Debt management plan customers ''woes eased''
10 September 2009
Consumers seeking debt management plans may soon find their troubles begin to dissipate after some lenders announced their intentions to reduce their charges on unauthorised overdrafts.
NatWest and RBS revealed this week that they intend to cut fees applied to accounts which have gone over their overdraft limit from £35 per day to £15.
Furthermore, a bounced check or debit payment will cost £5, rather than the existing £38.
Commenting, Moneynet.co.uk spokesperson Andrew Hagger noted the debate over bank charges is likely to continue, in spite of what he said is a positive move for customers.
He called for such charges to be made more transparent to borrowers to negate the need for debt management plans.
"A look at the changes RBS and NatWest are making shows you that they have five different sorts of charges so it is still quite difficult for customers to know how much they may be charged," he stated.
Meanwhile, the Financial Services Authority (FSA) revealed 2007 saw a spike in the number of complaints regarding overcharging and poor customer service from lenders.
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