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Here before us is the inevitable problem with Overdrafts, that being that they are all repayable on demand.
Surely this can and does lead to alot of being becoming financially stressed even if it is for only a small period of time (ie 1-3 months) or for a longer term problem (3+ months).
I think and have done for many many years that this little clause to all overdrafts makes them not only unfair but unethical as a borrowing source and this little clause, along with the extortionate charges that can be incurred when it is recalled or when payments are made or declined and charged for can and has caused some of the worst financial difficulty i have seen and experienced and feel that this should be raised in line with a super-complaint along with PDLs and DCA tactics.
For example in my case
Any one else have similar stories?
Surely this can and does lead to alot of being becoming financially stressed even if it is for only a small period of time (ie 1-3 months) or for a longer term problem (3+ months).
I think and have done for many many years that this little clause to all overdrafts makes them not only unfair but unethical as a borrowing source and this little clause, along with the extortionate charges that can be incurred when it is recalled or when payments are made or declined and charged for can and has caused some of the worst financial difficulty i have seen and experienced and feel that this should be raised in line with a super-complaint along with PDLs and DCA tactics.
For example in my case
- LLoydsTSB overdraft started @ £200 April 2009 then i increased it to £400 May 2009 then made to/left job at that time requested debit cards cancelled and it was declined then charges etc furthered overdraft to a crazy £2200+ ( think the amount i would have paid would be in excess of £1000 above this amount as account was with collections for 2 years
) it was finally closed with no DN or TN Dec 2010
Any one else have similar stories?