Bank Account charges - Horrified - way ahead

kennyruss72

Hi all, newbie - be gentle

Just totted up bank charges across 3 accounts (2 of mine, 1 missus) all halifax - I was horrified..

Kennyruss72 account 1 - overdraft £1k - total charges since Jan 2012 = £1326
Kennyruss72 account 2 - overdraft £2.5k - total charges since Mar 2009 = £2682
The Missus account - overdraft £2.65k - total charges since Jan 2010 = £3464

So in total so far £7500 in charges across the 3 accounts I am astounded.
It is a mixture of account fees, overdraft charges, planned and unplanned etc.

I have looked at various stcikies on this topic and really wondered what was my best way forward in an attempt to try and recover some of these charges, as it is a horrific amount of money...

any advice appreciated..

Our financial situation is not great and we have 5 credit cards on long term interest frozen payment plans (negotiated myself) and simply just scrape by each month..


kennyruss72

[Deleted User]

Very little you can do to recover the costs I'm afraid. Write to each bank and the best you will likely get is £60 goodwill payment.


The best solution going forward would be to stop paying any further fees. Have a look at getting a 0% balance transfer card and switch all the debt to it. Make sure to clear the minimum balance every month and you will have roughly two years to clear the debt.

kennyruss72

It is impossible to stop paying fees, we simply can't get out of the overdraft, we are permanently in them.

A 0% card is never going to happen, we have tried in the past and have only been offered the higher % cards.

Thanks for the reply though

GingerFurball_2

Stop using your overdraft.

kennyruss72

Furball, We would love to, but the overdrafts amount to £6150 - we would need to find that to get out of them...
Thanks anway!

DevilsAdvocate1

If the accounts are fee paying, can you see if you can move them to another account with your current bank that does not have all the frills - so at least you save some of the fees.

Also, what is the APR for this debt? I know you can't get a 0% card, but I wonder if some form of loan might be cheaper. And then change you bank accounts so that you don't have an overdraft?

xylophone

You really need to clear those overdrafts and plan your finances so that you don't need to use them.

First step is the strictest budget possible - sit down with your wife and see where you can cut costs to the bone.

Is there any possibility that either or both of you could find a second job?

You could use all the money earned to pay off the overdrafts.

Is there anybody in the family in a position to lend you the money to pay off the overdrafts in full whom you could repay over a couple of years?

kennyruss72

Devil,

I approached the bank in person and asked for a loan to clear the overdrafts (was cheaper than the fees) but they just were not interested because I was always using my overdraft.
A somewhat vicious circle...

lindens

kennyruss72 wrote: »

It is impossible to stop paying fees, we simply can't get out of the overdraft, we are permanently in them.

A 0% card is never going to happen, we have tried in the past and have only been offered the higher % cards.

Thanks for the reply though

Yes you can!


This board is full of people who were in your situation and now have £0 debt, £0 credit cards, £0 overdraft.


Go over to the debftfreewannabee board and read.lots of advice and support over there.

jimjames

Good idea on budgeting and sticking to it. Also find ways to cut your costs but hopefully you've already done that.

The debt free board will probably be more use to you to for finding ideas on how to deal with this but ultimately the only way to stop being charged a fortune for overdrafts is to stop using the overdraft.

kennyruss72

xylophone- we are pretty much down to the bones as it is. I use quidco and topcashback etc any time we change phone or insurance etc..