I Hate Banks

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So I'm in debt. I have agreements with my debtors to take money off me every week. After all my financial committments for a week are taken into account, I have 70 quid left to my name - only just enough for buses/meals if im careful.

However, it means that Im pretty much on a knife-edge with my finances. If even one goes out of balance, it will bounce, resulting in a £39 fine from my bank (bearing in mind one of these debits is for £50). This puts me into a spiral where I get charged again and again every week, because they are taking money off me, so I cant afford my payments, so they charge me again. I just got a letter through stating that Im being charged 2x£39 for two payments that returned this week.

The kind of bank account I have means that I get no interest, or credit of any kind (so no overdraft). Any attempt to get this upgraded to a regular account (So I could have an overdraft to help buffer for this type of thing) is rejected.

I also tried recently to get them to allow me to consolidate my debts into a single loan with them. I've been with this bank in this account for about 7 years now, with fairly regular payments going in for at least 4 years (student days before that), but that counts for sh*t when you have bad credit. It doesnt matter that they can see that it will put you in a better financial situation, and that they can see you are regularly getting the money into your account to pay the installments (lower than what Im paying right now anyway).

I have an appointment with them tomorrow. Im going to try to talk them into refunding the charges (if I can - its about £390 in the last two months), and changing my account. If all that fails Im going to find another bank who wont charge through the nose for charges. £39 is twice the going rate on bank charges, and even those are being contested as being illegal (Id be among those filing complaints if it wasnt for OFT granting the banks permission to NOT process the complaints until the test case is processed).

Bloody banks.

 

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Yeah banks suck

I once went 30 quid over my OD limit and 4 days later it was -£1342 that was a 70% increase or decrease depending on how you view the negative.

I would say to your bank if everything fails that you are taking your custom elsewhere and see what happens I have done that before and they don't half change their minds quick if they see your going (make sure you can open another account first)

Register with check my file.com and if you can pay the 15 quid (thats what it was when I done it) and it will show a report from all 3 credit reference agencies to see how good or bad your credit is, it will also tell you what sort of accounts and loans are available to you with your current credit score.

It helped me out and also got me credit even though I have CCJ all be it at a slightly higher (but not much) rate.

 

Fergal, I'm not sticking up for the banks but you have to bear in mind that there is a global credit crunch going on at the moment! The UK is now feeling the effects of this tightening of credit! Your credit score may have been ok last year but now the lending criteria has changed. Unless your history is A or A+ then most banks won't be interested.

We're now seeing the effects of irresponsible lending dating back as far as 1999 - house prices are next in line for a battering! At least you're not going to be a prisoner in your own home...negative equity is upon us...

...I bet Tony is glad he got out when he did!

 

I dont think you can put fergals situatin and the banks situation in the same context really. The banks all take a major gamble with everyones money, and really what they charge for being overdrawn is pure daylight robbery, even dick turpin had the courtesy to wear a mask.

I was charged 35 plus 15 for having a direct debit returned which i was not appy about. How can they justify that, after all its just a computer that sends out the letter. If the bank put your accountout of credit by 100 quid would you be able to charge them, no you wouldnt.

Anyway, fergal, about getting you money back, ill be suprised if you do get anywhere, you could try giving citezens advice a ring as they are pretty good in these matters.
Ed

 

I find the banks in the UK to be very biased and not very customer focused as a lot of them initially make out to be. On the other hand I have been dealt with very poorly by banks in the past hence the main reason why I no longer have an overdraft or even a loan from a bank.

I am really saving a bit each month and only spending a little that I can afford, talk about learning from one's past mistake and that is me. I don't even own a cheque book any more.

I once told a financial advise whilst in the process of applying for a mortgage that the customer is always on the sharp edge and 99% on the verge of lossing out when it comes to charges, interest rates and penalties.

He was dumb folded couldn't say anything because that was the bitter truth. I'd say get through your financial hurdles as best you can and start threading carefully. Best wishes, as am sure you'd come out being a stronger person

 

I qouted the part of Fergals post that talks about being refused a loan to consolidate existing loans! I didn't mention overdraft fees? Banks now have to pay more interest on what they borrow due to the global situation which results from the collapse of the sub-prime mortgage market in the US. We are now feeling those ripples and it starts off as a credit crunch on unsecured lending - the criteria for unsecured loans etc changes to lending to low risk ONLY!

All over the country the average Joe is finding that he cannot get a loan/credit card when last year he could!

As for the overdraft fees, well if they've taken them off you then it won't be returned until the outcome of a test case that is going through the courts. The results of that test case will determine whether charges are unfair. How do I know this? Well I went to HSBC to ask for my charges back - £35 - they said they can't help until the outcome of this case...but in the mean time I can lodge a claim!

The oucome of this case will also determine the future of free banking! So in the end "we" lose as usual!

 

have none of you looked at HSBC ? just noticed the post above, i've never been charged with the HSBC

 

I must be telling fibs then...

 

i do no that if i let 2 more DD's slip then my account can be closed, but never been charged

 

My mate is also with HSBC and has never been charged but there is a limit with them untill they do.

 

wow thats harsh - I never knew that!

Incidently my DD put me overdrawn and I was nailed 35 sheets for an informal overdraft. HSBC do charge -they rejected a DD of mine last year and I got hit 25 quid for that - perhaps our T&Cs are different cos I've let slip loads of DDs...10 years later and me account is still there. I've been with the tosspots since it was the Midland Bank. Since HSBC came in to play they've really gone to shite! Especially with the crap indian call centres...gets on my wick!

Natwest here I come!

 

I am with LLoyds and you have to phone an Indian call centre to be put through to your local branch, whats with that?

 

The borrower is slave to the lender. So, if at all possible, avoid debt like the plague. It dragged me down for 8 long years. I'm glad to be free of it (or relatively so, except for the van and house).

 

you with HSBC then ?

i've been with them for over 6 years and haven't had a problem with them, they've been pretty flexible with my account, overdraft and borrowing money. i had a £1500 free overdraft while i was a student which is now not free but i still have the facilities. Although i've not experienced it they said if i go over my overdraft i get several days to correct it before they'll charge me which i thought was quite reasonable

HSBC are good only if you use online banking, if you go in store its completely different there's always queues and they shut early. My mates with Barclays and they trually are shite, he applied for a loan and it took a week to get a reply because they lost his application, they didn't read his requests properly and his advisor wasn't there and to boot they have longer queues than HSBC.

grim

 

Yes I am with HSBC (3rd time I've pointed that out) and it's a graduate account.

At the end of the day I didn't manage my finances correctly so I got stung! Any other bank would have done the same!

 

yeah i skipped a few posts

is there not away you can increase your income ?

grim

 

So I had my appointment, and I still hate banks. The girl I spoke to was quite nice, but in the end I got virtually nothing. They rejected a request for a Current Account (again) - I'd asked for it so that I could have an overdraft facility to provide me with a buffer in case my payments went out before my wages went in. Said no.

I asked for the charges to be refunded and got nowhere. However, once I informed her that if the bank were unable or unwilling to help me out of the situation I was in, I would look at banks elsewhere. At that she spoke to the manager for a while, who said that they would refund one of my charges - bringing my balance back to zero, and stop the future charges already marked on my account.

Now have an appointment with Abbey, see what they can offer me.

 

Good move dude

 

Why?

I miscalculated a DD - nowt to do with how much I earn?

 

Well done Fergal! If they don't want to play then walk! Hopefully Abbey will help! I've heard that Halifax can be quite good too.