Lloyds new daily overdraft charges

Locouk2

Hi all,
Im in need of an advice. Just got a letter from lloyds saying they changing the charges for planned overdrafts. 1p for every £7 daily. Im on £2000 overdraft and my wife is as well. Frpm november then they will be collectin 2,85£ daily from account which in a month time is almost £90. Plus my wifes that gives as together £180. We not going to have that money every month just for interest - so dont have clue how to pay it off. Ours old charges where £26 a month. I dont know what to do now. Is there any way they could arrange monthly payment plan to pay it off but freezing that charges at same time? Otherwise i wont afford to pay it off.

sourcrates

It's the same for Halifax customers, some charges will triple.

If it's unaffordable, your best bet is to open a new basic account with another bank, ask Lloyds to freeze charges on your old account and allow you to pay it off at a monthly rate you can afford.

It's going to affect a lot of people this change.

Locouk2

Cant edit post. Sorry - as thats my first post here so at the beggining should say Hi to everyone. I can see there are very kind people here on this forum, useful informations and successes of ppl going debt free Maybe i put down my debts

Car loan £12600 - cost me 201 a month (31,25% APR) but in February will have half of loan paid off and Im going to terminate the HP and give the car back
Argos card £350 10 a month
Barclaycard 250 10 a month
Lloyds loan £3000 113 a month
Loan from HGV company (just started my licence hoping for a better paid job) £3998 118 a month
Lloyds overdraft £4000 together
We just had second daughter month ago so my wife is on maternity so our budget is tight now plus a lot of life things to pay rent petrols cars insurances etc

Now that lloyds overdraft sounds terrible to me. How can they rise the fees that high

TheRoders

EEEKKKKK!!! I've not been notified of this yet but I also have a £2000 overdraft with them which I max every month!

Could you move any direct debits you have coming out to as late in the month as possible so that money stays in your account for longer? That would be one idea!

Kidder81

Bear in mind that your calculations are worst case scenario (you've at your max overdraft for the entire month). I assume you aren't and just reach your max before you're paid again.

If this is the case, your charges won't be so high. Even so, it's a good idea to get out of your overdraft ASAP and not give the banks so much of your money.

National_Debtline

Hi Locouk2

Welcome to the board. If you would like help and advice on your whole debt situation it’s a really good idea to post your statement of affairs (SOA). That will give us an idea of your financial situation and the best way to deal with your debts, including the overdraft which I can see is a concern.

You can find the SOA here http://www.stoozing.com/calculator/soa.php.

Susie
@natdebtine

JamesZxr

Locouk2 wrote: »

Cant edit post. Sorry - as thats my first post here so at the beggining should say Hi to everyone. I can see there are very kind people here on this forum, useful informations and successes of ppl going debt free Maybe i put down my debts

Car loan £12600 - cost me 201 a month (31,25% APR) but in February will have half of loan paid off and Im going to terminate the HP and give the car back
Argos card £350 10 a month
Barclaycard 250 10 a month
Lloyds loan £3000 113 a month
Loan from HGV company (just started my licence hoping for a better paid job) £3998 118 a month
Lloyds overdraft £4000 together
We just had second daughter month ago so my wife is on maternity so our budget is tight now plus a lot of life things to pay rent petrols cars insurances etc

Now that lloyds overdraft sounds terrible to me. How can they rise the fees that high

Hi, I know that this wasn't part of your original question but I couldn't help myself! Is the above to get you from a car licence to a full C+E licence inclusive of theory tests, medical, mod 4 etc? Seems a little steep to me, how are you tied into it? If you haven't already I'd head over to trucknet.com for some free and impartial advice

SavingAtNumberTwo

I have the same problem I received the letter this morning, I've just taken out a credit card with a money transfer at 0% for 36 months (2.9% fee), so when I receive the money I'll have the overdraft taken off and start paying off the credit card. Hope this helps! I think for those not borrowing as much it will benefit them but for those borrowing larger amounts it's very expensive!

Locouk2

Thank You all for helpful answers

JamesZxr yes from cat b to cat c and then c+e, all tests, medicals, practice etc basicallly everything - check out hgvtraining.co.uk

Will do SOA In the evening also will have a look for credit card to pay off my overdraft. When we talking about cleating it i will need a money transfer card not a balance transfer to clear overdraft - am I correct?

Locouk2

I was just reading about reclaiming bank charges for going into unplanned overdrafts. Do You think is it worth trying? I was just going through my old statements. For example in 2014 almost every month i was going over my planned overdraft, had returned direct debits - fees only for unplanned o/d were from £45 to £100 a month. Thats pretty a lot. Maybe I should use the template from this site asking them for money back and clear some of my current o/d with it?
Just checked experian to see for which 0 money transfer cards i could apply - none. I have 0% of chance

JamesZxr

Locouk2 wrote: »

Thank You all for helpful answers

JamesZxr yes from cat b to cat c and then c+e, all tests, medicals, practice etc basicallly everything - check out hgvtraining.co.uk

Will do SOA In the evening also will have a look for credit card to pay off my overdraft. When we talking about cleating it i will need a money transfer card not a balance transfer to clear overdraft - am I correct?

As I suspected they are a broker as opposed to a training provider so will be taking a cut, if you aren't already committed to them take a look on trucknet in their wannabes section.