Recent bank overdraft fees increase

enthusiasticsaver

I second the suggestion to post an soa on the DFW forum to get ideas and suggestions. The Halifax and lloyds change in overdraft fees have affected lots of people. Ideally you want to reduce the debt you have if it is around £17k. Can you get a 0% money transfer card to pay off the overdraft?

eskbanker

brookero1981 wrote: »

My credit rating was awful about 7 years ago but is actually really good now, 999/999 according to Experian - (this is one of my greatest achievements in life!) and is obviously a big advantage in trying to sort all this out!

To me this just emphasises the oft-repeated point on here about how meaningless credit scores are - someone with an allegedly perfect score is actually in a situation where they have substantial debt and significant difficulty in repaying it ("my debt relief plan is in disarray" and seeking concessions from Lloyds)!

Sorry if that seems harsh, and I'm not criticising you, but to me this is a textbook example of the false sense of security that people get from the arbitrary numbers invented and sold (or at least promoted) by credit rating agencies as they only portray part of the overall picture of someone's financial status....

brookero1981

Ha, way to burst my balloon! No, I agree somewhat, although in my case i'm assuming my decent credit score is why I pay 0% on my credit card debt as opposed to 24.9% on my loan 7 years ago.

eskbanker wrote: »

To me this just emphasises the oft-repeated point on here about how meaningless credit scores are - someone with an allegedly perfect score is actually in a situation where they have substantial debt and significant difficulty in repaying it ("my debt relief plan is in disarray" and seeking concessions from Lloyds)!

Sorry if that seems harsh, and I'm not criticising you, but to me this is a textbook example of the false sense of security that people get from the arbitrary numbers invented and sold (or at least promoted) by credit rating agencies as they only portray part of the overall picture of someone's financial status....

msallen

No. Your credit history is why you got a 0% deal on a credit card. Your credit score isn't worth the pixels it uses on your screen.

brookero1981

ha! Oh well, it served as a motivator and felt like a reward so if nothing else I got that from it!

msallen wrote: »

No. Your credit history is why you got a 0% deal on a credit card. Your credit score isn't worth the pixels it uses on your screen.

Thrugelmir

brookero1981 wrote: »

although in my case i'm assuming my decent credit score is why I pay 0% on my credit card debt as opposed to 24.9% on my loan 7 years ago.

The world is changing again. 0% deals are now under scrutiny. With maximum periods being reduced and higher up front fees. Amongst broader measures.

wizzywig27

I complained to ombudsman who agrees with Halifax decision. I asked it to go to the next stage (I believe is the actual adjudicator) and have been waiting two months. Pointless now as I!!!8217;ve cleared my 2k overdraft and are overdraft free

brookero1981

Good work on clearing the overdraft! Im going to forward mine to the ombudsman too, if only in the hope they get enough of them so that they look into it. Maybe in the future this will be the next £30+ bank charges, PPI etc refund spree.

wizzywig27 wrote: »

I complained to ombudsman who agrees with Halifax decision. I asked it to go to the next stage (I believe is the actual adjudicator) and have been waiting two months. Pointless now as I!!!8217;ve cleared my 2k overdraft and are overdraft free