I`ve been off on sick since April -so on ssp, bank allowed all direct debits etc to go out & so now over our £1500 limit by £450..& gettin charged on average £140 a month! Just applied to extend th overdraft by £500 to stop charges & they sed no! I`m back to work in 2weeks they know this wont extend o d but still take off their charges.!! Therefore have 79p to live off till hubby paid in 2 weeks!!Any 1 in banking out there can help PLEASE!!!!( We used to have od of £2500 but paid £1000 off b4 i was ill!! ) Cheers guys.
2006-09-11 04:34:10 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I'm not in the banking business but can sympathise.
Would it be worth talking to them to see if they can maybe freeze your charges or something. It is a difficult situation to be in.
Good luck.
2006-09-11 04:45:33 · answer #1 · answered by meynell35 5 · 0⤊ 0⤋
Record and keep a copy of every conversation you have with the bank so that they cannot make the excuse that you have not kept them informed. Make sure you explain your circumstances to them clearly, include a breakdown of your income and outgoings which will prove to them that you are having problems and can't afford to live on your current income. They are obliged to freeze charges once you have explained this to them.
The Citizens Advice Bureau (CAB) will help you to write letters and put together your income and outgoings - they usually give you a template to follow - and this will be in a language that the bank understands.
It's also a little known fact the banks can only charge you fees that bear relation to what it costs them to administer the letters etc that they send you - in most cases it costs the bank about a fiver to send you a letter (staff, buildings etc for collections departments are all included in this cost as well as paper and stamps!) so once you are sorted out it is within your rights to write to the bank and ask for a refund on charges that they have overcharged you. Again the CAB will be able to help you out with this.
in the meantime i would get a credit card with a tiny limit eg£500 which should help you get by in the meantime, - also have aclearout on eBay - i made £200 the other week for spending an hour advertising my old clothes and shoes!
best of luck dude - it will get better!!
2006-09-11 13:39:48 · answer #2 · answered by Miss-O 1 · 0⤊ 0⤋
As a recovering law student, I know a lot about debt!
What I would suggest is:
a) go to another bank and either move your bank account or set up another curretn account with an overdraft
b) Get a credit card with 0% interest until you sort yourself out (I did this with EGG and it really saved me!)
c) Get a loan- if you a home owner this is easier but your credit score could be drastically affected because of going over your overdraft.
d) This is the last and worst alternative- enter into an IVA I wouldn't do this though unless you have no intention of ever getting a mortgage!
Or ask your parents for a loan or get selling on ebay! Which is what I did and made £90 on 14 pairs of old shoes!!!
Don't panic what nearly kills us only makes us stronger....
Nikki xxxxx
2006-09-11 11:46:07 · answer #3 · answered by nikki a 1 · 0⤊ 0⤋
They are doing the same to me. I asked Natwest if i could have a small over draft of £500 because i had spent too much this month and was worried i might be a bit short. But oh noooo they would even give me that. And to let you know there has been a recent court rulling so you can actually claim back excessive bank charges, just ask them and see what they say.
2006-09-13 08:22:03 · answer #4 · answered by Fox Hunter 4 · 0⤊ 0⤋
the reason they wont extend is that your over the limit, i know its why you want to extend it but its like a type of credit/loan, you have to be credit scored to get an overdraft so bause u have gone over and have chgs this has all affected your chance
you will be in a "risk band" and because u are already over the exsisting limit and cant pay it back then at the moment your classed as "higher risk" even if you do go to another bank they will credit score u, u may score for a small over draft with the other bank but because of your exsisting one u might not score for anything.
i wouldnt get more credit to wipe credit believe me its hard work to get out of.
2006-09-11 16:40:59 · answer #5 · answered by xrazberix 2 · 0⤊ 0⤋
You may be able to get the charges dropped. A bit difficult because it is always a good idea to call the bank in advance of running into difficultly than contacting them after you've been in difficulty as they are more sympathetic then. I suggest you view this self help pack from Which? and it may help you to claim back "unfair" bank charges.
http://www.which.co.uk/reports_and_campaigns/money/campaigns/Banking%20and%20credit/The%20ASBO%20campaign/bank_charges_campaign_559_74996.jsp
I wish you all the best.
2006-09-14 08:01:52 · answer #6 · answered by scallywag 4 · 0⤊ 0⤋
you can probably answer this yourself. they are in business to make money. if they let you extend then they can charge you nil, or they can say no and keep making £140 a month from you.
so, looking at it another way, would you take the job paying nothing, or the one paying £140.... of course you would take the £140 and so will they............... sorry :(
2006-09-11 11:47:37 · answer #7 · answered by alatoruk 5 · 0⤊ 0⤋