HSBC informal overdraft arrangement fee

Turtlelover7

In an effort to take more control of my debt I have been reading the moneysavingexpert emails more thoroughly.

I have a HSBC current account with an £1500 overdraft facility. Most months I go over this £1500 and get charged £150 for 'an informal overdraft arrangement fee'. Is there any way I can claim that back.

I have applied for an overdraft increase but they refuse it due to my poor credit. But I have poor credit in part due to struggling to pay off my overdraft! grr

Anyway, any help would be appreciated.

[Deleted User]

Turtlelover7 wrote: »

I have a HSBC current account with an £1500 overdraft facility. Most months I go over this £1500 and get charged £150 for 'an informal overdraft arrangement fee'. Is there any way I can claim that back

If you are permanently in the red and frequently go over your overdraft limit then the Bank won't be in any rush to increase that limit.

The Bank might have refunded an over limit charge on a first mistake, but are certainly not going to refund if you are going over limit on a monthly basis. They can even close your overdraft facility altogether and demand that you repay the outstanding amount immediately.

I'd be calling the Bank to discuss your "hardship" with them.If you do go this route, be sure to cancel subscription television and gym membership direct debits-these will be the first they look at when determining if you are in genuine hardship.

You might also want to post your Statement Of Affairs (SOA) on the Debt Free Wannabe forum of this site
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Aquamania

Turtlelover7 wrote: »

In an effort to take more control of my debt I have been reading the moneysavingexpert emails more thoroughly.

I have a HSBC current account with an £1500 overdraft facility. Most months I go over this £1500 and get charged £150 for 'an informal overdraft arrangement fee'. Is there any way I can claim that back.

I have applied for an overdraft increase but they refuse it due to my poor credit. But I have poor credit in part due to struggling to pay off my overdraft! grr

Anyway, any help would be appreciated.

The maximum you can be charged by HSBC for informal overdraft setup fees is £150 in any month (per account).

A £150 charge only applies where a payment from your account takes you into an informal overdraft and you have an informal overdraft for 21 days in a row during the month and you make 12 more payments from the account which we agree informal overdrafts to cover.

In the circumstances, and if you are really interested in resolving your debt issues, I suggest you post your full financial details on the Debt Free Wannabe Board