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Cant reduce my balance


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Hi everyone,

 

 

I have a LLoyds bank Premier account.

 

 

I get charged £25 for the account, £6 for an overdraft useage fee and interest on the money that is overdrawn.

 

 

We pay around £51 per month, the balance doesnt change and hasnt changed since 02/10/2009!

 

 

we are just treading water, we have a constant balance of £-2090 and cant see a way of paying it off as we cant afford to pay anymore.

 

We have asked to change to a different account before to help us reduce the balance

but were told that until we get it down to £500 they cant do anything for us.

 

Can anybody help?

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Was there a good reason for you wanting an account costing £25 per month? Have you always benefitted from any benefits of that type of account?

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro 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.

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Hi Caro,

 

 

I opened the account when I was made redundant and had my redundancy paid out.

 

 

I was advised it was the best account for me and back then I was still one of the many that thought that banks were there to help you.

 

 

I already had insurances, breakdown and mobile phone cover etc so no benefit to me really except to line LLoyds banks pockets

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time to start a reclaim for your misold package. Reclaim the fee plus int at the rate they charge for your od

 

have a read of this http://www.dailymail.co.uk/news/article-2547073/Backlash-rip-fee-paying-bank-accounts-Thousands-customers-complain-claims-widely-mis-sold.html

 

andhave a read of the latest fca guidance http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/firm-guides/consultations/packaged-bank-accounts

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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a personalised letter headed Formal Complaint, explaining why and how you were misold your package account

 

is far better than any template.

 

do you spreadsheet and letter, the links above should give you the right idea

 

and post them up prior to sending, so we can check and advise if necessary.

 

5 years at £300 per year plus int at their rate should wipe your od

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Completely agree with theoldrouge. It is quite scandalous that they refuse to let you change from this type of account in the circumstances.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro 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.

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Ok so for the calculations do I do 3 seperate sheets,

1 for the account charge,

1 for the interest charged

and 1 for the overdraft useage fee?

 

 

Then send them all three and a total amount.

 

I am not sure of the interest they charged so do I do 8% interest?

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Yes Caro,

I have had to deal with other debts first

and now this one is next,

 

 

so hopefully I can wipe this one out.

 

 

It seems to be chicken and the egg syndrome.

 

 

I have just cleared the credit card and its the only one I still have with a clean bill of health

(so I intend to start using it a little to try and repair my credit history a bit if it will help?)

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How long have you had the account? Generally it's very hard to claim bank charges like the overdraft fee, but if you can demonstrate that the £25 fees and interest on it caused the OD you might stand a chance.

 

Isn't there an interest rate shown in your statement?

 

It depends how bad your credit file is if there's any point using a credit card again. Is there a reason for wanting credit in the future?

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro 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.

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Hi Caro, yes the interest rate should be on the statement I will look tomorrow, dont want to wake the dragon in bed :-)

The fees that have been charged are more than the overdraft so would that be a basis to say that the charges caused the overdraft?

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the interest rate should be detailed on the statements.

 

 

they all go on ONE SHEET

you cannot reclaim the pure interest listings.

 

 

just the account fee and the OD usage fee.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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You should be able to claim the interest on the charges. Show them individually (on the same sheet).

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro 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.

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the sheet will calculate the interest the charges caused you.

 

 

no don't add the OD usage fee to the subscription charge

 

 

sadly you'll have to list them individually

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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