GDPR Cookie Consent by SimpleServe Privacy Script Overdrafts - Repayable on demand. - AAD Consumer Forum


No announcement yet.

Overdrafts - Repayable on demand.

  • Filter
  • Time
  • Show
Clear All
new posts

  • Overdrafts - Repayable on demand.

    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

    • 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?
    I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

    Life is full of Ups and Downs. Shame it just aint simple.