Bank Charges from 2005

BetterLateThanNever_2

I'm probably very late to the party to ask this but...

In/around 2005 I had 2 accounts with Lloyds TSB - A current Account with a £500 overdraft and a student account with a £1000 overdraft - both fully maxed out.

After being a student, I was unemployed and living in my own property at 20 years old with no clue on finance. When i was broke, i realised that i could use my bank card for both accounts and payments would go through to let me buy food etc.. and as long as i paid the money in to the account on time, i would not be charged for going over my overdraft limit. The problem was, that when i failed to have funds into the account on time, i was charged huge fee's and then when i couldn't pay those, i was charged more and more and well you get the picture. I ended up with the £500 overdraft account up to around £750 overdrawn due to fees and well over £1200 on the student account. Eventually both accounts were closed and i was unable to get a bank account anywhere. I had to open a savings account as a means of having my benefit paid to me.
The accounts both eventually went to debt collection agencies where I came to a payment arrangement. The current account was paid off a few years ago but 13 years later, i am still paying monthly to the creditors for the student account.

Have i missed the boat in complaining to the bank about this or do i still have a chance of complaining to them as they allowed me to run the accounts for months with no money going in and making a fortune off of me in fee's/charges and interest - for which i am still paying.

Thanks - hopefully that all makes sense and apologies if i'm cross posting - I couldn't find any posts with issues similar to this.

dunstonh

Have i missed the boat in complaining to the bank about this

2009 the banks won the court case on unfair bank charges.

-taff

Yep, you have missed the boat. the court case in 2009 put paid to that.


You can only realistically expect some kind of positive response if you
a] bank with them currently
and
b] are in CURRENT financial hardship

antrobus

BetterLateThanNever wrote: »

...

Have i missed the boat in complaining to the bank about this or do i still have a chance of complaining to them as they allowed me to run the accounts for months with no money going in and making a fortune off of me in fee's/charges and interest - for which i am still paying.

There was no boat to miss.

If you are currently in financial hardship, your bank may well offer to freeze charges or something similar.

BetterLateThanNever_2

Thank you for responding. I stopped banking with them as they closed my accounts at the time.

I knew it had changed in 2009 and not so easily claimed but was not sure if under specific circumstances I could still claim.

Thanks again

-taff

Are you paying the bank directly or a collections agency? If the latter, have you tried offering a F&F?

BetterLateThanNever_2

I am paying a creditor. Sorry I don’t know what a F&F is?!

LABMAN

Full and Final settlement. ie you offer a lump sum amount that is less than what you currently owe as a full and final settlement of the debt.

-taff

I would consider offering a small amount in full and final payment for this student debt. Start off with maybe ten percent of whats remaining or go to the debt free wannabe board for more advice.