Forced into taking out high-interest loan after claiming back bank charges

sunnyday_2

Last summer I began to claim back bank charges totalling just under £2,000. As soon as I'd filed my claim online an account manager summoned me to my local branch and told me that because I had been mismanaging my account (I was regularly going overdrawn a couple of times a month) I needed to consolidate my debt by taking out a 14% APR loan on £13,000 over five years. I was concerned that it seemed a rather high rate of interest but the account manager said 'I was in no position no negotiate' at present but could perhaps do so in the future.

My position changed recently and I was able to request a settlement figure. It included an early settlement fee which shocked me because I had specifically told the account manager I would be paying off the loan early and there had been no mention of this fee. I complained to the branch manager and he removed the fee - rather swiftly.

But I do feel I was exploited when I was 'over a barrel' and had no option but to take out a rather high-interest loan or face losing my overdraft with no way of knowing whether I would be able to get another one. Has anyone else had any experience of this? Do I have any comeback?

Thanks ever so much.

Nicky