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    • Daniel ivy
    • By Daniel ivy 13th Oct 18, 2:40 AM
    • 1Posts
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    Daniel ivy
    Bank and overdraft fees
    • #1
    • 13th Oct 18, 2:40 AM
    Bank and overdraft fees 13th Oct 18 at 2:40 AM
    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 Iím 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 Iíve been paying charges of over £350 to £400 per month for best part of 10 15 maybe more years and I didnít know it was that much, I suppose it wasnít that much when it started all those years ago they gave me it but itís always been up to the limit, That doesnít 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 Iím gutted because Iím always struggling but whichever way you look at it theyíve done very little to advise and been very happy to keep charging me ridiculous amounts of fees and Iím awful at this type of stuff. (Lloydís platinum account ) Iíve obviously totally underestimated the extent of charges and Iím really bad at this and feel so guilty towards my daughter as Iím supposed to be her agent to give her the best head start in life and Iíve wasted so much.

    Any advice would be appreciated. I also donít 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
Page 1
    • zx81
    • By zx81 13th Oct 18, 7:43 AM
    • 19,088 Posts
    • 20,346 Thanks
    zx81
    • #2
    • 13th Oct 18, 7:43 AM
    • #2
    • 13th Oct 18, 7:43 AM
    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
    • By boo_star 13th Oct 18, 10:29 AM
    • 1,624 Posts
    • 953 Thanks
    boo_star
    • #3
    • 13th Oct 18, 10:29 AM
    • #3
    • 13th Oct 18, 10:29 AM
    I also donít 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
    Originally posted by Daniel ivy
    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
    • By lippy1923 13th Oct 18, 11:55 AM
    • 1,252 Posts
    • 3,500 Thanks
    lippy1923
    • #4
    • 13th Oct 18, 11:55 AM
    • #4
    • 13th Oct 18, 11:55 AM
    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.
    Total Mortgage OP £26,500
    House Value £285,000 Mortgage £78,289
    Emergency Fund £26,700

    • eskbanker
    • By eskbanker 13th Oct 18, 12:06 PM
    • 8,239 Posts
    • 9,251 Thanks
    eskbanker
    • #5
    • 13th Oct 18, 12:06 PM
    • #5
    • 13th Oct 18, 12:06 PM
    is there any way I could get some of this back ??

    [...]

    whichever way you look at it theyíve done very little to advise and been very happy to keep charging me ridiculous amounts of fees
    Originally posted by Daniel ivy
    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.
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