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Is this right?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
I went into Barclays today after I had been into work to give them my certificate thing from the doctors to say that I'm unfit to work at the moment. I needed to change my address because my mum keeps moaning about my barclays mail being sent there, but now that I'm barely going to be getting any income I wanted to talk to them about other things too.

Basically, I am over my overdraft limit and I have been for a long time. I'm fully, fully aware that this is entirely my fault, however it is very difficult for me to get back into my overdraft limit when I am earning as little as I do and I do, after all, have to LIVE. But Barclays have been charging me £22 every five days as a big lump sum every month. I can just about deal with this but now that I'm not working I went in to plead with them and ask if they could please just waive the fees for just this month because you know, I'm not going to be working for at least a month and so I'm not going to be getting any money.

The guy in Barclays said they couldn't waive any charges because of the court case that's going on. As in, none *at all*. This doesn't seem right to me but I'm not really sure about the whole thing anyway so I thought I'd ask here.

Is this right? I really really can't afford another £100+ being taken out of my account when I'm not going to be getting any money between this Friday (when I get paid for the last two weeks - about £190) and May 10th when I get my loan. I am lucky to get £60 a week from my dad, but like I said, I do have to live and eugh. I want to go in there and tell them where to go but I have nothing to back up my thought that he was lying to me (it wouldn't be the first time they have done that, either).
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Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Does your Dad know you are getting these charges? If I were your Dad, I'd rather loan you the amount to get you back within your limit (even if I weren't going to get it back) than see my child slapped with bank charges every week. Therefore, my advice is to ask your Dad for more money, I would.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    My dad just lent me £1000 to pay my rent with.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    http://vbulletin.thesite.org.uk/showpost.php?p=2308520&postcount=4

    No way you're ever going to be earning £22 every five days interest on that, I think the only sensible thing is to pay off as much as you can afford so you don't get hit by overdraft charges.

    As for what the banker said, yes this is the bank policy - until the court cases are completed they are not giving any refunds. But then again, if you get a really nice guy, he might be able to give you a refund on a discretionary basis. However, as an ex employee of the bank, the discretionary basis tends to be if its a 'slip' (like, you get a regular monthly paycheck, but you went into minus because something came out the wednesday and you get paid on friday, that was in 99% cases fine) - if it's a habitual thing then they don't really see why they should waive the fees.

    This was before it was in the courts and the bank policy was not to refund though, so who knows.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    http://vbulletin.thesite.org.uk/showpost.php?p=2308520&postcount=4

    No way you're ever going to be earning £22 every five days interest on that, I think the only sensible thing is to pay off as much as you can afford so you don't get hit by overdraft charges.

    I don't know what that post has to do with this, actually. The scholarship is for all Kent students who apply for MAs at the university.

    If I could afford to pay it off, do you not think I would? My point is that I can't right now and I just wanted to know if what the guy at the bank said was true or not. Now that I know it was then I guess I'll just have to figure out a way to deal with it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    franki, didn't you say you had about £5000 in savings in another thread somewhere?

    can you touch that or is it in one of those bank accounts where you can't touch the money for a set period of time?

    if you can touch it, i'd seriously consider using it to pay off part of your overdraft (not all of it, just enough so you are within your overdraft limit so you won't get charged) because £22 every 5 days is actually ridiculous.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Franki wrote: »
    I don't know what that post has to do with this, actually. The scholarship is for all Kent students who apply for MAs at the university.

    If I could afford to pay it off, do you not think I would? My point is that I can't right now and I just wanted to know if what the guy at the bank said was true or not. Now that I know it was then I guess I'll just have to figure out a way to deal with it.

    Yea that's what I mean, the £5k in savings you mentioned in that thread, even in the most generous instances you would be earning £250 a year interest, whereas getting hit with £22 a month in fines is going to eat away at that very quickly.

    My suggestion was take however much you need to out of your savings to stop you getting hit by these charges (so if you're £2k over your limit, take out £2500 or something), because whilst you'll lose £125 per annum interest (at an unrealistically high rate tbh), you'll save more than that in a single month in bank charges. When your loan comes through or you have yourself settled financially where it's unlikely you will get these charges, put it back into savings.

    I know it was aside from your initial question, but it really just doesn't make sense unless there is something else going on - why let yourself get stung repeatedly by these horrifically expensive bank charges (which would come to about 10% of a full time workers take home!) when you have the funds in a savings account elsewhere ready to 'plug the gap' as it were. I mean, fair enough if you don't want to do that, but I was just offering some advice because on the face of it - it doesnt make sense. You certainly don't have to explain the situation though.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I can't touch it without telling my mum. Telling my mum is not an option right now. I know I sound stubborn and stupid but I am finding it hard enough trying to deal with all the other things that are going on in my head right now without having to tell my mum that I have a) signed myself off work and b) gotten myself so badly fucked with my money.

    ShyBoy - I'm sorry for snapping at you. I guess I misunderstood what you were saying. I am planning on getting a job asap after I've finished uni and I'm going to be working basically non stop between my final exam and having to move out so I'm going to try and pay as much of it off as I can off my own back. If I don't get onto the MA programme I'm going to need that money to help me pay rent for a month or so while I find a proper job in London.

    I'm just a bit of a mess. I'm sorry if I've been a bit of a bitch, it wasn't intentional.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I don't think there's an easy option here. I've got friends who have battled with Barclay's over charges, all to no avail. If you can't borrow the money to bring you back into your overdraft, then I really think it's a case of deciding which is the less painful of the remaining options: either continue to pay the charges or take the money out of savings and deal with your mum. To be fair, having the money in savings is a fairly privileged position to be in, and I know what I'd do. Hope it all works out.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    To be fair, having the money in savings is a fairly privileged position to be in, and I know what I'd do.

    :yes: not many students are in your position franki.

    i'm sure your mum would be much happier you dipping into your savings than being charged a ridiculous £22 every five days.

    sure, she probably won't be impressed you've got yourself into a bit of debt but your human, we all make mistakes. i made the same mistake myself a few years ago.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I know that that does seem like the logical solution, and if my mum wasn't the way she is then I would absolutely do it.

    The problem with talking to my mum is that she is very much a 'just get on with it' type and if I told her that I'd been signed off work, she'd ask me why and that would cause a whole other heap of shit and I want to avoid that as much as I can right now. My mother is not an easy person to deal with at the best of times because I am so non-confrontational anyway but right now I don't have the strength to argue with her.

    If it gets bad enough that I can't keep on top of it then I do have other options (I know, for example, that Rich would lend me the money to keep me afloat if I really needed it - although that would absolutely be a last resort) but really, talking to my mum isn't one of them.

    I'm sure I'll be fine. Thanks for answering my question though guys.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I'm the same, I'd tell my Dad about money woes but... never my mum!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    What about applying for the ALF at Uni, which you can reapply for as your circs have changed (being signed off work)? If you haven't already applied that is.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Franki wrote: »
    Barclays have been charging me £22 every five days as a big lump sum every month.

    Do I understand this right? £22 for every five days that you're over your overdraft limit?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    jamelia wrote: »
    Do I understand this right? £22 for every five days that you're over your overdraft limit?
    Yep.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Fucking hell, that's an absolute outrage.

    I don't really have anything useful to add, other than my total disgust and outrage at Barclays. £132 a month. £1606 a year.

    I think there are loan sharks and mob bosses offering more reasonable rates than that.

    Depending on how much you owe, wouldn't you be paying less if you owed it on a credit card? Do you have one, or are you able to get one? To transfer the portion of the overdraft that is over the limit on to?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I already owe a lot on a credit card but the payments on that are small enough to be insignificant..

    I don't really fancy another one, though.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Franki wrote: »
    I already owe a lot on a credit card but the payments on that are small enough to be insignificant..

    I don't really fancy another one, though.

    I feel your pain, but, that's just a psychological blip. The facts of the matter are that you are going to pay Barclay's £1600 in a year for whatever amount you are over your overdraft. Now I don't know what amount that is, but I think if it's small enough, you're going to get a better APR from a credit card.

    I will, only once, join the chorus of nagging voices telling you to stop being so stubborn and ask your mum whether you can use your savings to pay this off, before it spirals out of control and beyond the point where you are able to cope. £132 a month is a hefty chunk of anyone's income, and I don't know how you've been keeping on top of it to date. But now you're not working, you've got to sort it out, and it's completely insane to have £5k sitting in the bank while your debt is racking up because you can't face the lecture from your mum.

    I don't know all the ins and outs though, so it's your call. But think about it. It's a small, limited amount of pain from your mum to avoid endless spiralling amounts of pain and anxiety over your debt.

    Nagging over.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Plan c:

    Open another student account with another bank, get their interest free overdraft, share the debt between the two.

    You're not supposed to, but it's doable and certainly worth trying for that £22 a week.

    Also if it's an option I would just have Rich lend you the money to stop those bank charges until student loan comes through.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I've uh...tried that. I don't think they'll let me...
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    can you not just borrow some money from your boyfriend and give it him back as soon as you can?

    surely he isn't happy with you being charged £22 every 5 days!!!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If it gets to the point where I need to then I will ask him, but I'm not comfortable with doing it because I owe money to other people as well so he might not get it for a while.

    Plus our relationship is under enough strain at the moment anyway because I am constantly miserable and sniping at him and finding fault everywhere. I don't want to make it any worse.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    TBF I've offered to lend friends at Uni money for a week who were in a similar position - rent comes out Friday, student loan comes in Monday, will get stung by charge if not enough to cover overdraft :<<.

    In the end they spoke to their landlord, but same point... if you borrow from Rich now as soon as you get your student loan you can pay him back first as it was agreed it was short term?

    Obviously if other things are difficult it's not nice though.

    Hope it all picks up soon!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Except my student loan is going to go on paying back my dad first. I don't know, maybe I'll ask him.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Yea I understand it's not easy either way, I think in that case maybe looking into the ALF would definitely be a good bet:

    - you are suffering financial hardship which if no rectified poses a serious threat to your studies
    - this is because of a health issue meaning you can't work, something you can't be held accountable for
    - remind them that as a full time student you are not eligible for the ordinary benefits you would seek in this situation, which is why you require the ALF specifically

    Good luck x
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Just don't tell them you have savings, they won't know.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ShyBoy wrote: »
    Yea I understand it's not easy either way, I think in that case maybe looking into the ALF would definitely be a good bet:

    - you are suffering financial hardship which if no rectified poses a serious threat to your studies

    But they'll argue that if Franki has savings, she should use them instead.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    katralla wrote: »
    Just don't tell them you have savings, they won't know.

    Which is fraud.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    am I bovvered?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    The problem is not just covering these charges as they get added on, its the getting her back to the point where she wont be getting more charges added to her.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Melian wrote: »
    Which is fraud.

    have to agree with kat on this one I'm afraid!

    There are far more people who do far worse!

    Bear in mind my brother got an ALF grant of £500 with no medical extenuating circumstances simply because he was getting hit with these charges repeatedly.
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