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  • #16
    Re: RBS royalties overdraft

    The normal Rate-Jack rules do not apply to overdrafts, ie with credit cards if they increase the APR you're free to refuse it and have the account changed from credit to repayment sticking at the same old APR until the balance is repaid in full. Down side is if they ever lower it, not much hope of that like, but it does only apply to running credit usually but overdrafts are exempt.

    However, in your case I guess a strong letter to the top asking for account cessation in respect of you only want to be able to credit it with payments to lower the debt, thus can they stop adding silly charges, may well help - no guarantee and also nothing there, legislatively to protect you - an O/D is repayable on demand.

    best of luck
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    • #17
      Re: RBS royalties overdraft

      What springs to my mind here, as you were tuned down for a mortgage that should of set the bells ringing that you could not afford credit and thus giving you a credit card and overdraft could lead you into financial hardship.

      Put it this way if you were a bank employee putting bonus and such to one side if one of your customer was turned down for a financial product would you say they where a good bet for another financial product.

      This is where the greedy banks have screwed us all and caused many untold suffering, but when the shite hits the fan they are no where to be seen.

      Regards
      Last edited by pompeyfaith; 26 August 2011, 14:56.

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      • #18
        Re: RBS royalties overdraft

        Originally posted by pompeyfaith View Post
        What springs to my mind here, as you were tuned down for a mortgage that should of set the bells ringing that you could not afford credit and thus giving you a credit card and overdraft could lead you into financial hardship.
        Mate that wouldn't be the same as a mortgage is scored completely different to mainstream credit, moreso in that their scoring is a lot, lot harsher (or should be) - it also takes into account total unsecured lending whereas unsecured lending discounts secured products.

        Point is, being refused secured credit like a mortgage would not then automatically lead to a mis-sale claim based on affordability because the debtor could well have afforded a £200 overdraft and £1,000 card but maybe not a £200k mortgage....

        Obviously the figures above are examples, but extreme enough that will prove my claim that it's not all black-and-white.

        Just my opinion, not that any of this matters - but anyway
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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