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TheyrCriminals What effect has Bank Charges had on you??
Hi Guys,
I have spoken to some people who have told me that bank charges has significantly affected their finances, in many cases a debt has purely been made up of bank charges. This is becoming an increasingly distasteful experience. As we are all aware this problem has affected many individuals and families and has even directly contributed to the collapse of some small businesses. I must now ask the following question:
Has bank charges been a contributing factor in someone committing suicide?
a jacuzzi with Bananarama. I have not lived in Bolton since 1986
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Re: OFT v Banks - Round One to OFT
Debt is known to drive some to suicide, bank charges incease one's alleged indebtedness, so it would be a logical conjecture to say that in some cases, it has.
I would even suggest that bank charges have a *greater* effect psychologically than a normal debt, because the individual has no direct control over it. The resulting feeling of helplessness would not be at all healthy for someone predisposed to depression and self-destructive thoughts.
In the early CAG days when it was still small enough to do this, we used to watch out for users that seemed particularly at risk from their posts and would contact them individually to offer them support, and I know that there were quite a few people who felt that the only way out was that way.
I am absolutely certain that spiralling debts at least contributed to my complete Breakdown 5 years ago, over which I was hospitalized - voluntarily, but with the unspoken threat of being sectioned otherwise, and I was on suicide watch for the first week.
The trouble is that even relatively low levels of bank charges spiral out of control very quickly if your income only just covers essential expenditure. My bank charges for the years I know about (since about 2000) 'only' amount to about £2000, but they are directly responsible for at least half the total debt over that period of around £30,000 because the bank kept offering 'consolidation loans' to clear the overdraft, but never actually took the overdraft facility away or even reduced it. I trusted them totally when they said a loan was the best option.
RMW
I am not an expert in law, finance or any related field, I just read a lot. Any advice is based solely on what I've read so please don't take it as gospel without checking it out yourself.
I prefer not to give advice by PM. If you want me to look at something, send me a link to your thread, and if I can help I'll reply on there.
I am absolutely certain that spiralling debts at least contributed to my complete Breakdown 5 years ago, over which I was hospitalized - voluntarily, but with the unspoken threat of being sectioned otherwise, and I was on suicide watch for the first week.
The trouble is that even relatively low levels of bank charges spiral out of control very quickly if your income only just covers essential expenditure. My bank charges for the years I know about (since about 2000) 'only' amount to about £2000, but they are directly responsible for at least half the total debt over that period of around £30,000 because the bank kept offering 'consolidation loans' to clear the overdraft, but never actually took the overdraft facility away or even reduced it. I trusted them totally when they said a loan was the best option.
This is a scenario I have experienced myself and it isnt nice at all. Thankfully, I found CAG in time and was able to see that, far from being the "good guys" the bank was actually a major player and had contributed to the problem OH found himself in. By manipulating figures they offered loans that were unaffordable from the outset. Presumably hoping that they could persuade a secured loan at a later date. Unfortunately, the credit crunch and collapse of the housing market kicked that out of the window.
You have to laugh at the letters emanating from, in particular, the likes of HSBC where they say "we are responsible lenders" ???
1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -HERE
2: Take back control of your finances -Debt Diaries
3: Feel Bullied by Creditors or Debt Collectors?Read Here
When the Liberals and Conservatives were in opposition, they both agreed that banks should pay back high bank charges to customers. Nothing seems to have happened since they came into power as a coalition. PPI Insurance has been sorted. Now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE
Thank you to everyone who has contributed above. If there any others out there pwith similar experiences or know of any who have had these experiences please post them up, in actual fact I wonder if perhaps an Administrator could move this over to a new thread. My research is taking me to levels I had suspicions existed but now realise there is a very good chance they do indeed exist. As has been stated before it is important before I start filming that I get evidence of bank charges directly contributing to people's suicides. I will therefore be asking an Administrator to see if it is possible to get an announcement made. If not please keep posting your stories up and I will contact you by PM. If I eventually do prove that bank charges have directly contributed to someone taking his/her own life then I believe, as a society, something has gone severly wrong somewhere and I would like to expose this.
