Bank Charges - Help needed.

JW147

Got 2 overdrafts with Halifax on two accounts. One account is a Ulitmate Reward and the other is a Current Account.
I have a total overdraft of £1200. I recently changed my job and my salary has considerably dropped. I just about take home £1300 a month.
Last month I went over my overdraft. This month they have charged me the following. £15 & £10 account fees. £18 & £33 for a planned overdraft and £80 for the unplanned overdraft.

This has put me overdrawn again. So this will just happen again next month with more charges.

I need some advice on how to stop the charges.

Thanks

Pixie5740

Speak to Halifax. Explain about your change in circumstances and then maybe they can work something out with you about these overdrafts.

Are these your only debts?

It might be worth considering opening up a basic bank account elsewhere and having your salary paid in there instead. You don't want to start missing rent/mortgage payments, utilities etc because your income is being swallowed up by bank charges.

mgdavid

Banks are not a charity, they make their money by charging to lend it out. You accepted the charges in the Ts & Cs that go with the account. You urgently need to pay the o/draft off. Sell something or get a temporary second job.

Aquamania

JW147 wrote: »

Got 2 overdrafts with Halifax on two accounts. One account is a Ulitmate Reward and the other is a Current Account.
I have a total overdraft of £1200. I recently changed my job and my salary has considerably dropped. I just about take home £1300 a month.
Last month I went over my overdraft. This month they have charged me the following. £15 & £10 account fees. £18 & £33 for a planned overdraft and £80 for the unplanned overdraft.

This has put me overdrawn again. So this will just happen again next month with more charges.

I need some advice on how to stop the charges.


Thanks

The way to stop the charges is to not spend money you don't have.

Speak to Halifax and see if they will downgrade your Reward account to a free account (otherwise switch & ditch!)
If you are paying monthly for the other one too, do the same.

Pop yourself over to the Debt Free Wannabe board, and post your SoA over there. (all the details how to do that are there)
I'm sure they will give you some really good advice there

GingerFurball_2

I'd suggest taking the overdraft fees into account when working out your budget. Too many customers go into a spiral becahse they don't consider their bank charges as an expense. If you know you're due to pay £80 in charges, keep that available so that the charges can go out without putting you back into an overdawn position.

pinkdalek

Speak to Halifax's Money Management Team, if you've had a reduction in earnings they should be able to help you short term, however the onus is on you to budget.
If your salary has considerably dropped as you quoted then you need to look at what you are spending your money on as your lifestyle will need to adapt accordingly.

Dobbibill

I agree with PP's especially speaking to their Money Management Team, don't bury your head in the sand, they won't go away.

Halifax also offer a service called 'control' which can be added to your current account but not to your Ultimate Reward account. Whilst this is added it will minimize the charges if you accidentally go into an unplanned overdraft so possibly utilize this and use this account for your spending and maybe the Ultimate Reward account for bills so there is a set amount going into the account based on the budget for bills each month.

Ask them about text alerts and also Internet/Mobile Banking App.

Also if this is the first time you have incurred unplanned overdraft charges then they may look to waiver/refund them for you on a one off occasion.

Good luck

DB

GingerFurball_2

He already has Control on his account.