Unauthorised Overdraft sent me into major financial crisis!

Loro78

Hi.
I have a major problem, was wondering if anyone knows what I can do. I had signed a small loan agreement with AIB last year, they took out 20 Euros via Direct Debit every month and all was fine.
At the time, I knew when the final installment of 1400 Euros would be due that I'd still be a student and not be able to pay it, so I voiced my concerns with the lady of AIB and remember her muttering something we could look at it again at the time then.

Well, now is that time - of course, being in my final year of studying, I completely forgot about that final installment, to see via online banking today that my current account is 1333 Euros in Minus! Since my weekly social welfare payment goes into that account, I am absolutely devastated now... At the time when I opened my current account, I explicitely stated I didnt want an overdraft. The last months when there wasnt enough cover on my account I was glad that stuff like phone bills, electricity etc. was still taken out, although those unauthorised overdrafts cost me 5 Euros each time. But can such unauthorised overdraft just go ahead with such a huge amount of 1400 Euros??? Without contacting the account owner??? There was only 60 Euros in the account, and there is only 230 Euros coming in every week... WTF?

I am now wondering if I should ring AIB to give me back the 1400 Euros, or ring my current account bank, Permanent TSB, to have that bounced back / reversed... Can they do that, once it has been taken out already, that Permanent pulls it back and lets it bounce or am I literally f*** now? I am a single parent with a ten year old, all my bills (electricity, phone etc.) are going out of that one account, and my only income is Back to Education Allowance which is a payment of 230 Euros weekly - so, what do they expect me to live of now, until the 230 Euros have paid for the -1400??? Seriously distressed by this... and today is sunday, so cant even ring any of them. And tomorrow it ll probably be too late or they cant do anything anymore or whatever...

thecommander

More than likely it will bounce on Monday. They wont authorise that amount without it being agreed on previously.

Why did you let the loan run it's course when you knew that was what was going to happen? It's not like it was a surprise that they'd try take that amount.

Loro78

Thanks for your reply. It was running for the past year now with 20 Euros per month, and I am just in the middle of my final exams of a four-year degree programme - so just completely forgot about that loan... Also, when I initially agreed to it, as I said I mentioned to the bank person of AIB that I wouldnt be able to pay the end-installment of 1400 Euros at this point in time (since I am still a student) and I remember she said something like it would be looked at again then - which obviously they didnt (yet).

But as I said, I am fully concentrating on my studies at the moment so it completely took me by surprise.... What a sunday morning!!! /

awec

I'm confused, why did you take a loan you knew you wouldn't be able to repay?

cazzak79

That's not an overdraft that's u overdrawn !

BuffyBot

I'm a tad confused as to how it can be unauthorised if you knew it was coming?

lala88

Loro78 wrote: »

Hi.
I have a major problem, was wondering if anyone knows what I can do. I had signed a small loan agreement with AIB last year, they took out 20 Euros via Direct Debit every month and all was fine.
At the time, I knew when the final installment of 1400 Euros would be due that I'd still be a student and not be able to pay it, so I voiced my concerns with the lady of AIB and remember her muttering something we could look at it again at the time then.

Well, now is that time - of course, being in my final year of studying, I completely forgot about that final installment, to see via online banking today that my current account is 1333 Euros in Minus! Since my weekly social welfare payment goes into that account, I am absolutely devastated now... At the time when I opened my current account, I explicitely stated I didnt want an overdraft. The last months when there wasnt enough cover on my account I was glad that stuff like phone bills, electricity etc. was still taken out, although those unauthorised overdrafts cost me 5 Euros each time. But can such unauthorised overdraft just go ahead with such a huge amount of 1400 Euros??? Without contacting the account owner??? There was only 60 Euros in the account, and there is only 230 Euros coming in every week... WTF?

I am now wondering if I should ring AIB to give me back the 1400 Euros, or ring my current account bank, Permanent TSB, to have that bounced back / reversed... Can they do that, once it has been taken out already, that Permanent pulls it back and lets it bounce or am I literally f*** now? I am a single parent with a ten year old, all my bills (electricity, phone etc.) are going out of that one account, and my only income is Back to Education Allowance which is a payment of 230 Euros weekly - so, what do they expect me to live of now, until the 230 Euros have paid for the -1400??? Seriously distressed by this... and today is sunday, so cant even ring any of them. And tomorrow it ll probably be too late or they cant do anything anymore or whatever...

Just so im sure, are you asking if you should ring the bank to give you back €1400 thats not even yours?

BuffyBot

The thread is 9 months old. Please see the charter about bumping threads from the dead.