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Halifax dirty trick
Comments
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So it`s ok for the shareholders for Halifax to TAKE AWAY the interest being charged on a £750 OD and to then take £2 a month for years instead ?
Or even worse sell the debt to a debt collection agency ?
How is this helping them as a business ? because while the OD is still live and being used , they are MAKING money
They need to be a responsible lender in line with banking regulations!Cashpricezac-Yorkshire:j
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cashprincezac wrote: »They need to be a responsible lender in line with banking regulations!
Yes , i understand that , what i am saying is whilst the Overdraft is live , they have an active customer , who is presumably PAYING for this overdraft by the way of interest..and we dont know because the OP didnt say but is the OP paying their salary into this account..?0 -
Yes , i understand that , what i am saying is whilst the Overdraft is live , they have an active customer , who is presumably PAYING for this overdraft by the way of interest..and we dont know because the OP didnt say but is the OP paying their salary into this account..?
I understand what you are saying but since the FSA took over all banks do this.Cashpricezac-Yorkshire:j
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Are you stupid ?
GET REAL how is halifax going to get there £750 back by taking the overdraft away ?
When they KNOW the OP is already paying pitiful amounts to pay off another debt
Theres no need for it in cases like this , it just pushes people further into cash crisis
And the fact that hardly anyone agrees with me shows the way this webste is going
Dont bother replying
They would know, if they checked, but since it's all computer done, and there are no human reviews it's probably not been properly identified. The computers in my experience are very unsophisticated when it comes to these things.
Take my recent experience with Lloyds, they moved my card from mastercard to visa card, and the first new card they sent out to me got lost in the post. When the second one came through it got activated and the balance transferred over to it mid month. My payment went through as per usual just after the balance was transferred and ended up on the wrong card. I got about 20 phonecalls ordering me to pay the balance straight away or risk severe penalties.
One quick review of the account one have sorted it and shown that I was in the right and the sensible thing for Lloyds to have done would be to shut up.
If halifax computers have reviewed the account and found no money/not enough money being paid in regularly and a credit score of XXX, they will withdraw the facility. The computers haven't gotten as far as to say "well there's a CC with a DMP and a tiny amount being paid every month, so the sensible options here are A/B/C", that needs a person.
Since the OP in this case has been in touch with CCCS (assuming the original was a typo) before, it's probably as well if they talk to them again and they will give advice based on a full knowledge of finances on the next step, which is probably to open a basic bank account and ring halifax and agree a payment plan of some description.
At this point, I suspect the main thing is that NO payments be made into the halifax account.0 -
well , i just think that it`s a shame , the OP doenst need pushing further into the mire
The only reason i would ever agree that halifax are doing the right thing is if the OP isnt paying anything in to it and the £750 is just sitting there with the odd £5 being put in to cover the interest0 -
I had a similar problem with Halifax a few weeks ago.
My £2000 o/d was not renewed. I never received a letter about this. (They later told me one had been sent) I should have known it was due for review.
Anyway, I went to see the bank and asked them to reinstate it. The answer was a flat 'no'. I explained that I was now earning three times what I was when they gave the o/d to me in the first place and had recently started a new job (even had a copy of my contract). The managers attitude was pretty poor but they got somebody on the phone for me and I agreed to reduce it by £200 per month.
The reason the o/d was not renewed was probably that I have defaulted on my Halifax Credit card and was sending them £25 per month rather than £200 or so. Interest was mounting up and was £200+ each month. Now I have started a new job I had set up a STO for £300 each month and am now in a position to send fifty or a hundred extra each month and could have soon reduced the balance to below the credit limit in about 2-3 months.
In the meantime they sent the debt to a DCA.
The crazy thing is that I now pay these debt collection people money to my Halifax Credit card and all interest and charges have stopped. OK my credit rating is destroyed and will be bad for some time but I don't want any more credit and haven't used it for well over a year (even before I started my new job).
The result of them passing my account to a DCA was that I now pay £2-3K LESS per year in interest.
The result of them not renewing my o/d and having a poor approach to the problem when I went to see them at the branch is that I now have moved my banking elsewhere. Once my pay is going into my new account I will set up a STO to pay the o/d reduction each month plus a little for charges then close the account. I even moved my house insurance from them.
Anyone can run into financial trouble and I had done a pretty good job of keeping the bank and credit card companies happy for as long as possible but I found the attitude of Halifax arrogant and as result they will not make a penny from me.
Anyone can run into financial trouble and anyone can get a £40-50K job and be in a position to put it right again. My issue was the crap attitude.
Personally (as I have said before) banks are in big trouble and now with mortgages less available and a stagnated housing market it won't be any good for them for a long time.
In the OP's first post it is evident that Halifax will happily 'kick you while you are down'. Unless they change their attitude towards customers the boot will be on the other foot soon in a big way.
Anyway, aren't Halifax the UK's biggest mortgage lender? If they are withdrawing o/d facilities so quickly they must have a good idea about what the future holds.0 -
I
The reason the o/d was not renewed was probably that I have defaulted on my Halifax Credit card and was sending them £25 per month rather than £200 or so. Interest was mounting up and was £200+ each month. Now I have started a new job I had set up a STO for £300 each month and am now in a position to send fifty or a hundred extra each month and could have soon reduced the balance to below the credit limit in about 2-3 months.
Anyway, aren't Halifax the UK's biggest mortgage lender? If they are withdrawing o/d facilities so quickly they must have a good idea about what the future holds.
Why are people so quick to moan...would you lend money to someone without the security of a house or similar...more and more banks are lowering their overdrafts...If you lent money to someone who had defaulted, I am sure you would let them build up an unsecure debt with yourself...NOT.
I appreciate people get in these situations...but as I said before I have always been brought up to work hard and you should not borrow too much money...just but what you can affordCashpricezac-Yorkshire:j
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I suppose it's merely a case of our shares have dropped by almost half in the last twelve months, so in effect we will now start pulling back our money now,coz the future looks a bit bleak.
Sorry to inform you Halicraps but the poor man knew the score 12 months ago0 -
I suppose it's merely a case of our shares have dropped by almost half in the last twelve months, so in effect we will now start pulling back our money now,coz the future looks a bit bleak.
Sorry to inform you Halicraps but the poor man knew the score 12 months ago
This has no impact on a banks share price, all banks have been oversold....watch the space...there is money to be made in the banking sector....just remember who told you in a few months time. Personally just brought shares on Wednesday with HBOS , Barclays and Lloyds TSB. They are making millions and millions.Cashpricezac-Yorkshire:j
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jonesMUFCforever wrote: »This works both ways though doesn't it?
Spend money you don't have on a card and an overdraft then say you can't pay it back.
My conscience wouldn't let me do that.
Very true, perhaps the Banks should think the same way when they have to borrow money of the Bank of England to stay afloat0
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