Re: TheyrCriminals What effect has Bank Charges had on you??
What one finds amazing is that these so called financial (debt ridden) institutions can charge at a seconds notice but take weeks to reimburse or repay anything. We should in theory as taxpayers subsidising these fat cat monolithic epitaphs have the right to more than we do.
Financial institutions have total control over ones life. I'm quite confident that they operate jointly and severally as cartels and let's face it the Bank of England is part of that too. As is said 'money talks'.
Michael
Re: TheyrCriminals What effect has Bank Charges had on you??
Hi InformedResearcher,
You're quite right in saying that the tax payer should have more say in how these banks are run. The fact that banks are still applying these charges and as you say doing so in a moments notice and the consumer is still being forced to pay these charges is totally unacceptable. It is an unfortunate consequence of the very one sided deal that the OFT, the FSA and the banks came to in July 2007 which put the consumer at a huge disadvantage.
Re: TheyrCriminals What effect has Bank Charges had on you??
I have been off ill for about a year and just recently returned back to work, in this year i nearly lost my home and the debts from credit cards too had this huge impact on me and my family,
suicide, i was not quite there but desperation, depression and feeling hugely helpless impacted on me getting better,
i found CAG again from about 8 months ago and ive learned something new every day, im taking back control, and i now dont worry from the letters i get as im processing everything in my mind and ONLY by letter thus in my time and with help from these wonderful people here who have supported and helped me so much more than words can express - anyone who has sent me a post reply or pm, have helped me in your efforts for which i thank you all.
I have sorted the phone problem out, i did send out harrasment letters but that really just got each creditor their justification that they can call me and they were not harrassing me, Yes they were, when they would call me at least 4 to 6 times a day each of them.
So i know i can log them ect but at this moment in time, peace of quiet in my house is more important to me, as i was feeling vulnerable again just lately. So ive Fixed the telephone and wow the peace in the house is refreshing
There may be future suicides in this credit crunch future months, once people do start losing their jobs etc, things will affect them in a way quite possibly they may then feel its the only way out, This really needs to be highlighted, There is alway a way out and suicide is not the answer, but i can understand the feelings that you can reach to get to that point, ive always had my hubby and daughter supporting me and thus it would hurt them so much if i conteplated suicide, so i know for myself its something ive not personally reached but i do imagine how one reaches that point.
Debt is known to drive some to suicide, bank charges incease one's alleged indebtedness, so it would be a logical conjecture to say that in some cases, it has.
Proving it is another matter.
Funny you should have said that because I pointed this out to the HSBC Financial Hardship man who refused my claim. Erm, it fell on totally deaf ears I would add! The normal brief for these departments is 'do not part with the companies (IMHO ill-gotten) gains'.
These people work to specific guidelines. They claim to adhere to the Banking Code but it's always easier for them to miss the first steps of section 14 and whizz along to the threats (final solution) sections. All they did for me was to give me a well known Debt counselling agency and said they would sort everything out for me - aka, 'washed their hands of me'.
If you'd all like a laugh the next day I called regarding my loan account. The lady told me they were still deciding on my hardship application and to wait a few days - quite amazing as the day before they blankly refused the hardship claim!
Re: TheyrCriminals What effect has Bank Charges had on you??
When I was coping with our debts, there was no CAG, I was in total despair. I had no idea waht to do, I made some very costly bad decisions trying to cope. I E I sold an endowment policy which only had 6 years to run. I used to beg the bank to stop taking the charges from us so I could "catch" up and actually pay people. I had bundles of unopened letters and I used to jump a mile if the phone rang. I am now terrified of borrowing money and although I am now out of debt the past experience has left me very wary of finacial institutions. I hate people who work for them and now rejoice in the number who are loosing their jobs. I know this sounds awful but it is the way I feel. Perhaps now they will see how quickly your life can be run from afar and may not be so smug. We cannot plan for the unexpected and I am glad that this goverment is trying to help people who are made redundant. I only wish the help had been there for us.
