Nationwide are reducing my overdraft facility

MABLE

crazyfj wrote: »

Debt is a funny thing, lately on this board the person in debt is 100% to blame. I don't quite a agree, a bank, credit card company etc all have a responsibility to the borrower.

The bank should encourage and help the person reduce the overdraft, after all they offered it in the first place.

After reading your comments nanny state springs to mind. The overdraft facility is there and if we choose to abuse it then we found to take responsibility.

Also many people are happy to use the facility on a regular basis and pay the high interest rate and yet if the same rate is charged on a credit card they soon start complaining.

martinallen72

hindsight is a wonderful thing - cliche'd I know - and I wish I had done this before. But I didn't - and I tried to struggle through without facing up to it. This is all useful advice for those that do face up to it beforehand, but what advice (not criticism) - constructive, helpful advice please - can anyone to give to those that do find themselves in a situation where a bank is being uncooperative despite you wanting to try and resolve things now you've faced up to the problem?

YorkshireBoy

martinallen72 wrote: »

...what advice (not criticism) - constructive, helpful advice please - can anyone to give to those that do find themselves in a situation where a bank is being uncooperative despite you wanting to try and resolve things now you've faced up to the problem?

Martin, to summarise...

• You were often living in your £1,500 overdraft.
• You exceeded this on occasion (because you incurred fees).
• You started a claim for these fees.
• You moved your income (that partially/fully repaid the overdraft each month) to another bank.
• HSBC withdrew the overdraft facility (because you showed no intent to manage it down), giving the requisite notice as per your T&C's.
• HSBC are about to pass this to their 'collections' department/debt collection agency.
• This will damage your credit rating (for some possible time to come).

Isn't the answer to approach HSBC, or your new bank, for a loan? Then, when (if?) you're successful with your charges reclaim, settle then loan early? Should be all sorted within a year.

crazyfj

MABLE wrote: »

After reading your comments nanny state springs to mind. The overdraft facility is there and if we choose to abuse it then we found to take responsibility.

Also many people are happy to use the facility on a regular basis and pay the high interest rate and yet if the same rate is charged on a credit card they soon start complaining.

i know where you are coming from and we will have to disagree.

but you used the word abuse, but for many people its call life, things happen in life and people make mistakes or mis-budget. i'am not saying people should be given a free ride, just banks should be more pro-active in helping and reducing debt.

Dylanwing

After reading your comments nanny state springs to mind. The overdraft facility is there and if we choose to abuse it then we found to take responsibility.

Odd really, the nanny-state can ban conkers, hanging baskets, insists on training in using a step-ladder etc., but is quite happy to sit back and let Banks rip people off (Pensions, Endowments etc.), even though these things can have a very adverse effect on society as a whole, and cost the taxpayer ££££'s to sort out the mess. Recent scandals prove that light regulation does not work, and crazyfj is spot on about Banks helping, rather than causing misery.

bengal-stripe

Dylanwing wrote: »

Recent scandals prove that light regulation does not work, and crazyfj is spot on about Banks helping, rather than causing misery.

What about obese people, should they blame supermarkets for offering food? The shop only displays the stuff and signals availability. It is the customer, who packs the lot into his/her trolley and (if they’re greedy, depressed, whatever) eats everything in one go.

How many people post at this forum who have had charges on, let’s say, three bank accounts and half a dozen Credit Cards, all in the last six years. Quite a few. How many posters here express outrage, they have been declined (further) credit. Quite a few again, possibly the same people.

Anyone who proactively applies for credit of one kind or another, only has him/herself to blame. Yes the banks have made getting credit far too easy (that seems to be changing now). But people applied for it and, more importantly, have spent it.

It is just the same, as eating all the week's food in one sitting.

p1an0player

Supermarkets do more than offering food and signalling availability. A huge amount of work goes into persuading us to buy the more profitable products which are often highly processed and high in calories. But I take your point about the banks.

bengal-stripe

p1an0player wrote: »

A huge amount of work goes into persuading us to buy the more profitable products which are often highly processed and high in calories.

Well, it’s your choice, whether you get your potatoes as spuds or as chips.

Dylanwing

It is just the same, as eating all the week's food in one sitting

Not quite the same - In the case of Banks they sold pensions to people in Final Salary schemes, purely to earn commission for the salesman, and for similar reasons they sell PPI to unsuitable people. With regards to lending, it is a combination of recklessness by the Banks and stupidity by the public.
The other point that some of us are trying to make is that the Banks could help people get their finances back in order with just a bit of help, and by taking a longer-term view and accepting afordable monthly repayments rather than an unaffordable lump sum. And to use the earlier comparison, you sort out obesity by a controlled diet, not by stopping eating for a Month!:p

Mark7799

Coming back to the cases quoted on this board, we are getting only the info given to us by posters.

From my own time in banking, withdrawing an overdraft facility was an action taken only as a last resort, often after weeks or months of correspondence trying to make arrangements with customers who wouldn't attend appointments, wouldn't/couldn't stick to agreements, wouldn't reply to correspondence or claimed they never received it.

I've often wondered in some cases what we would hear if the banker gave their side of events as well as the customer.;)