Bank charges and loan reclaim

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
10 replies 2.2K views
BigdebtjoeBigdebtjoe Forumite
4 Posts
Hello my name is joe and I have been in debt for most of my adult life

It started with small loans from friends and followed with larger loans from wonga quick quid and eventually anyone who would including me opting into a cycle to work scheme just to sell the bike for cash (really stupid I know) any way the reason I am posting is I recently used a claims management company to contact several payday company's and its gone well reclaiming around 2500 for myself after fees but with company's ignoring me I felt it Easter to use a claims company after reviewing my old finances from my earlier years I have noticed the large bank charges connected to the payday loans of which some of them had a higher Apr and effectively cost more than my pay day loans for example

In July 2012 I paid 157.38 in bank charges
And 870 in payday loan payments gambling everything left to make my money higher again which I know was stupid but I was young

In august I paid 104.79 in fees
In September I paid 76.9
In October I paid 52.21
In November I paid 26.68
December I paid 114.84
Jan 76.24
Feb 125.28
March 102.79
April 28.58
May 127.27
June 101.78
July 76.35
August 102.02
September 52.02
October 142.11

Since seeing this as an adult I was amazed at what they had done to me please bear in mind that my overdraft was £100 they would not allow me to borrow more than £100 unauthorised unless I had £1500/£2000 paid into my account that month so these charges are based off borrowing £100 or less

What is the best course of action guys welcome to all ideas

Many thanks

bigdebt joe

What should I do? 5 votes

Write to the bank
0%
Claims company
0%
Write to bank with intention of ombudsman
0%
Email a complaint and be persistent
20%
Mersey_2 1 vote
Phone to register a complaint keeping a record of phone calls dates and time
0%
Other (please post below)
40%
[Deleted User]-taff 2 votes
Your an idiot for getting there in first place give up
40%
dunstonhChalkius 2 votes

Replies

  • I would like to add this continued up until September 2016 so a lot of charges
  • -taff-taff Forumite
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    If you are in CURRENT fnaincial hardship you can write to them and they may refund 6 mnths of charges, or they may suspend charges.
    Current financial hardship means no expensive mobile contracts, no sky tv, no excessive spending on unnecessary goods. They need to see you are in a spiral of debt just from paying the basics.

    If you are in a spiral of debt because you are spending more than you earn on various things, then you need to go to the debt free wannabe board who will help you there.

    They will not refund all the years you have paid bank charges because they won a court case in 2009 abut unfair charges.

    You say this continued up until September 2016, so unfortunately, the chances of you reclaiming any of those charges are virtually zero.
  • -taff-taff Forumite
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    Another thing, why did you use a claims management company? They will tke a cut for doing exactly the same thing you would.

    Learn from your experience and from now on, make your complaints yourself. If a free process, anyone can do it.
  • I'm not looking for a full refund just looking for my valence written off and admittance of wrong doing it's unacceptable to not allow someone to have a overdraft bigger than 100 but allow them to have a 500 unarranged overdraft it's that part which seriously concerns me along with paying 150 pound for borrowing 100
  • Taff I should also add that the only reason these charges stopped is I stopped using the account it is currently with a debt management company after they ignored my complaint
  • [Deleted User][Deleted User] Forumite
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    Bigdebtjoe wrote: »
    just looking for my valence written off and admittance of wrong doing
    I sincerely doubt either of these will be forthcoming, I'm afraid.

    If you truly believe they weren't responsible lenders you'll have to take them to court and prove it.

    You won't be receiving any historical bank charges back, nor even any "goodwill gestures" of recent ones, as you ceased to be their customer when your account was defaulted and sold to the debt collectors.
  • -taff-taff Forumite
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    Bigdebtjoe wrote: »
    I'm not looking for a full refund just looking for my valence written off and admittance of wrong doing it's unacceptable to not allow someone to have a overdraft bigger than 100 but allow them to have a 500 unarranged overdraft it's that part which seriously concerns me along with paying 150 pound for borrowing 100


    I'm afraid you are responsible for spending the money, not the bank.
    They don't hold you at gunpoint and make you spend it.

    You could have stayed out of your overdraft but you didn't. That and payday loan companies suggests there was a problem of some kind with your spending vs income ratio.

    I'm afraif moneyineptitude has it right. They won't be refnding any of it or waiving any of it.
  • ChalkiusChalkius Forumite
    110 Posts
    Your an idiot for getting there in first place give up
    Bigdebtjoe wrote: »
    I'm not looking for a full refund just looking for my valence written off and admittance of wrong doing it's unacceptable to not allow someone to have a overdraft bigger than 100 but allow them to have a 500 unarranged overdraft it's that part which seriously concerns me along with paying 150 pound for borrowing 100

    They provided a service and you used it, you didn't have to spend the money.

    You're doing the right thing in trying to get back on track, don't do the wrong thing and blame someone else for your mistakes.

    I doubt you'll get either a significant refund or an apology to be honest. They might do something if you're still struggling as detailed by another poster but if you're not in current financial hardship then it's unlikely.
  • [Deleted User][Deleted User] Forumite
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    Chalkius wrote: »
    They might do something if you're still struggling as detailed by another poster but if you're not in current financial hardship then it's unlikely.
    Unfortunately, the poster concerned is no longer an active customer of that bank and so current financial hardship guidelines will not apply. "Bigdebtjoe" ceased to be their customer when his account was defaulted and sold to the debt collectors.
    He'd have to take the Bank to court to have any hope of showing that they are guilty of any wrong-doing.
  • ChalkiusChalkius Forumite
    110 Posts
    Your an idiot for getting there in first place give up
    Unfortunately, the poster concerned is no longer an active customer of that bank and so current financial hardship guidelines will not apply. "Bigdebtjoe" ceased to be their customer when his account was defaulted and sold to the debt collectors.
    He'd have to take the Bank to court to have any hope of showing that they are guilty of any wrong-doing.

    Didn't even realise he wasn't still with them, in that case you're right, he'll get nothing.
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