Lloyds NEW Over Draft charges

[alchresearch]

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.

 

Problem there is that if your card is cloned or skimmed then your bank account is drained. Yes, you get the money back, but how long does it take?

 

I use a Tesco credit card for all purchases. I get a text when the balance is £200, where I then pay it from my regular account.

 

It costs me nothing in charges or interest. I feel safer than using a debit card. Plus I get about £5 a month in Tesco vouchers.

[Cyclone]

Credit cards also offer you extra protection in the event of something dying or not being delivered and the retailer refusing a refund, or worse, having gone bust.

[Guest]

100 £/month for overdraft!?

That means in 12 months, almost one minimum wage salary.

Try to get one of those Vanquis credit card. There are pretty good, I have one just for a case of an emergency.

[Cyclone]

£1200 a year is not someone working full time on minimum wage, you've at least dropped a zero.

[Guest]

Yes, my bad

[SALLY18]

I know this thread was originally started as a warning about Lloyd's Bank. Overdraft charges can be a killer but in order to get out of living in OD it's important to try as much as possible to reduce monthly living costs.

 

I work really good hard to do this by doing things like changing insurance companies ie car, buildings, contents every year. It's surprising how much you can save. There is no discount for loyalty! Try and change energy supplier to and always provide regular meter reading that way it's easier to keep tabs on how much you're using and you can make adjustments to your monthly DD if you are using more, that way you don't get stung with a big increase.

 

Also look at what you are spending on food. Plan your weekly meals a head and shop frugally. Only buy what you really need. Instead of having a takeaway have a fakeaway it's much cheaper. It's surprising how much you can save.

[Guest]

I know this thread was originally started as a warning about Lloyd's Bank. Overdraft charges can be a killer but in order to get out of living in OD it's important to try as much as possible to reduce monthly living costs.

 

I work really good hard to do this by doing things like changing insurance companies ie car, buildings, contents every year. It's surprising how much you can save. There is no discount for loyalty! Try and change energy supplier to and always provide regular meter reading that way it's easier to keep tabs on how much you're using and you can make adjustments to your monthly DD if you are using more, that way you don't get stung with a big increase.

 

Also look at what you are spending on food. Plan your weekly meals a head and shop frugally. Only buy what you really need. Instead of having a takeaway have a fakeaway it's much cheaper. It's surprising how much you can save.

 

I agree. And change tv/internet provider every 12 months. That way, you are always "new customer" and new customers always have discounts for usually 12 months.

[mrcharlie]

@ sally & Croat

 

Well, we already do a fair bit of what you've listed and yes the savings do indeed add up.

Debt is horrible thing and the fact that today it is so easy is something I find rather scary.

 

As much as I don't relish getting older, I'd relish it a lot less if I had to start off again in todays world. The Bankers, Governments, Councils etc etc are all fuelled by pure greed. Fact is they couldn't give a toss about you or me, so long as they themselves are ok.