Reclaim overdraft fees from Virgin Money
If Virgin Money let you take on an overdraft you couldn't realistically afford, or kept charging interest while you stayed in the red month after month, you can ask for that money back. The fact you applied for the overdraft isn't the issue. The issue is whether Virgin Money lent responsibly and charged fairly. The complaint is free, you send it yourself, and you keep all of any refund.
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Your rights
The FCA's overdraft rules, in force since 6 April 2020, require a single simple interest rate, ban fixed daily and monthly overdraft fees, and prevent banks charging more for unarranged than arranged overdrafts. Virgin Money also has to lend responsibly. If it gave you an overdraft, or raised the limit, without properly checking you could afford to repay, that can be unaffordable lending and you can reclaim the interest and charges. Complaining to Virgin Money is free. If it rejects you or fails to give a final response within 8 weeks, you can refer it to the Financial Ombudsman Service for free. The usual time limit is six years from the events, or three years from when you realised something was wrong.
Step by step
- 1Collect your Virgin Money statements via the app, online banking, or by request. Note every overdraft interest charge and any spell where you stayed overdrawn and couldn't clear the balance.
- 2Submit a formal complaint to Virgin Money through its website complaint form, by phone, in the app, or in a store. Say you believe the overdraft was unaffordable or unfairly charged, and ask for a refund of interest and charges plus 8% simple interest.
- 3Allow Virgin Money up to 8 weeks to issue a final response. Keep copies of everything. A partial offer doesn't have to be accepted as full and final.
- 4If Virgin Money refuses or misses the 8-week deadline, refer the complaint to the Financial Ombudsman Service within 6 months of the final response. It's free and you do it yourself.
What they'll say, and your comeback
“You applied for the overdraft and agreed to the terms.”
Comeback, Applying doesn't make the lending affordable. The question is whether Virgin Money checked I could repay before granting or increasing the overdraft. If it didn't, that's irresponsible lending whatever I agreed to.
“Our overdraft charges meet the FCA's pricing requirements.”
Comeback, I'm not only challenging the rate. I'm saying the overdraft shouldn't have been offered at that level given my circumstances. Compliant pricing doesn't settle the affordability question.
“This is about charges that are too old to investigate.”
Comeback, I can complain within six years of the charges, or three years from realising they were unfair. If you're declining on time grounds, please put that in writing so I can refer it to the Financial Ombudsman.
FAQ
I had a Clydesdale or Yorkshire Bank account. Does that count?
Yes. Clydesdale Bank and Yorkshire Bank are part of Virgin Money, so overdraft charges on those accounts can be complained about through the same route and rules.
Will I need to go to court?
No. This is handled through Virgin Money's complaints process and, if needed, the free Financial Ombudsman Service. There's no court involvement and no cost to you.
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A self-serve tool, not a law firm. General information, not legal advice.