Bank Overdraft Charges to Soar in next 12 months.

[alecmac18]

Currently there are millions of people about to come off 2 & 3 year fixed mortgages at an average rate of 4.56% - when you see that the standard variable rate is 7.75% - you just know that millions more people are going to be going into the red over the coming months.

This extra repayment adds an EXTRA £295 per month to a £150,000 repayment mortgage. Yes - you can re-mortgage. But for most people they take a few months to get around to it - this is IF they can even afford to remortgage - given the fees invloved these days.

As these new higher payments come due - many people are going to be in for a shock. Should the banks be applying punative fees to people who are already streched?

This is going to cripple a lot of people. There has never been a better time to get these fees lowered or removed altogether. Getting previous claims paid back wouldn't be a bad idea either.

As many more people experience these fees - the campaign against them is likely to grow even more.

Failing to rectify the situation quickly WILL cause misery to 1000's of households.

The time has come for the OFT and the FSA to act IMMEDIATELY to prevent this looming senario from occuring.