Isnt that for going over the agreed OD?Very small od secured ,has anyone else had the bomb shell of lloyds going to charge 10.85% from May.
Me too - followed by another letter today telling me I haven't paid in for 35 daysVery small od secured ,has anyone else had the bomb shell of lloyds going to charge 10.85% from May.
No agri manager seems I’m not big enough ,this needs reporting to Boris it’s one hell of a hike.So secured small lending is matching credit card interest nearly.Yes letter states 10.85% for unauthorised but that’s not what was said to me .
Personal banking or business???No just rang them the lady said it’s 6.20 %plus base until May then 10.85% she said it’s the same for all o/d .Total bloody rip off as a Rate was 2%.So do they want rid of O/ds ,rid of smallO/d s or what.Anyone had a letter from another bank doing the same.Told her it was a joke seeing as the tax payer bailed them out.
Most of the banks are doing something similar.I wonder if they will loose a lot of customers ,as it is going to hit all customers and all businesses.
A minimum £500 per year charge as well, what ever is the amount, if its above 50k then its another £100 every 10k.Very small od secured ,has anyone else had the bomb shell of lloyds going to charge 10.85% from May.
Dont remortgage with Barclays! They will demand it back within 18 months.Yes my accountant confirmed this the other day. I was annoyed that the bank manager offered to double our overdraft. I think not. Looking at options of remortgaging away from Lloyds for certain.
Seems to me all its going to do is stifle growth. I do think banks are pushing for people to take out long term loans rather than use overdrafts which is a pain for folks dipping in and out of overdrafts for short periods. Alot of low risk farmers havent got a dedicated manager anymore and end up with whoever answers the phone in a business manager call centre, these business managers have a very limited understanding of agriculture and farming seasons.Its all about sheltering those people who use unauthorised overdrafts. They were paying penalty rates , but it has been decreed that this is unfair to them.
so the pain of there poor housekeeping is to be felt by all. The reason being , these people are very likely to completely fail to repay, which is why they get penalty rates.
the only way round is to negotiate a loan to cover the complete borrowing requirement, amd kerp it in your current account.