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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Saturday 12th July 2008
While Mongolian student Bayar Lkhagvajav may have only gone £1.86 overdrawn initially, the events which followed his error in judgement left him £58 in debt and charges of £660 on top. Even thogh Lkhagvajav’s English was not the best in the world it still beggars belief that an initial £1.86 debt could spiral into £660 in charges – and only days before the banks are due back in court to fight their ongoing battle against charge rebates.
According to Lloyds TSB, Lkhagvajav went overdrawn on his account after depositing £500 into his bank account. For this he was charged £21 which was added to his account, but unknown to Lkhagvajav he was also being charged just under £8 a month for a ‘silver account’ – although he was unable to use the facilities he was paying for because his account was overdrawn. To make matters worse, Lkhagvajav moved address and it took him 3 months to catch up with his post by which time Lloyds TSB had added more monthly charges and penalties for being overdrawn. Imagine the shock of being told you now owe £660, ironically this is just under the average annual pay back home in Mongolia.
Now who said those charges were on the way out? |
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