My finances are a mess! Due to extreme bank charges! I have just checked my online bank statement to find 138 pound worth of charges that has been taken over the last 4 days!!
I called my bank and was told i went over my account for 3 seperate occasions (resulting in a 30pound charge for each!) one of which was a 1.99 interest charge to them and they took 30 for that! they said it doesnt matter how little or large the amount is the charge still stands!
The other charge of 38pound is for a returned Direct debit there wasnt enough money in my account to pay so ive got
3 x30 charges and a 38 charges where do i stand this is terrible i dont have this sort of money to spare!!
Banks are no support at all and only assistance is to offer me a bigger overdraft or a credit card!! charming trying to push me into even further debt just to clear these charges!
what should i do?
2006-12-10 06:58:21 · 14 answers · asked by purplebottle 2 in Business & Finance ➔ Personal Finance
thank you for your advise so far, im really im not overspending these charges are for things i need to pay im a young girl who had to buy a house and dont have financial backing from parents so i cant put anymore money into my account than i am this is crippling me i cant stay in the green if these guys charge me so heavily my mortgate is due in two days and im now over 100pound short due the charges and i have no way to get the money - crying wont be an issue as its upsettin enough thinkin about it so keeping my lip from going while talkin to the bank is near impossible its so upsettin i think i may try finding a citzen advice office what kind of help do they provide? is this a free service im alone and dont have responsible adults to get advice from thats why im askin on the net.
2006-12-10 07:25:21 · update #1
Take the overdraft for the short term to stop you getting even more charges. There are ways of challenging banks about their extortionate charges, most of which far outweigh the amount originally due. Have a look on the link below - it will point you in the right direction of how to get your money back.
Hi hon - just read your added on bit and yes the Citizens advice is free - look it up on the web for the phone number / nearest office. They know about laws and legislations and deal with this kind of thing all the time. Might be an idea to phone for an appointment beforehand, then you can take in all your stuff and they'll help you sort it out and talk you through your options. I've been helped by them in the past and they're really good - they phone up the company for you, write letters.......... give them a phone. Good luck and best wishes x
2006-12-10 07:16:44 · answer #1 · answered by Lost and found 4 · 1⤊ 0⤋
First thing in the morning either telephone or go to your bank in person.
Explain that these charges are crippling you financially and you are not going to be able to pay your mortgage as a result.
Appeal to their good nature and explain that it is the Christmas season and you accidentally lost track of your spending and it will not happen in the future.
They may as a gesture of goodwill agree to refund some or possibly all of the charges providing you do not make a habit of going overdrawn and having payments returned unpaid.
Discuss the possibility of arranging a small overdraft facility to avoid the situation happening again.
Try to remain calm and focused as shouting will not get you very far.
If you do not get any help from the bank, calmly ask them for the details of the ombudsman before you leave. Then I would try to get an appointment at your local citizens advice and see what they can do to help you.
Alternatively if you have been experiencing charges over a longer period of time you may wish to read the information on this link about getting all your charges refunded.
http://www.bankrefund.com/
Please try not to worry to much. Things will sort themselves out.
I wish you luck.
2006-12-10 08:38:29 · answer #2 · answered by angie 5 · 1⤊ 0⤋
I'm in the US, so I don't know how helpful I can be. You can do nothing about the charges you have already got, your stuck with them. Credit unions are better than banks (lower fees). You can also link your savings or credit card as overdraft protection (although there are still a limited number of times in one month you can get around the fee). Your real problem is you spending more than you have, in which case stop. Or you have a disability with balancing your check book, addition, subtraction, or otherwise. If your problem is balancing your checkbook your bank will help you understand the process, banks do offer support before you get into trouble, what do you expect, them to offer to pay them for you? You may not realize it, but you commit a crime every time you overdraft.
I'm sorry but I have to reply to your additional comments:
"had to buy a house"...you chose to buy a house
"parents don't help"...they shouldn't
Your doing "big girl" things with a "little girl" mentality
Your over your head, get a room-mate, or two...get a second or third job.
Sorry again, but no sympathy here you created this mess.
2006-12-10 07:10:59 · answer #3 · answered by Mike M. 5 · 1⤊ 0⤋
Its a catch 22. You need to get down your bank asap (tomorrow!) and speak to the manager about your requirements. Perhaps they can extend your overdraft temporarily to help you catch up with your finances. They charge £20 for this facility, but its better than £138!
If you are having problems with money, you should seek help, because it WILL get the better of you in the end. I had a similar problem, and I am blessed with a mum who's also an accountant, so I didn't have to go too far for help, but you should try and find someone, if no-one at the bank can help you.
2006-12-10 07:04:21 · answer #4 · answered by ashypoo 5 · 1⤊ 0⤋
Yes, they really hit you when you go overdrawn, when you least need it.
