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#HBOS : Halifax overdraft charges are crippling me


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I've had a £1000 overdraft with Halifax for years, gradually got further and further into it until I basically accepted I was going to be in it for the foreseeable!

 

The charges are £1 a day for being in it, but if I go over the agreed £1000 limit I get charged £5 a day.

 

After redundancy, then a heart infection putting me out of work for 8 weeks, then taking a new job at a pay cut for an engineering apprenticeship (it is a step back for 2 steps forward long term) I'm really feeling it now.

 

Every month for the last 6 or so months I've been going over the agreed limit, then using Wonga to pick up the gap and slowly using more each time, the gap getting bigger, the slice out of the next pay a little larger... you get the picture.

 

My question is this: I've open a new current account with NatWest; if I transfer everything over to that (wages in/bills out) and effectively cut the Halifax one off, then write to them explaining my circumstances and ask them to freeze the debt and let me repay it at a reasonable rate, are they likely to let me do this?

 

I really don't care for my credit rating, it is about as bad as it can get without CCJs and it will be years before I can recover it properly anyway.

 

For info, the only other debt I have now is a credit card with Halifax, £450 into a £500 limit and paying off a little over the bare minimum a month.

 

I've had debt problems in the past, defaulted on a loan and embarrassingly my parents bailed me out.

 

At the moment I get paid £580 net every 4 weeks and I claim Working Tax Credits (I'm 27) to the tune of £30 a week. My pay will rise to approx £850 net when I move onto the next stage of my apprenticeship in June (+ the potential for overtime).

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  • 1 month later...

Hello 1manriot,

I'm sorry your thread seems to have been overlooked and you've had no reply since you posted in April!!

The Halifax forum seems to have gone very quiet since the Bank Charges test case was lost, which is a shame as there is a big issue to address re their new charging regime, which you have obviously fallen foul of.

 

I hope you did go ahead and open another account.

Could you update us on what Hx have done so far?

 

Kind regards,

 

Elsa x

PLEASE NOTE... I AM MOST SORRY BUT I HAVE VERY LIMITED AVAILABILITY AT THE MOMENT DUE TO EXTREME PRESSURE OF WORK - IF YOU REQUIRE URGENT HELP ON YOUR THREAD AND ARE GETTING NO RESPONSE PLEASE HIT THE TRIANGLE FOR SITE TEAM ASSISTANCE. ELSA XXX

 

Please check out my BLOG for the quick guide to debt threats - it has all the info & letter template links you need to get started on your journey of TAKING CONTROL. :roll:

 

All opinions are my own based on research. I am not legally qualified, if in doubt please consult a legal expert.

Hope this has helped or made you smile. Keep your chin up, you're among friends now! Elsa xxx

Please click the *star* of any CAG member who has helped you .

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My question is this: I've open a new current account with NatWest; if I transfer everything over to that (wages in/bills out) and effectively cut the Halifax one off, then write to them explaining my circumstances and ask them to freeze the debt and let me repay it at a reasonable rate, are they likely to let me do this?

 

 

 

 

Hi,

 

There's certainly no harm in trying, I'm sure the Lending Standards Board commits your lender to look at your position sympathetically and positively under the ‘Lending Code’. Explain your situation and say you are suffering hardship.

 

Have a look at sequencys blogs in this 'link'...............

 

http://www.consumeractiongroup.co.uk/forum/member.php?21294-sequenci

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Pure chance I came back to this today! Crazy!

 

Friday gone was my first pay day into my new account; Halifax have caught on as I've had a couple of calls (which I don't answer) from them.

 

I'm in an unusual predicament in that I'm going through a transitional period on my apprenticeship, that is: I've moved onto the next stage which gets a small pay rise, I'm also now entitled to a south east living allowance, I get a bonus "either in July or August"

for completing year one, I get a company bonus next month, and to add to that my new role if you like also comes out of a different budget (maintenance instead of HR) which are 2 weeks out of sync! Long story short, I don't really know how much I'm actually going to be earning monthly and won't know 100% for another 2-3 months!!! Without knowing this I won't know how much working tax credits I'll be entitled to (if any) either!

 

My plan from here..... I don't know really, I should probably make contact with Halifax now and arrange something.

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Hi 1manriot,

Welcome back :-)

Glad your finances are improving!

Have Halifax defaulted the account yet and frozen it, or are they still adding their self invented monthly charges?

 

Elsa x

PLEASE NOTE... I AM MOST SORRY BUT I HAVE VERY LIMITED AVAILABILITY AT THE MOMENT DUE TO EXTREME PRESSURE OF WORK - IF YOU REQUIRE URGENT HELP ON YOUR THREAD AND ARE GETTING NO RESPONSE PLEASE HIT THE TRIANGLE FOR SITE TEAM ASSISTANCE. ELSA XXX

 

Please check out my BLOG for the quick guide to debt threats - it has all the info & letter template links you need to get started on your journey of TAKING CONTROL. :roll:

 

All opinions are my own based on research. I am not legally qualified, if in doubt please consult a legal expert.

Hope this has helped or made you smile. Keep your chin up, you're among friends now! Elsa xxx

Please click the *star* of any CAG member who has helped you .

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