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RBS reclaiming overdraft charges and interest
London907
Posts: 4 Newbie
Hi all
Last night I spent some time looking through the last 6 year's statements and was shocked to total up the amount I have paid in charges. Not one month has passed when I haven't paid in excess of £25 interest for usage of my £2,000 student overdraft (now current account) plus £6 arranged overdraft fees and £6-£12 unarranged fees. I'm total it's in excess of £6,000. This is really disheartening given that my overdraft is only £2,000. Morally I find this wrong!! Basically every month I am paid, it's doesn't even cover my overdraft, therefore I'm always in the red.
I spoke to the bank who advised this was part of their terms and conditions and offered no financial advice to help me out of my struggles. My situation is I am continually I'm my overdraft every month and have recently been advised the interest rates are doubling with effect from April. I believe I have grounds for financial hardship. How can I get myself out of this? I found the bank very unhelpful.
I also have unpaid fees also but where would I stand in terms of requesting refunds?
Any advice would be welcomed
Last night I spent some time looking through the last 6 year's statements and was shocked to total up the amount I have paid in charges. Not one month has passed when I haven't paid in excess of £25 interest for usage of my £2,000 student overdraft (now current account) plus £6 arranged overdraft fees and £6-£12 unarranged fees. I'm total it's in excess of £6,000. This is really disheartening given that my overdraft is only £2,000. Morally I find this wrong!! Basically every month I am paid, it's doesn't even cover my overdraft, therefore I'm always in the red.
I spoke to the bank who advised this was part of their terms and conditions and offered no financial advice to help me out of my struggles. My situation is I am continually I'm my overdraft every month and have recently been advised the interest rates are doubling with effect from April. I believe I have grounds for financial hardship. How can I get myself out of this? I found the bank very unhelpful.
I also have unpaid fees also but where would I stand in terms of requesting refunds?
Any advice would be welcomed
0
Comments
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Also to add to this, I don't have an extravagant lifestyle. I pay for my standard household bills and shopping. I have 2 children so other than some essentials such as clothing, nursery costs it leaves nothing leftover0
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No need to repeat posts. It is the same people that visit this forum that will reply and they don't need multiple threads to encourage them.
Please use the other thread: https://forums.moneysavingexpert.com/discussion/6120877/rbs-snowballing-charges#latestI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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