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Some Overdraft Debt Solutions
If you’ve been affected by the mis-selling of overdrafts, you’re not alone. Many customers have been left struggling with unmanageable debt, unexpected fees, and unclear terms due to poor practices by financial institutions. This page is here to provide you with the support and information you need to understand your rights, identify whether your overdraft was mis-sold, and take steps to address the issue. From hidden charges to inadequate affordability checks, we’ll help you navigate the process of seeking redress and reclaiming control over your finances.
Review Your Overdraft Agreement
The first step in addressing an overdraft mis-selling issue is to thoroughly review your overdraft agreement. Look for any hidden fees, unclear terms, or charges that were not explained to you at the time the overdraft was set up. If you find any discrepancies or terms that don't seem to align with your understanding, it's important to raise these concerns with your bank. Keeping a record of all your communications with the bank will be helpful if you need to escalate the issue later.
Contact Your Lender
Once you’ve reviewed your agreement and identified potential issues, contact your bank to discuss your concerns. You can request an explanation of the overdraft terms and ask them to clarify any hidden charges or fees. If you feel that the overdraft was mis-sold, you can formally complain and request that the bank investigate the issue. In many cases, banks may offer to resolve the issue by waiving fees or restructuring the overdraft terms to make them more manageable.
Escalate the Complaint to the Financial Ombudsman Service
If you are unable to resolve the issue directly with your bank or if you are dissatisfied with their response, you can escalate your complaint to the Financial Ombudsman Service (FOS). The FOS is an independent body that can investigate complaints and offer a fair resolution. They can help assess whether the overdraft was mis-sold and advise on compensation or other remedies. Make sure to submit all relevant documentation to support your claim.
Seek Legal Advice
In cases where the bank’s response is not satisfactory or the issue is particularly complex, seeking legal advice may be necessary. A solicitor or financial advisor with experience in mis-selling cases can provide expert guidance and help you understand your legal options. They can also assist in drafting formal complaints or taking further action if the bank refuses to rectify the situation.
Consider Switching Accounts
If your overdraft terms are unsuitable or you’ve had issues with mis-selling, it may be worth considering switching to a different bank account. Many banks offer more transparent overdraft products with lower fees and more favorable terms. By switching accounts, you can avoid further problems with your current overdraft and ensure that any new account better suits your financial needs.
Check for Compensation
If your overdraft was mis-sold, you may be entitled to compensation. This could include a refund of any fees that were wrongly charged or compensation for any financial difficulties caused by the mis-selling. In some cases, compensation may also involve restructuring your overdraft to more favorable terms. Check with your bank or the Financial Ombudsman Service to determine what compensation you might be eligible for and take the necessary steps to claim it.
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Where you forced to take out additional loans due to irresponsible lending?
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Please remember there may also have been fees added to the finance too.
There are three less common debt solutions to consider. Full & Final Settlements are ideal if you’ve been on a Debt Management Plan (DMP) or unable to make payments for some time and now have access to a lump sum to negotiate settlements. Write-off debts are usually only an option in exceptional circumstances, as creditors rarely agree to this. Administration Orders, once more common, are now extremely rare, with only 16 issued in England and Wales in September 2016.
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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, claim approval, agreement or advice by Claims 4 PCP. It does not take into account your personal or financial circumstances.
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If you’ve experienced financial hardship due to unaffordable repayments, we’re here to support you in achieving financial fairness.
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Mis-sold?
When overdrafts are sold to customers who may not need them or would benefit more from other financial solutions, such as a loan. Or when banks fail to disclose the potential for high charges if customers exceed their overdraft limit, when customers are not informed of more suitable financial products, such as personal loans or credit cards with lower fees, you might have a claim.
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Irresponsible lending?
When a bank offers an overdraft without properly assessing whether the customer can afford to repay it or fails disclose fees and charges by not clearly explain all fees, such as interest rates, daily charges, or penalties for exceeding the overdraft limit you may have a claim.
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Experienced
Our goal is to provide you with the support and solutions you need to regain control of your finances and reclaim what’s rightfully yours. Contact us today to find out how we can help you take the first step toward financial fairness.
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Making a claim for unfair discretionary commission charges or unaffordable car finance could result in significant benefits, including a refund of overpaid interest and additional compensation, such as statutory interest (typically 8% per annum). Beyond financial reimbursement, a successful claim can alleviate financial strain, helping you regain stability and control over your finances.