Overdraft spiralling!!!

[magicnut]

Hi all,

 

Need some help with my barclays account, which I have held for years like many of you from what I have read so far.

 

I am in a spiral of reserve fee charges, and overdraft debt. My wages go in each month pay all the bills, then the charges, interest account fee, etc, come out and I am straight back in the the reserve amount and incurring charges to be paid out the following month..it's a never ending circle. I do not want to count how many reserve charge letters I have received but I could easily pay off my 1800 overdraft and some, with what they equal .

 

I phoned barclays for some help breaking the reserve cycle but all they could do was offer me a small loan to pay off my overdraft and stay out of the reserve fee. I decided to go with it and be very careful with my pennies..however my wages went in, bills came out, reserve fees and interest paid and I was back in the same cycle I didn't borrow enough to get out and stay out of my overdraft.

So as you can see I am nowhere to getting this resolved. Has anyone had any joy with claiming any of these charges back? Does the bank charge test case a few years back mean that charges cannot be reclaimed? Please excuse my ignorance of this! ...anyone got any advice? Thank you for your time.

[dx100uk]

if they are within the last 3 yrs

 

i'd hit them with a bcobs complaint.

 

dx

[magicnut]

Thanks Dx,

 

I have just been reading a little about the BCOBs sound a little daunting, how would I go about proving in court that my bank had treated me unfairly?

 

I can see that I fall into the levying charges upon charges example of unfair treatment and perhaps if I take a deep breath and add up the charges

(aka reserve fees as they are now known - I take it so they so they cannot be described as unauthorised?)

over the last 3 years then I may have a case that the fees are excessive and unfair compared to my income at the time?

 

Am I along the right lines with these?

 

I will do some more research into the BCOBs but if you have any more advice about the process and don't mind I would welcome it.

[dx100uk]

they are unlawful fees - take their int rate [o/d one?]

 

and fill this in

- This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

that'll give you a ball park figure to play with.

 

also ensure you outline you asked them for help - and all they did was offer MORE borrowing.

 

dx

[slick132]

Hi Magicnut,

 

Take a look here if you're in Financial Difficulty - https://www.google.com/url?q=http://www.bba.org.uk/downloads/bba/The_Lending_Code.pdf&sa=U&ei=DZl8ULqjCcWw0QW70wE&ved=0CAkQFjAB&client=internal-uds-cse&usg=AFQjCNEoeLRv-2UOw_eIz7GKg5WMorpERQ

 

Section 9 sets out the banks obligations to try to assist you by halting the addition of fees and/or interest. If they've failed to do this, you may have a valid complaint using BCOBs, and the basis of a court claim against Barclays.

 

[magicnut]

Thank you both,

 

I did call them on a number of occasions initially to talk to their 'rescue team'

 

however after leaving lots of unanswered messages and call back requests I got through to the customer services who offered me the loan as the only solution.

 

I now have the loan payment, reserve fees, interest and account fee each month they must be raking it in!!

[slick132]

Hi Magicnut,

 

Time to move this forward using the FD letter or take action under BCOBs if the bank fails to start treating you fairly as required.