Im back and desperate. Please help me!! HUGE overdraft and huge fees

[Clare1981]

Hey all!! Havent been here for a while, life has been busy!!!

 

We've worked really hard to pay off all our debts in the last few years but we are left with this HUGE 7k overdraft that belongs to my husband (Had to get that bit in!!!)

 

Every month we get interest charges which is usually £100. Money is so tight we live in our overdraft, we max it out every month basically. The charges are getting ridiculous. We cant help but go over the limit, not good I know... but these charges really dont help. Last month and this month have been difficult leading up to xmas and the letters just come through with the charges to be applied in Dec.. they are £225. At the mo we are £100 over our limit and have been for a few days, hubby doesnt get paid for another week and they charge £20 a day up to a max of 10 days... so thats £200 plus the interest to be taken in Jan

 

I just dont know what to do. Are they allowed to charge such ridiculous amounts?? This has been going on for years now and life would be 100 x better if we could reclaim some of these and pay off the overdraft. We'd be debt free for the first time in 10 years.

 

So am I allowed to reclaim?? What are the chances and where the hec do I start??

 

I would be grateful beyond belief if someone would just guide me in the right direction.

 

To know that I have a chance would be a great start

[BankFodder]

Start off by getting hold of all of your account data. Use our new template and put in an SAR.

 

You can claim all of your charges back to 1995 plus any interest they have levied on those charges plus overdraft interest which has been taken from you for an proportion of your overdraft - authorised or unauthorised which is comprised of charges.

this will probably add up to a lot of money.

 

Get the SAR in now.

Write to your bank and put them on notice that you are claiming back all of your charges and that your account is in dispute.

When the data arrives, calculate everything, sned them a 7 day LBA and then sue.

If you don't intend to carry out your threat then don't bother.

[Clare1981]

Yes I definitely intend to take it all te way if anyone here thinks I stand a chance??

 

I have all the statements so will be making a start on the spreadsheet later on.

 

Am I right in thinking there are holds on all claims re. bank charges?! Or is that old news?!

 

Thanks for the reply.

[maroondevo52]

Hi,

 

You are right about the 'stays', there should be an announcement shortly, get your claim in asap.

 

Regards.

 

Scott.

[ftd]

Change banks immediately and have your wages paid into the new bank - Don't ask for an overdraft!

- it'll give you a new perspective, it wont stop the current bank charging you, but at least you wont have to pay out the charges for the time being!

 

FTD

[Clare1981]

Thank you. We have a joint account that our child benefit and tax creditsare paid into (With no o/d) so we will move everything over to there asap. Should I leave some money in there to pay the o/d interest each month though?? Because if not we will go ovr our o/d limit and get some mega charges!!!!!

 

Ive been using the advanced spreadsheet for the overdraft interest but its very confusing... is there an easy way to understand how this works?? I put the figures in but nothing comes up, does that mean Im not entitled to claim anything??

 

Hope this makes sense!!

 

Thanks so much for your help so far xxx

[maroondevo52]

Hi,

 

Steven 4064, has a Tutorial here...............

 

http://www.consumerforums.com/resources/templates-library/51-guidance-notes/233-interest-tutorial

 

Regards.

 

Scott.

[Clare1981]

Still confused!! Doh!! If we were constantly overdrawn would that mean there would be nothing to claim back?? If so that makes more sense... we never had an 'in credit' balance, we've lived in our overdraft for years Does that make a difference??

 

Sorry to be a pain....