problemchild
Registered User
- Messages
- 19
'I believed that my wage was clearing my balance and I was still under my €500 overdraft limit.'
How did you think the above was happening? What led you to believe this?
Wage was about €500 - €600 a week. Paid on a monthy basis.
I had no contact with my bank in relation to my overdraft.
I had turned 18 about 5 months before and this was my first experience with lending, had no idea how the whole system worked.
My bank never really explained the system to me. I just presumed when It reached its limit I couldnt spend anymore.
I was completely shocked when I seen the balance.
I have being paying back ever since. I even put off going to college to try pay it off.
Its only recently I have been made aware that the bank were very irresponsable to allow that to happen.
sounds a very strange situation to have found yourself in. did you receive any bank statements during the year you were running up the debt?
Is the debt still an overdraft now or has it been converted to a loan?
Might be worth getting bank statements for the year/year and half that the balance went up and do spreadsheet of spending to vouch it, they could be a lot of bank fees and interest
Also how do you know you spent that amount- What stopped a 4k cheque been taken from your account in error in regard to some one else
Their is as i said earlier to much of gap between 500 and 8500 not to notice
If everything is spent by you and is your spending- get a copy of orginal overdraft letter, get name of who was in charge of your account for that time period and copy of any letter/bank statement they issued to you during this time
If everything above board arrange meeting in bank for them to explain to you how your limit went up
"I requested bank statements from the bank last year. I can see all the transactions."
Were they all your transactions? How many are we talking about?
were the transaction on a laser card? I find it baffling that the bank honoured all these transactions - usually cash withdrawals would be stopped straightaway but laser transactions were not all checked back to the bank so some could go through. You must have slipped through the net somehow to be allowed run up such a huge overdraft. Was your account associated with someone of stronger credit history eg parents or work?
You should look to convert the balance from an overdraft to a loan to help manage the repayments and reduce surplus interest and fees
I would push for a meeting with the Manager and get him to explain what happened. I would email/phone till I get a meeting as something does not add up.
Back at that time I was a very high spender as well but had to get permission to double my limit which was set at double by existing overdaft limit.
Did you purchase something large at time or what was money spent on?
I find it very difficult to believe that you never actually checked your bank account during the time the overdraft was running up.
What about bank statements - did you never look at them?
If you were earning 500-600 a month then you had 7200 at your disposal to spend for a year - but you ran up a debt that was actually more than you earned in a year - how did you not notice that you were spending more than twice your earnings? Did you never actually think 'well last month I bought x,y and z and I paid a bill for a and b, and I ate, went out etc... funny that cos I only earn 500-600 a month'.
(I had a part-time pub job that paid me cash, so I never needed to withdraw from the ATM)
Sorry You must of read wrong. I earned €500-600 a week, I was paid monthy.
If you were earning 500-600 a month
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