major motivator for me to get out of debt as soon as possible. Also, threads like these stop me buying things that are going to stop me being debt free sooner.

Before any one comments, I realise there are all sorts pf people struggling with debt, people on low, limited and part-time incomes. There are also people on benefits, DMPs and IVAs so I know it can be a long haul process but motivating for me none the less.

dalesrider

Moneymash wrote: »

I've just read this entire thread, I know the OP only works part time and to pay off £15,000 in one year is a major achievement.

I work full time and could not manage that so just wonder how much the OP earns part time....

As I want a shot at that job :rotfl: