mrcharlie Posted November 23, 2017 Author Share Posted November 23, 2017 By gum, if you were able to afford £35-60 per month in OD fees you must have got one hell of a lot in your savings account to provide the amount of interest to pay those type of figures off and still be making a 'profit'. However, I doubt this will be the case. A true Yorkshireman may well be 'stubborn to the end' but he is also very, very careful with his money. Get that overdraft paid off from your savings or have a word with the bank and get a short term loan to pay off the overdraft. A short term loan will at a lot lower interest rate than the overdraft rate and you can pay it off over a number of months (but use your savings in preference to a loan!). Finally, as you have said 'be exceedingly frugal' and spend within your means (income) and DO NOT USE THAT OVERDRAFT AGAIN Finally, finally, all the best, hope you get things sorted Well the OD was cleared last night and a float added to each account to ensure we don't go in the red. The loan we took out 2yrs ago for the new Windows - 12mths to go will be paid off today too. The house was was paid off several years ago. So hopefully by the end of today we should be 100% debt free...but very very skint!! Fully intend on purging all unwanted stuff on eBay/Gumtree and save like crazy for the next 6mths to get our "emergency fund" back up AKA savings account. Yes, looking at it all with fresh eyes the bank has made a bloody fortune off us over the past several years, had it not been for this latest greedy hike in fees we would probably have carried on as we were......stupid now looking back. Onwards and upwards as they say...good health forthcoming. It's gonna be a quiet Xmas in this household -lol Link to comment Share on other sites More sharing options...
alchresearch Posted November 23, 2017 Share Posted November 23, 2017 I'm with Lloyds and got a letter as well as a forced message that I couldn't ignore on the Internet Banking site. Link to comment Share on other sites More sharing options...
barleycorn Posted November 23, 2017 Share Posted November 23, 2017 What are these new fees? Link to comment Share on other sites More sharing options...
Phili Buster Posted November 23, 2017 Share Posted November 23, 2017 Well the OD was cleared last night and a float added to each account to ensure we don't go in the red. The loan we took out 2yrs ago for the new Windows - 12mths to go will be paid off today too. The house was was paid off several years ago. So hopefully by the end of today we should be 100% debt free...but very very skint!! Fully intend on purging all unwanted stuff on eBay/Gumtree and save like crazy for the next 6mths to get our "emergency fund" back up AKA savings account. Yes, looking at it all with fresh eyes the bank has made a bloody fortune off us over the past several years, had it not been for this latest greedy hike in fees we would probably have carried on as we were......stupid now looking back. Onwards and upwards as they say...good health forthcoming. It's gonna be a quiet Xmas in this household -lol Well done, but look at it another way as well, you should be at least £35-60 per month better off now. Don't go berserk with all that extra wealth It may be a quiet Xmas but you aren't helping to fund the bank's Xmas party. Have a good Xmas Link to comment Share on other sites More sharing options...
Cyclone Posted November 23, 2017 Share Posted November 23, 2017 You were spending £35-60 on overdraft fees, to allow yourself to save money? That does sound a little bonkers. How do you get fees of even £35 on an agreed overdraft anyway? Surely the only fee that applies if it's agreed is interest? Link to comment Share on other sites More sharing options...
SnailyBoy Posted November 23, 2017 Share Posted November 23, 2017 I think some banks charge a daily fee, even if the overdraft is agreed. Link to comment Share on other sites More sharing options...
Cyclone Posted November 23, 2017 Share Posted November 23, 2017 What are these new fees? "But the losers will be those customers who have large agreed overdrafts and use them a lot each month. Lloyds said someone who has a £1,000 overdraft limit and uses it for 10 days a month will now pay £14.20, compared with £10.88 before. The bank admitted that the 1p per £7 overdraft is equivalent to an APR of 52%, and said it would encourage regular users of large overdrafts to switch to a personal loan instead." 1p per £7 per day (is the implication). £42/month if you spend 30 days overdrawn by £1000 (arranged). Which as it says is at the incredibly high APR (for an arranged credit facility) of 52%.... By comparison HSBC charges 17.9% APR on an arranged overdraft. Which would mean £13.80 in charges for that £1000 over a month. Link to comment Share on other sites More sharing options...
mrcharlie Posted November 23, 2017 Author Share Posted November 23, 2017 (edited) That does sound a little bonkers. How do you get fees of even £35 on an agreed overdraft anyway? Surely the only fee that applies if it's agreed is interest? Without logging in to Internet banking I can't remember off hand how it charged. But suffice to say we had the initial fee for using the OD then additional fees for interest. Our savings was basically an emergency fund. Neither of us has anyone with whom we could rely upon to bail us out if we found ourselves in dire straits - hence our reluctance to dip into that fund. But this latest hike was a step too far. So although our savings has taken a hit, we'll endeavour to put back ASAP. As for lloyds and any other bank, credit card or whatever... They can all go to hell. We are not frivolous by any means, and even less so now. Edited November 23, 2017 by mrcharlie Link to comment Share on other sites More sharing options...
Cyclone Posted November 23, 2017 Share Posted November 23, 2017 Personally I'd suggest getting a credit card for emergencies and for the fact that it gives you greater consumer rights when you buy anything. And I'd switch banks entirely, Lloyds sound like a rip off, and I found them to be massively useless when we had a community account with them, they could never process anything. We switched in the end. Link to comment Share on other sites More sharing options...
mrcharlie Posted November 23, 2017 Author Share Posted November 23, 2017 (edited) Personally I'd suggest getting a credit card for emergencies and for the fact that it gives you greater consumer rights when you buy anything. And I'd switch banks entirely, Lloyds sound like a rip off, and I found them to be massively useless when we had a community account with them, they could never process anything. We switched in the end. Before we set up the overdraft several years ago we used credit cards....never ever again. It was horrendous...we just couldn't get out of it. Everything we buy is purchased either with debit card or if online, PayPal. Enough is enough for us. We try, as many do to be careful and frugal but it seems everyone just wants to screw you. Our energy supplier recently put our monthly bill up by £100 without asking, they couldn't explain why and initially refused to comedown. Glad to say it did come back down. But it often feels like everyone is just out to rip you off. Makes you very cynical. Edited November 23, 2017 by mrcharlie Link to comment Share on other sites More sharing options...
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