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9th March 2009, 12:36 | #1 |
This is my second home
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Banks - Charges & Interest Rates.
I'm with Lloyds, which was Lloyds TSB, which became Lloyds TSB HBOS and is now Lloyds TSB HBOS HMG & Taxpayer.....
Anyway. Lloyds TSB. Why are banks charging such high rates for their bank loans? I'm not looking for a loan, but just had a leaflet from them, offering loans at 9.9% APR. With the BoE setting the base rate at 0.5%, how can banks be charging so much for a loan? The last loan I had finished about 3 years ago, and that was 4.9% APR. How can they justify charging so much - I thought 'they' wanted to encourage people to borrow. Also, and this made me laugh & angry. For the first time in a decade, I went into my credit zone on my current account, by about £8 for 3 days. I've had a letter advising me that I've been charged interest. A whopping 25p. The postage cost 34p, so the bank have lost 14p. Was it really worth them writing to tell me??! It's cost them money in the end!
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9th March 2009, 12:49 | #2 | |
This is my second home
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Quote:
can't you be more careful with your money?
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Only my opinion, obviously, so please don’t shoot me if it doesn’t match yours! |
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9th March 2009, 13:00 | #3 |
Gets stuck in
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HSBC have just taken £25 off me for going £18.38 overdrawn for the first time in the 6 years I have banked with them. My wage payment went in 12 hours late and crossed with an unexpected direct debit (ebay fees as it happens).
I am off to find some Basildon Bond, I feel a letter coming on!
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Jim Replace in tank fuel pump with Peugeot alternative Dismantle and re-fit interior and seats Retrofit electric memory seats without the loom All followed at your own risk! Available to borrow: I have a home made (tried and tested) Cam Locking tool for M47 should anyone need it. |
9th March 2009, 14:21 | #4 | |
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Quote:
Reason the interest rate is so high for loans is cos they're terrified to give any loans, so the few who are acepted pay the price. Literally.
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it's all about the first person you want to tell good news to |
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9th March 2009, 23:37 | #5 |
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1953 and 1955 series 1 landrovers, two series 3 landrovers, range rover, rover 75 saloon Join Date: Jan 2009
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I went £4 odd overdrawn when I paid for the carpark while I was in hospital, didnt realise... Got the letter 4 days later telling me I'd gone overdrawn and was being charged per day, rang up straight away and whilst I understand it is easily resolved by "simply walking into any branch and depositing the outstanding amount" I was unable to stand up by myself forget about walking! So I begged and she said she'd hold any charges until the following week when I could arrange for a lift into the bank... Next week came, hobbled in, paid them the £4 and they said "don't know why she said that she'd hold the charges, she can't do that, did you record the conversation?" so that I could prove it! I was cross! Basically they agreed that she'd said that over the phone just to shut me up and make me go away, I was cross about that, I got £134 in charges for being overdrawn for 6 days
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9th March 2009, 23:48 | #6 | |
This is my second home
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Andrew Ich Dien Problem solving is... lateral thinking SEARCH FIRST ...ASK LATER... |
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10th March 2009, 01:18 | #7 |
Loves to post
1953 and 1955 series 1 landrovers, two series 3 landrovers, range rover, rover 75 saloon Join Date: Jan 2009
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I dislike banks! I work in cash as much as I can now, especially after that fiasco
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10th March 2009, 19:41 | #8 | |
Retired
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Quote:
Last dealings I had with them they were too busy to deal with my complaint for 6 months, and when they finally did and agreed that the bank was at fault and in the wrong, said that I should expect to have to spend time and effort for no recompense in writing and phoning the bank, for them to ignore me. |
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10th March 2009, 20:34 | #9 |
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There is the ongoing bank charges case working its way though the courts at the moment. Should be resolved by.................................Enter best guess here
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Dave... Lost a few stones and a Gall Bladder and part of a bile duct and all of my dignity in the suppository incident |
11th March 2009, 09:41 | #10 |
Gets stuck in
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£134 for £4 overdrawn sounds illegal rather than disgusting. You should only get a one off charge of max £30 and then interest on that £4 which would only be pennies.
Unless it was some very high interest account with a special arrangement for keeping the account in credit I cannot see how they could possibly get away with that sort of thing?
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Jim Replace in tank fuel pump with Peugeot alternative Dismantle and re-fit interior and seats Retrofit electric memory seats without the loom All followed at your own risk! Available to borrow: I have a home made (tried and tested) Cam Locking tool for M47 should anyone need it. |
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