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Help with bank charges

help with bank charges - A young businesswoman with a credit debt - holding a credit cart with tied up hands.

Need help with Bank Charges?

Bank charges can make a bad situation impossible by turning a small slip into a big problem.

If you have loans with your bank, you can be stuck in a double bind with the bank taking money from your current accounts to make payments on the loan, and then charging you if this takes you over your overdraft.

What to do:

Take out a new bank account with an alternative bank to have your income paid into. This means that you’ll be able to access your money without it being swallowed up in repayments and charges.

By law, all banks must offer a basic account without overdraft or credit facilities, available to everyone. Often these accounts are not promoted because they’re not profitable for the bank, so you may have to ask for it specifically.

Sometimes it is possible to reclaim previous bank charges if you’ve been treated unfairly. If you’re struggling with debt, you can’t pay for basic necessities, you’re being charged disproportionate amounts (e.g. £40 charges for going £2 over your overdraft), or your charges have started to ‘snowball’ (you’ve had new charges made before you could clear the old charges), then you could reclaim the charges your bank has made against you.

Money Saving Expert has an excellent guide on how to reclaim your money.

If you are struggling with debt or need help with bank charges, having an IVA or Debt Management Plan in place means that a bank must treat you sympathetically, often meaning that charges are stopped and old charges are refunded.

You must have a new bank account with an alternative bank to have your income paid into before these plans can start. There are ways out of debt: you can become debt free in two years with the right help. Call one of our expert advisor’s today on 0800 088 2599 or 01282 218218 for help, support and to find out more.