Bank and overdraft fees

Daniel_ivy · 13 October 2018 at 2:40AM

Hi Guys

I was called by my bank last week for a appointment which was this week Thursday 11th October 2018.
They wanted to talk about my monthly charges. Now I’m always at the wrong end of my £8900 overdraft and credit card is on min monthly payment anyway it was worked out for me and I’ve been paying charges of over £350 to £400 per month for best part of 10 15 maybe more years and I didn’t know it was that much, I suppose it wasn’t that much when it started all those years ago they gave me it but it’s always been up to the limit, That doesn’t include the acc fee each month and other bits I regularly go over the over draft to and sometimes miss payments
Now I tried getting a loan off them a few times and been knocked back to consolidate this overdraft as I presumed it would be a better way around it but until I was actually shown it in hard cash terms the other day I never imagined it would be as much as this. Anyway I need advice pls and is there any way I could get some of this back ?? I never knew it was this much money until they pulled me in and showed me. Now I’m gutted because I’m always struggling but whichever way you look at it they’ve done very little to advise and been very happy to keep charging me ridiculous amounts of fees and I’m awful at this type of stuff. (Lloyd’s platinum account ) I’ve obviously totally underestimated the extent of charges and I’m really bad at this and feel so guilty towards my daughter as I’m supposed to be her agent to give her the best head start in life and I’ve wasted so much.

Any advice would be appreciated. I also don’t take in information very well especially when reading and I never have so pls explain what to do next as simply as possible.

Pls help.
D

[Deleted User] · 13 October 2018 at 7:43AM

Go to the DFW boards and do an SOA.

You need to get tighter control of your finances and that means both a budget and monitoring your bank account.

boo_star · 13 October 2018 at 10:29AM

Daniel_ivy wrote: »

I also don’t take in information very well especially when reading and I never have so pls explain what to do next as simply as possible.

Pls help.
D

I suspect that is a big part of your problem. If you did "take in information very well" you'd have spotted the £400 a month in overdraft charges and done something about it.

Your chance of claiming the money back is non-existent. On the plus side you are now aware how hideously expensive borrowing via an overdraft is so you can do something about it.

lippy1923 · 13 October 2018 at 11:55AM

Totally agree about doing an SOA. See if there are DD's you can cancel that are not necessities and get control of a budget.

I would also (if you haven't already) get in touch with the collections department with your bank and ask for an interest freeze for a little while to give you some breathing space while you sort yourself out.
It's unlikely they will refund you any of the previous charges, but they have been helpful in bringing it to your attention just how much you are paying.

eskbanker · 13 October 2018 at 12:06PM

Daniel_ivy wrote: »

is there any way I could get some of this back ??

[...]

whichever way you look at it they’ve done very little to advise and been very happy to keep charging me ridiculous amounts of fees

Best not to look at it this way, and instead just accept that the debts are your responsibility to sort out, tempting though it undoubtedly is to blame the bank(s) for lending you all that money.

I agree with the above posters and would just clarify that what they're referring to are:

DFW: the debt-free wannabe board, where you'll get plenty of non-judgemental advice about getting out of debt.

SOA: a financial statement of affairs to record all income and outgoings, as a means for you (or others) to identifying areas for improvement.

Bank and overdraft fees

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