My wake up call came when he bank took my entire salary for the month in charges. I then realised that no one in so called authority was going to help and devised a system of clearing debts. The last one has two payments to go, it has taken me years to get to this point but it can be done.
Re: TheyrCriminals What effect has Bank Charges had on you??
Hi Guys,
Thank you for the above posts. I am pleased that despite desperate times CAG seems to have helped you a lot and as angel 1 rightly says debt is not worth committing suicide over. A quick note to Hilaryfrances - I can not fathom, and never will be able to fathom, the perversity of a bank taking your entire salary in bank charges this should almost be a criminal offence in my opinion.
Re: TheyrCriminals What effect has Bank Charges had on you??
Originally Posted by TheyrCriminals
Hi Guys,
Thank you for the above posts. I am pleased that despite desperate times CAG seems to have helped you a lot and as angel 1 rightly says debt is not worth committing suicide over. A quick note to Hilaryfrances - I can not fathom, and never will be able to fathom, the perversity of a bank taking your entire salary in bank charges this should almost be a criminal offence in my opinion.
TheyrCriminals
Oh let me assure you they do! Back in 2000 having had a Barclays current account for 25 years I had a couple of unauthorised o/d's. I got a letter. A month later I got a letter telling me the account was closed. How convenient as pay day was the day the letter arrived.
I called them and after 5 minutes the lady said, 'Sorry, your 5 minutes of time is up, anything further contact us by letter' (seriously!) and she said goodbye and the phone was dead. They took my pay that day even though the account by their choice was closed 5 days earlier. I was rather naieve those days!
Re: TheyrCriminals What effect has Bank Charges had on you??
Yes Michael, pre CAG we were bullied by banks as we assumed they had the authority to do what they did without question and we were very "naughty" The day my salary was taken I did not realise until I rang my companies financial director to complain my salary had not been paid. I felt a right fool when he said, "Of course it has" I just thank goodness that now there is help and guidance for people who find themselves in the same situation
Re: TheyrCriminals What effect has Bank Charges had on you??
Originally Posted by InformedSearcher
Oh let me assure you they do! Back in 2000 having had a Barclays current account for 25 years I had a couple of unauthorised o/d's. I got a letter. A month later I got a letter telling me the account was closed. How convenient as pay day was the day the letter arrived.
I called them and after 5 minutes the lady said, 'Sorry, your 5 minutes of time is up, anything further contact us by letter' (seriously!) and she said goodbye and the phone was dead. They took my pay that day even though the account by their choice was closed 5 days earlier. I was rather naieve those days!
Michael
Just to clarify I wasn't saying the banks were not taking people's wages I was merely stating that I will never be able to accept this type of twisted business mentality. As I also stated I believe that if your entire wages are taken in unauthorised overdraft charges then this should be a criminal offence.
Re: TheyrCriminals What effect has Bank Charges had on you??
Okay, this is 'my' story so far.... HSBC have given me no help ref financial hardship but to give me a phone number for some debt counselling service. I have serious reservations regarding all of this because they should be going through section 14 of the Banking Guidelines- They are simply not doing this by simply ‘jumping over the basics’.
I am going to be very brave here! I am now going to their 14 Canada Square address and request to see someone. My intentions are simple in so much as I’m satisfied or they will need the Police to remove me. This action will come to haunt them (more than me) as I intend to visit again and again till my Oyster card balance depletes to zero or they conform. I am now totally broke and no one will help me so I have no other options on the matter.
If anyone wants to suggest a better line of action then I am ‘all ears’. I must get my wife to make some sarnies for me (even though she considers me mad)! LOL
TheyrCriminals What effect has Bank Charges had on you??
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Originally Posted by reallymadwoman
Michael, let me wish you luck in your quest, but I doubt if you will get through the door
