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  1. #1

    Forced into taking overdraft advice please?

    Hello everyone,

    We've been paying off our debts via a DMP with Stepchange for several years and are about 16 months away from the end. With all the talk of claiming back PPI, I thought that I'd start looking into our old loans and overdrafts to see if we can claim anything back. Things are tight financially and a little sum of money would be great about now, even if it were taken off outstanding balances, at least it would shorten the time left on our DMP .

    The story, sorry I'll try to keep it as short as possible...

    Back in 2005 we needed a new car, so decided to part ex the banger and get a solid family car. We had a joint account with Barclays at the time, my partner (unmarried then) was working full time, we had a 4 year old so I was a stay at home mum. My partner got agreed for a personal loan to finance the purchase and we went ahead and bought the car. A few days later I realised that it would be cheaper to borrow from elsewhere, so my partner got another loan for the same as the original amount and we went back to Barclays to pay back the loan in full.

  2. #2
    Unfortunately the second loan took a bit longer to clear and it was day 15 after taking out the Barclays loan. We knew the 14 day cooling off period has just passed so expect to have to pay a fee, but thought that it would be 50-100. Nope, I can't remember the exact amount but it was about 400! We didn't have it. I remember sitting in the bank, totally stumped. It was made clear, pay the 400 odd or keep the loan. We explained that we didn't have it. The staff at the branch suggested upping our overdraft, but it was declined (probably due to partners 2 recent loans). Then we weee told that I could open a single account with a 500 overdraft. We were confused as we made it clear that I was unemployed, but they said I'd been agreed. I didn't feel comfortable with the situation, but I felt I had no choice. We were made to feel that the longer we left the loan outstanding, the more it would cost to get out of it, so I agreed to the overdraft, we paid off the loan and got out of there!

    I know it may sound silly to some, but we were young and green and just couldn't think further than being on the spot and wanting out of the loan.

    Years passed and I basically (and very stupidly) just put 20/30 in every few months to keep on top of the fees and it is now part of our DMP.

    My question is, does anyone know where I stand with this overdraft? Was I missold it? Should I have even been offered it? Is there a case to get interest paid back or anything else?

  3. #3
    So about 12 years ago, you might be out time.

  4. #4
    No need to worry OP. Being offered the overdraft was fine and no wrong doing.

    Hopefully that's a weight off your mind.


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