Santander overdraft

stealey

Hi my son moved out and moved in with his girlfriend at the start off the pandemic.
He was laid off for around a year he got himself in a right mess.he moved back home and and around a year later I asked him if he was overdrawn he said no at first but then said he was £1250 now I know that's not a large sum of money to some but to my son it is so I rang the bank up got no joy from them at all I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed they told me that around £30amonth in interest is being added to his debt each month I said as a rough calculation I figure Santander have charged him around £500 in interest over the 18months or so

And if the knock that of I would pay the balance of around £750-£800 and he could the start to get some organisation back with his money.
Any advice on this would be much appreciated as my son is so stressed out about this money problem.
Please help me to help my son 
Thanks

Danny

jonesey1985

stealey said:

Hi my son moved out and moved in with his girlfriend at the start off the pandemic.
He was laid off for around a year he got himself in a right mess.he moved back home and and around a year later I asked him if he was overdrawn he said no at first but then said he was £1250 now I know that's not a large sum of money to some but to my son it is so I rang the bank up got no joy from them at all I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed they told me that around £30amonth in interest is being added to his debt each month I said as a rough calculation I figure Santander have charged him around £500 in interest over the 18months or so

And if the knock that of I would pay the balance of around £750-£800 and he could the start to get some organisation back with his money.
Any advice on this would be much appreciated as my son is so stressed out about this money problem.
Please help me to help my son 
Thanks

Danny

Pay what he owes and remove the overdraft.

Why should the bank not make money on the money they've lent out?  Do you understand how lending money works? If they don't get interest, how do they operate?

You might be able to do sly deals with people in back streets but the bank has your son bang to rights along with a parent who is obviously good for it.  Pay up and move on. Your son will then no longer be "stressed" about his money problem.

However, you're doing him no favours by bailing him out and it is very likely that if you do, he'll rack up a load of debt knowing his naive parent will bail him out again.

msallen

Either Santander broke numerous rules by discussing someone else's account with you or you are talking drivel.

Regardless, why do you think they should let you(r son) off what he owes?

Sensory

Your best solution would be to claim financial hardship and that the charges were unfair. It is worth a try as you have nothing to lose, but it must be done via official procedures. Check:
https://www.moneysavingexpert.com/reclaim/bank-charges/

I must add that whilst you can guide your son through the process (especially if he’s a spring chicken), he absolutely needs to have agency here and be in the driving seat so he can learn to take responsibility for his actions.

Daliah

Assuming the son is older than 18, i.e. an adult (under 18s do not get an overdraft), the parent cannot discuss the son's financial affairs with the bank. By all means, assist him in resolving the issue but it is him who needs to talk to the bank.

eskbanker

stealey said:

I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed

Just to add to all the valid input above, you're making a completely arbitrary distinction by differentiating between 'actual' debt and interest - it's all actual debt if the interest has been charged in accordance with the Ts & Cs....

stealey

msallen said:

Either Santander broke numerous rules by discussing someone else's account with you or you are talking drivel.

Regardless, why do you think they should let you(r son) off what he owes?

Talking drivel as long as my son gives me permission which he did I can talk to them.

jonesey1985

stealey said:

msallen said:

Either Santander broke numerous rules by discussing someone else's account with you or you are talking drivel.

Regardless, why do you think they should let you(r son) off what he owes?

Talking drivel as long as my son gives me permission which he did I can talk to them.

Brilliant.

The actual debt is capital + interest.  Offer them that and they'll bite your hand off.

stealey

eskbanker said:

stealey said:

I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed

Just to add to all the valid input above, you're making a completely arbitrary distinction by differentiating between 'actual' debt and interest - it's all actual debt if the interest has been charged in accordance with the Ts & Cs....

Yes your right the bank has every right to charge the interest and they love people who live in there overdraft. but at that time the country was in a right state what with covid19 and I thought there might of been something put in place to help people like my son who ended up with debt dare I say through no fault of there owns.
Now you are also right I could just pay it off

But why should I he will never learn they have offered a solution which in my mind is a good solution for my son and poor for the bank and in my mind they lose out.
So thanks for your input

jonesey1985

stealey said:

eskbanker said:

stealey said:

I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed

Just to add to all the valid input above, you're making a completely arbitrary distinction by differentiating between 'actual' debt and interest - it's all actual debt if the interest has been charged in accordance with the Ts & Cs....

Yes your right the bank has every right to charge the interest and they love people who live in there overdraft. but at that time the country was in a right state what with covid19 and I thought there might of been something put in place to help people like my son who ended up with debt dare I say through no fault of there owns.
Now you are also right I could just pay it off

But why should I he will never learn they have offered a solution which in my mind is a good solution for my son and poor for the bank and in my mind they lose out.
So thanks for your input

There were things in place.  SEISS, furlough and Universal Credit.

Notice that borrowing from the banks interest free was not listed above.

eskbanker

stealey said:

eskbanker said:

stealey said:

I ask if they could wipe the interest off his debt and I would pay his actual debt that he owed

Just to add to all the valid input above, you're making a completely arbitrary distinction by differentiating between 'actual' debt and interest - it's all actual debt if the interest has been charged in accordance with the Ts & Cs....

Yes your right the bank has every right to charge the interest and they love people who live in there overdraft. but at that time the country was in a right state what with covid19 and I thought there might of been something put in place to help people like my son who ended up with debt dare I say through no fault of there owns.
Now you are also right I could just pay it off

But why should I he will never learn they have offered a solution which in my mind is a good solution for my son and poor for the bank and in my mind they lose out.
So thanks for your input

I wasn't saying that you should pay it off - my point was that the whole debt is valid unless there's any reason to believe otherwise, but he should pay it off, not you.

What's the solution they have offered?