Basically you must avoid going overdrawn at all cost even if it means asking for a bigger overdraft. You'll pay interest on the overdraft but it wont be nearly as bad as the charges. If its only 99pence for a day or two then talk to them as they might wave it.
Pop in the citizens advice bureau as they can help you.
2006-12-10 07:06:35 · answer #5 · answered by John S 4 · 1⤊ 0⤋
O right stop right there they cannot charge you for this seriously they cant.
A few months ago i listened to a bloke on the radio waffling on about bank charges and how they were not backed by the law. I dismissed this as just anouther grumbler on the radio but he gave out a website address and one bored evening i checked it out. this website explains how the charges banks administer to your account are not lawful (meaning there is no laws backing them up) they then went on to explain that the only charges they are lawfully allowed to administer to your account are proportionate charges (how ever much it ACTUALLY costs to tell you your overdrawn). I (like you are doing now probably) dismissed this as being a load of rubbish, but thought i'd give it a go anyway 6 weeks ago i wrote to my bank and demanded all my charges back for the last six years (the website has letter templates for you to use) a week ago i got a check for over £1800. it sounds to good to be true but i promise you its not. Go to this website www.consumeractiongroup.co.uk and read about it. This website is the reason my kids are having an amazing christmas this year
2006-12-11 01:03:32 · answer #6 · answered by Anonymous · 2⤊ 0⤋
Go to www.penaltycharges.co.uk this site will tell you how to get your charges back over the last 6 years. Do not stand for this kind of theft it's your money and the banks need to stop overcharging for this kind of thing. They charge you £30 for admin but the actual cost to bank of you going overdrawn is actually only £4.50
Good Luck
2006-12-12 17:29:23 · answer #7 · answered by Anonymous · 2⤊ 0⤋
It will depend who you bank with, I worked for Barclays and Woolwich once and in the charges department, and the key word to get the charges dropped is...
You will leave me in severe financial difficulties if you do not refund those charges.......
It is completly wrong charging you for being 1.99 overdrawn they usually have a buffer zone on accounts that people do not know about, which does not activate charges til you go over it.....
Ask for help, cry, tell them you can't pay your mortgage/rent honestly it works.....just don't loose your temper, I would not help people if they were rude to me......so remain calm and appeal to there human nature.......
POOR LOVE, OH BLESS YOU I HAVE READ YOUR EXTRA BIT AND REALLY FEEL FOR YOU....
WHO DO YOU BANK WITH, POST IT ON HERE, I MIGHT BE ABLE TO HELP YOU
2006-12-10 07:07:22 · answer #8 · answered by xXx Orange Breezer xXx 5 · 1⤊ 1⤋
ok take the over draft
and don't use it
this way you can pay all this back with out paying over the top interest
as soon as you have paid this balance up ask for the over draft to be canceld
that way you are giving your self more time to pay up
and infuture make sure you have the money in the bank for the direct debt
2006-12-11 09:24:39 · answer #9 · answered by needanswers 3 · 1⤊ 0⤋
hi, (ANS) What maximum individuals (banking clientele) forget is that having a economic employer account potential you have "a shared dating" including your economic employer. this potential that the economic employer has a responsability to you the shopper yet you apart from could have a duty to the economic employer to no longer abuse the provider presented. **to place it merely who's in charge:- The economic employer is 50% in charge to you & you're 50% in charge to the economic employer for how you utilize the provider. **this means that once a individual has an overdraft facility it somewhat is an agreed characteristic of the account or cutting-edge account. Its regular that an agreed overdraft facility is charged for at a undeniable reported fee (the linked fee is often in Black & White interior the debts T&C documentation). i.e. you have agreed to the fees once you opened the account all those months or years in the past. **Banks do tend to get very disenchanted in case you flow over your agreed overdraft decrease with out telling them first, it somewhat is by using fact its no longer your guy or woman money your employing or drawing against. that's in fact the banks own money. Banks are in fact lending you "their money" once you utilize an overdraft or flow over your present OD decrease. The economic employer is lending their money to you based on the perceived point of possibility you characterize to them i.e. credit scoring. **subsequently the extra you flow over the OD decrease the better the expenses or outcomes they're going to slap on suitable as they sense the possibility of returning or improving is going down with increasing debit ranges. **even with what many banks declare, there's no! such element as loose banking. Banks continually charge for his or her centers whether the expenses are hidden in different techniques. **bear in mind Banks at the instant are not charities they definitely exist just to make a income from what they do. all of us questioning in any different case is being naive in my opinion. style Regards from Ivan
2016-12-30 05:37:51 · answer #10 · answered by ? 3 · 0⤊ 0⤋