Claiming bank charges and monthly fee

johndawgylt

Hi,

Apologies if I have posted this in the wrong branch of the forum.

I am in some serious financial problems with TSB. Had a £3,000 overdraft and the charges/interest has got so bad it is now £4,800.

I have opened an account with BOS to get my wages paid into this so they do not get swallowed.

Can I claim my bank charges back, and also the packaged bank account fees? I have had a premium account up until a year ago where I was downgraded to a basic account to stop me paying the £25 per month fee.

I am in financial hardship, so what is the best way to ask to claim bank the bank charges and packaged bank account fees in one go?

I'm pretty sure that the amount of bank charges I had had over the past 10 years would clear off the entire balance alone.

Help please

regards,
Johnny

PeacefulWaters

I'd post here:
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=102

Perhaps explaining why you don't think you should have paid charges.

ceredigion

Firstly, you are asking the wrong people.
Did you except the terms of business when you signed up to the premium account and overdraft? If TSB have amended the T&Cs since then did they notify you and give you the opportunity to settle the account and move on.

eskbanker

johndawgylt wrote: »

I am in some serious financial problems with TSB. Had a £3,000 overdraft and the charges/interest has got so bad it is now £4,800.

I have opened an account with BOS to get my wages paid into this so they do not get swallowed.

Your serious financial problems could be about to get a whole lot worse - if you stop paying your wages into your TSB account then it's entirely plausible that they'll withdraw your overdraft facility and demand full repayment on their terms.

If you're living beyond your means to the extent that you can't service your debt, never mind repay it, then I suspect the other part of this forum you need to be posting on is actually the debt-free wannabe board.

[Deleted User]

Historical bank charges cannot be reclaimed. Even if a customer is in financial hardship, the most the Bank is likely to refund is charges from the last 6-12 months. It's important to realise that the Bank is not under any obligation to refund any charges and they have a number of other options available to them when dealing with hardship cases.

There is no way 10 years of Bank charges will ever be refunded. The Banks won their court case over charges in 2009 and only those (who the bank agree) are in hardship have any hope of having (some) charges refunded. More likely is that the Bank will suspend further charges and/or interest for a period.

Do realise that "hardship" means exactly that. So evidence of that is key.


The OP can make a complaint about a packaged bank account, but in order for it to be refunded he'll need to show that he didn't (or preferably couldn't) use any of the extra benefits associated with the account.


I agree no longer having wages paid into the account in overdraft is not wise, unless the OP is considering bankruptcy. The Bank are also unlikely to look positively on that action with regard to potential refunds.

I also concur that the OP should be asking for help on the Debt Free Wannabe board or at his local Citizen's Advice Bureau.

Flobberchops

A risky gamble could be to claim you were mis-sold the account, for example that you were led to believe the charges were compulsory, or were not informed of a free option. Banks are almost as cagey about mis-sold packaged accounts as they are about PPI.

[Deleted User]

Flobberchops wrote: »

A risky gamble could be to claim you were mis-sold the account

Why would it be "risky"? Any complaint will either be upheld or declined. If it's declined, the complainant stands to lose nothing.
I mention about complaining about the packaged account in my post on the last page.

Thrugelmir

johndawgylt wrote: »

I have opened an account with BOS to get my wages paid into this so they do not get swallowed.

Running away rather than dealing with the problem had on will do you no favours. In essence you have terminated your relationship with the bank. So you'll find it very difficult to throw mud and make it stick.

johndawgylt

Thrugelmir wrote: »

Running away rather than dealing with the problem had on will do you no favours. In essence you have terminated your relationship with the bank. So you'll find it very difficult to throw mud and make it stick.

Well what do you want me to do, continue to get my wages paid into the account that's well overdrawn and get my wages swallowed so I cannot live?

Thanks for the replies guys, but still no further forward and no idea what to do next....

lippy1923

The only thing you can do is speak to the bank and ask them to freeze the account (no more charges/interest) refund anything they are able to, in order to help you out (they don't have to refund anything btw but if you don't ask you don't get) and pay the rest back over an agreed period of time.

Not much else to say except what others have suggested. DFW board is best to help with your inability to manage your money.

[Deleted User]

johndawgylt wrote: »

Well what do you want me to do, continue to get my wages paid into the account that's well overdrawn and get my wages swallowed so I cannot live?

Clearly, your situation is now far more serious than simply budgeting your bank account and futile attempts to claim back bank charges from a decade ago.

No point simply posting about it on the internet, you need to be taking positive action to deal with your debts.

Having your wages paid into another account is a very negative move, one which is generally only taken when default or even bankruptcy is imminent.

Instead, you should have liaised with the Bank in order to come to some kind of repayment agreement.

Now you need to swiftly make an appointment to see a debt counsellor at your local Citizen's Advice Bureau.

This isn't going away...