We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Can you reclaim 'arranged' O/D charges?
creditcardnewbie
Posts: 150 Forumite
Hello everyone,
I am really sorry if this sounds like a very obvious question but I'll throw it out there.
I am currently on a DMP after many years battling to pay my debts.
My question is this though - I had an arranged overdraft with my bank and I was constantly using it over the many years I was struggling to pay off my debts. Am I entitled to claim back any of the charges I incurred over this time to help pay off some of my debt or does this only apply to 'unauthorised' overdraft fees?
Many thanks in advance for any advice you can offer and apologies if it is an obvious question but I was unable to find an answer elsewhere.
creditcardnewbie :beer:
I am really sorry if this sounds like a very obvious question but I'll throw it out there.
I am currently on a DMP after many years battling to pay my debts.
My question is this though - I had an arranged overdraft with my bank and I was constantly using it over the many years I was struggling to pay off my debts. Am I entitled to claim back any of the charges I incurred over this time to help pay off some of my debt or does this only apply to 'unauthorised' overdraft fees?
Many thanks in advance for any advice you can offer and apologies if it is an obvious question but I was unable to find an answer elsewhere.
creditcardnewbie :beer:
0
Comments
-
No. But if you're in current financial hardship, you can ask if they can offer support.0
-
You cannot complain about historical charges since the 2009 supreme court case win for the banks. You can ask for help with current financial hardship but this does not automatically mean a refund of charges
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
Hello zx81 and Nasqueron,
I thought as much but could not see a definitive answer anywhere on the articles I read.
Thank you for taking the time to answer - I really appreciate it.
Regards,
creditcardnewbie0 -
I was going to ask the same, I pay £600 a year for being in my arranged o/d
0 -
StrugglingNurse wrote: »I was going to ask the same, I pay £600 a year for being in my arranged o/d
Speak to the bank about a financial hardship case then, they may agree to a future charges freeze, a refund of some charges or assist with a debt management plan. Do remember that any financial hardship case will look at things like spending e.g. if you are eating out, have expensive contracts for mobile/sky and shop at high end stores they won't look favourably on a hardship case. Try and be as polite and helpful as possible, remember you want sympathy and aid, if you go in guns blazing and shouting about unfair charges they'll just refer you to the 2009 court case.
Post on the Debt Free Wannabe forum for budgeting helpSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
StrugglingNurse wrote: »I pay £600 a year for being in my arranged o/d
Paying £600 a year in charges does not automatically mean the OP is in (the Bank's definition of) financial hardship, of course. It could just indicate unnecessary spending on luxuries which the OP should simply cut back on.Speak to the bank about a financial hardship case then,
As you say, a Statement Of Affairs ( SOA) posted on the Debt Free Wannabe forum will likely help the OP far more than any complaint about Bank charges...0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.7K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.1K Spending & Discounts
- 240.1K Work, Benefits & Business
- 616.2K Mortgages, Homes & Bills
- 175.3K Life & Family
- 253.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards