Help with what feels unfair treatment - Halifax overdraft

boo_star

adamlewis216 wrote: »

Absolutely agree..

It is an awakening.. the reason for not going for a loan at that point is that i only needed the overdraft for a few months.. and was extending it like a pay day loan.. hence the dates.. after the quarterly bonus all will be back inline.. but i am now aware what a risk it is relying on an O/D.

And yes i contacted the insurance company straight away and made payment. The last thing i want is a cancelled insurance policy.

Thank you all for the advice and i will be fine.. pay off the O/D with my bonus and get back on the straight and narrow..

I guess this post is really about.. should i challenge the way they have dealt with this so thay they learn this can really mess other more vulnerable people living on O/D up so it doesnt happen again.. or are they right and i should just leave it?.. and over reacting.

I don’t think you’ve been treated unfairly. It’s unfortunate that their letter was lost in the post and you could ask them to put you back in the position you would have been up until you became aware of the problem but any more than that is unreasonable.

PeacefulWaters

They gave you two months notice (and a bit more) of the change to charging structure.

While you may have missed the letter, if they can satisfy the FOS that it was sent (and they almost certainly will) then it's unlikely that the FOS will rule in your favour if you escalate a complaint to them.

Major news outlets, sites like this and the bank's own web site have certainly made advance reference to the new charges. On the bright side, you haven't been charged for a bounced direct debit as you would have been in the past.

That said, your claim that each overdraft application made after the change to T&C letter didn't include details of the November change to charges is interesting and may give some mileage to any complaint.

My advice is to contact Halifax in a constructive way. Explain your concerns and politely ask for any charges made so far to be refunded. They may have a more generous policy on this in the early stages of changing their charging structure.

Equally, you really do need to get on top of your spending. Time to live to the means that your basic pay allows. Let commission pay for more exciting things after it's been paid.

Good luck on all fronts.

middleclassbutpoor

Payday loans are a massive no also if you are going to apply for credit at anypoint.

0% Money transfer credit card - clear the over draft and pay that off when your bonus comes in. This is a far better solution than a pay day loan. Apply now before the missed insurance payment shows on the credit file.

enthusiasticsaver

In answer to your question no I do not think you would be successful in challenging the charges. Banks always set this up in their favour and they covered their back by sending out letters 2 months in advance warning of change of charging structure. You may feel they should have pointed out the charges were due to change when you extended your overdraft but they pointed out the current charges at the time and had already warned once in August they were due to change. They were not to know you had not received or read this letter and all they have to do is send it out.

Your energy would be better spent looking at your budget and making a plan to get out of the overdraft as they are under no obligation to extend it each month and most of them have upped their charges recently making overdrafts one of the most expensive ways of borrowing.

adamlewis216

Thanks for all the advice everyone.

I will close it at that then and leave them be. I guess i will put it down to experience and read every letter I am sent thoroughly in the future.

And yes, first time in a long time I have had my back against the wall finacially and its not enjoyable. Time to live to my new wage structire as if I hadnt have hit bonus I would have been screwed.

Thanks for all your time to respond.

BorisThomson

If you find yourself in this position in the future, speak to your employer about an advance. They should not be changing the conditions of your employment without advance notice.

enthusiasticsaver

Yes unfortunately it is a lesson well learned that sometimes what seems like these innocuous changes to terms and conditions letters really do contain things you need to take account of. Similarly relying on work bonuses for everyday expenses is not sensible either. Do not get a payday loan as this will compound your problems. Get yourself over to the DFW forum and post an soa to get some advice on how to live within budget.

System

adamlewis216 wrote: »

And yes, first time in a long time I have had my back against the wall finacially and its not enjoyable..

It isn't the first time, it sounds like you have been living with your back to the wall for years but haven't realised it because you've always had easy credit available to hide it.