Bank charges every single month (santander)
thejungles
Posts: 12 Forumite
Hello all im new here and this is my first post.
I will start by saying that i know im responsible for my own money and going into the minus is entirely my own doing but im stuck in a vicious circle of charges that mean that i have no choice but to go into the minus.
one month i had £34 in my account and i spent £2.80 on my card and in the following bank statement it said that when i spent the £2.80 i had -£11 which simply isnt true as i checked my account online when i was in the que ready to pay.......... low and behond i was charged -£10 ontop of the £2.80
I recieved a letter from my bank stating that since november last year i have had over £700 in bank charges (that ive just worked out to actually be over £900) ive been stuck in this circle for over 5 years and 6 years ago i got into contact with my bank and they paid me £600 back from £2000 in charges but that was 6 years ago.
today i called my bank and asked about getting some of my charges back and he said he could see my charges and offer me a "good will gesture" of £64 (last months bank charge) i said thank you but i dont want to accept that and when he asked why i explained that last time when i went to citizens advice they stated that as the bank have given me £600 of the estimated £2000 then i cant claim anymore and i said that by accepting the £64 i dont want to put myself in the same situation again, to which he accepted that and we ended the call mutually.
where do i stand here and can anyone give me any advice, i have a £700 mortgage to pay (with another bank) and bills/food and i only get paid £1200 a month add a £95 bank charge ontop of that and im looking at having £23.70 a month to live off.
I will start by saying that i know im responsible for my own money and going into the minus is entirely my own doing but im stuck in a vicious circle of charges that mean that i have no choice but to go into the minus.
one month i had £34 in my account and i spent £2.80 on my card and in the following bank statement it said that when i spent the £2.80 i had -£11 which simply isnt true as i checked my account online when i was in the que ready to pay.......... low and behond i was charged -£10 ontop of the £2.80
I recieved a letter from my bank stating that since november last year i have had over £700 in bank charges (that ive just worked out to actually be over £900) ive been stuck in this circle for over 5 years and 6 years ago i got into contact with my bank and they paid me £600 back from £2000 in charges but that was 6 years ago.
today i called my bank and asked about getting some of my charges back and he said he could see my charges and offer me a "good will gesture" of £64 (last months bank charge) i said thank you but i dont want to accept that and when he asked why i explained that last time when i went to citizens advice they stated that as the bank have given me £600 of the estimated £2000 then i cant claim anymore and i said that by accepting the £64 i dont want to put myself in the same situation again, to which he accepted that and we ended the call mutually.
where do i stand here and can anyone give me any advice, i have a £700 mortgage to pay (with another bank) and bills/food and i only get paid £1200 a month add a £95 bank charge ontop of that and im looking at having £23.70 a month to live off.
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Comments
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Would a weekend job be feasible so that you could earn enough to pay off the overdraft?0
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I can't advise on your bank charges, but looking at your expenses it seems to me that you have over extended yourself with your mortgage.
The bank charges and going over drawn in the first place is a consequence of having a mortgage that you cannot afford.
In your position I would be asking why your mortgage is so high relative to your income.
If it's because you bought a house you could not afford on your income, I would seek to remedy that by either downsizing or finding a way to earn extra income, for example, by taking on a lodger.
If either of these seem too drastic then you might want to consider your lifestyle to find ways to cut back your spending, if indeed that is possible.0 -
Thats something ive been looking into although i already work 40 hours a week, and at the moment im spending my remaining home time programming/ game designing, trying to release a game on steam within the next year.
i may have to let go of the dream in order to get out of this hole
in terms of paying off the overdraft, that has been paid (i borrowed £1500) off my mum and paid my overdraft off, i would rather owe her the money as she wont give me monthly charges.0 -
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I can't advise on your bank charges, but looking at your expenses it seems to me that you have over extended yourself with your mortgage.
The bank charges and going over drawn in the first place is a consequence of having a mortgage that you cannot afford.
In your position I would be asking why your mortgage is so high relative to your income.
If it's because you bought a house you could not afford on your income, I would seek to remedy that by either downsizing or finding a way to earn extra income, for example, by taking on a lodger.
If either of these seem too drastic then you might want to consider your lifestyle to find ways to cut back your spending, if indeed that is possible."
I was getting charges way before my mortgage, ive only had the mortgage for 3 years and between me and my wife we pay £700 each for the mortgage and all the bills, where i live its not possible to buy a house for any less or i would. the house only cost us £118,0000 -
Hi thejungles,
Welcome to the forum.
You may be better to get all outgoings down in a SOA - if you post this on the DFW board the good members there will see what options you have to free up more funds.
Is the overdraft you refer to a planned overdraft or are these unplanned charges?
Sometimes checking your account balance when making a payment is not sufficient as some other card payments may still be pending giving you an inaccurate balance.
If spending on a card is causing you to exceed your balance/overdraft then maybe dealing in cash would help.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
£1400 a month mortgage?0
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"Hi thejungles,
Welcome to the forum.
You may be better to get all outgoings down in a soa - if you post this on the DFW board the good members there will see what options you have to free up more funds.
Is the overdraft you refer to a planned overdraft or are these unplanned charges?
Sometimes checking your account balance when making a payment is not sufficient as some other card payments may still be pending giving you an inaccurate balance.
If spending on a card is causing you to exceed your balance/overdraft then maybe dealing in cash would help."
Spending in cash only is an excellent idea, (if only i had the cash to spend haha) we have done many SOA with another bank account and this needed to be done so they could work out if we could afford the mortgage, we are not overspending infact quite the opposite, we have cut down on plenty of things, cheapest tv bundles, cheaper internet, im now pay as you go on ym mobile instead of contract so if i cant afford credit one month i simply pay nothing, we are on key meter on our gas and electric. (the cost is slightly higher but again if we cant afford gas we sinply just freeze at home)
its just this constant cycle of charges and payments thats really making me short of cash.
i may even move my account now my overdraft has been paid and get the nice little £150 moving bonus
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"£1400 a month mortgage?"
No we pay £700 each a month into a bills account. £700 is for the mortgage and the remaining 700 is for food and bills0 -
What help are you looking for if you don't want to post an SOA? We will be able to help you, but we need some figures as a starting point.0
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thejungles wrote: »"£1400 a month mortgage?"
No we pay £700 each a month into a bills account. £700 is for the mortgage and the remaining 700 is for food and bills
Phew! £1400 mortgage would be a real millstone.0
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