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Went overdrawn - Few simple questions
Minimods
Posts: 171 Forumite
Hello.
I went overdrawn on my Barclays current account about 4 months back and haven't actually used the account since due to the rediculous charges. I actually moved to a more reasonable bank (I hope).
Anyway, I have been reading here and there is a lot of talk that these charges are not legal. Sites such as http://www.bankchargeshell.co.uk confirm it.
I am just wondering if it is worth a letter to them to recover these costs? If so how do I go about it?
Also does going overdrawn effect my credit score? As far as I can tell it will only effect it with Barclays if they take it into consideration if I apply for credit through them.
Thanks
I went overdrawn on my Barclays current account about 4 months back and haven't actually used the account since due to the rediculous charges. I actually moved to a more reasonable bank (I hope).
Anyway, I have been reading here and there is a lot of talk that these charges are not legal. Sites such as http://www.bankchargeshell.co.uk confirm it.
I am just wondering if it is worth a letter to them to recover these costs? If so how do I go about it?
Also does going overdrawn effect my credit score? As far as I can tell it will only effect it with Barclays if they take it into consideration if I apply for credit through them.
Thanks
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Comments
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I agree, Barclays charges are totally unreasonable eg: go overdrawn by £5 get charged £25 per day for 3 days, see:
http://forums.moneysavingexpert.com/showthread.html?t=151497"The happiest of people don't necessarily have the
best of everything; they just make the best
of everything that comes along their way."
-- Author Unknown --0 -
It's NOT PER DAY - It's per TRANSACTION! 0
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YOu could try sending a letter to recover the charges, but quite frankly, I don't think you have any chance of getting anything back. All the charges and rates are in the T&C which you have agreed to when you opened the account. You also agreed that Barclays may amend these charges at any time as appropriate, so if you do complain and get your charges uplifted, it will be a a good will gesture by Barclays. But of course since you have now moved your account, they may not even consider this.0
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lindabea wrote:YOu could try sending a letter to recover the charges, but quite frankly, I don't think you have any chance of getting anything back. All the charges and rates are in the T&C which you have agreed to when you opened the account. You also agreed that Barclays may amend these charges at any time as appropriate, so if you do complain and get your charges uplifted, it will be a a good will gesture by Barclays. But of course since you have now moved your account, they may not even consider this.
I think that you do have a chance to getting them back. I would go as far to say that especially if its the first time you have done it they will normally offer as a gesture of goodwill. However, if you have tried this and they wont....
If you are to read the https://www.bankactiongroup.com you will see that it is illegal for them to charge you the extorionate amount that they do. Just because they say that you have agreed to it, doesn't make it legally binding.
The charges for going overdrawn and returned payments are normally justified as the "going rate". The Office of Fair Trading have deemed that these charges are punitive and are not a true reflection of the costs involved when any of these events happen. Thus there are a growing number of people claiming these charges back for charges incurred over the last 6 years (me included).
I would therefore look on the above mentioned website and have a go at claiming it back if they will not simply do as a gesture of goodwill. You will get it back thenI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
yep, check this very website for some excellent advice on this.The word is BOUGHT, not BROUGHT.
It's LOSE, NOT LOOSE.
You ask for ADVICE not ADVISE.0 -
Thanks for this advice - I have just sent off a letter to barclays for the last 8 years - should be at least £250 if they agree - not that hopeful though!homer_j wrote:I think that you do have a chance to getting them back. I would go as far to say that especially if its the first time you have done it they will normally offer as a gesture of goodwill. However, if you have tried this and they wont....
If you are to read the https://www.bankactiongroup.com you will see that it is illegal for them to charge you the extorionate amount that they do. Just because they say that you have agreed to it, doesn't make it legally binding.
The charges for going overdrawn and returned payments are normally justified as the "going rate". The Office of Fair Trading have deemed that these charges are punitive and are not a true reflection of the costs involved when any of these events happen. Thus there are a growing number of people claiming these charges back for charges incurred over the last 6 years (me included).
I would therefore look on the above mentioned website and have a go at claiming it back if they will not simply do as a gesture of goodwill. You will get it back then
Beer monster30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0 -
There is no CHANCE of getting them back.
There is CERTAINTY. If you want your money back and you are prepared to go the distance then you can have it back.0 -
keep on going Dave you deserve it!dchurch24 wrote:There is no CHANCE of getting them back.
There is CERTAINTY. If you want your money back and you are prepared to go the distance then you can have it back.
beer monster30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0
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