Time for pay back – How To reclaim back charges

An unsecured loan is not the only way to quick cash!

So you’re in the need of some extra cash but don’t feel you’re in a position to take out an unsecured loan? Then maybe it’s time for payback…

We’ve all heard talk about bank charges and why we should claim them back. The most glaring reason is that, sometimes, you’re owed it! However, people are notoriously hesitant in claiming back bank charges, mainly because we simply do not know how.

Bank charges can be anything, from charges for going into our overdraft, to not being able to maintain a minimum balance. But did you know, you might actually have recourse to claim these charges back? We think any time you can get your bank to give you some money back is worth pursuing!

How do I know if I’m entitled to claim back bank charges?
Really, the only way you know is if you ask. The old adage rings true: if you don’t ask, you won’t get. To know if you qualify you can do a few things. One of the most straightforward ways is to just contact your bank over the phone or in person. If you ask them, they may be obliged to investigate if you are entitled to bank charges, and they could carry out suitable inspections. If you are, they will determine how much you are owed.

Also, you can take advantage of the free Financial Ombudsman Service, especially if your bank is being difficult about your enquiry. They investigate cases if they feel you may have the potential to reclaim some charges.

Why should I claim bank charges?
You really have nothing to lose, just perhaps some time. Financially however, you can’t be penalised for asking about bank charges, so it is worthwhile wondering if you are entitled to some. Especially if you are in financial difficulty, because banks may have to write off some penalties they persistently ask of you if you are simply unable to pay.

One avenue to avoid is using claims management companies. It may seem the most convenient, but really all you need to do is write a letter or phone your bank yourself. Alternatively, as discussed you can use the Financial Ombudsman Service, who manage your case for free if you’re entitled to reclaim charges.

Ultimately, you may not be entitled to reclaim bank charges, but if you have an inkling that you might be, why not just ask.…Remember all you have to lose is a little time, and we’ve all done that doing less worthwhile activities at some point in our lives!

If you are worried about finances, have tried to reclaim bank charges, but to no avail, is now the time to contact us at Loans 2 Go to see if you qualify for an unsecured loan? Our quick and easy process might be just the tonic you need to relieve yourself of financial worries.