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[05omegav6]

Bought a new summat tother day, 10% deposit then six months to sort the balance or pay ridiculous interest.

Did the chip and pin thing, but the spotted yoof that served me was a bit slow so I rushed and didn't check the receipt 

Checked my bank account and it looks like the transaction was put through for the full amount
This is a problem, as I only have one card with a pin number, so had specifically transfered enough cash to that account to cover the deposit. So now my account is £300 over my overdraft limit.

This raises a few questions...

1. HTF can a transaction be authorised if the funds clearly are not available?

2. Where do I stand wrt the credit agreement?

3. Can I recoup any charges?

The transaction was on Wednesday, and processed through the account on Thursday. It's now Saturday and it hasn't been returned...

I guess all I can do is go back to the store on Sunday, have them refund the transaction and me pay cash for the deposit

[chrisgixer]

Speak to the bank imediately and see what they say, you may need to dispute the transaction, which takes months but works.... transfer some more funds to cover it if at all possible. But whatever....Make it right at the bank first as a priority.

Then stick a rocket up the yoofs 'arris ASAP. Expecting any additional charges for interest on your account to be paid by the store, and compensation for any damage to your credit history . Be prepared to return the item for a full refund if necessary if they resist.

Things like this can get out of hand financially and only you will suffer, especially if the account goes to Central collevtions due to any arrears. Then your really in the smelly.

Potentially, one oppsed up credit history, if things go to far. Deal with it imediately. Bank first.....is my advise anyway.

[The Sheriff]

If you contact your bank to explain why the unauthorised overdraft has occured, that will be a start. They will not be able to put it right until you have contacted the retailer, which is your next move. I take it you have physical evidence of the credit agreement, ie. a piece of paper? They will be the ones who have to sort it out but, of course, you will probably have to go to the store.
I can't see this being too much of a problem to put right, except for the time and hassle involved.
If the retailer puts it right straight away, all well and good. If not, simply return the goods for a refund.
Al........please check the amount before you put in you PIN in future. I notice you posted at quarter past four, you were probably knackered. Things may look different in the light of day. Hope so.

[zirk]

Debit Card transactions (Unlike Credit Card) are not cleared funds, so whilst the system says yes thanks for the payment, it can take a few days for the funds to clear or not, happened to me a few times where Ive been caught out with Direct Debits occurring at the same time of other payments going through, end of the day one of them is going to break.

you could possibly rectify it by putting additional fund into the account (cashflow permitting) but being a weekend now, maybe a bit late, try having a chat with the Bank?

As for the Credit Agreement, if things go wrong, ie initial payment / deposit, they should really have a cut off point of a few days / week for it to be rectified before slamming the door on the deal, again have a chat with them if poss, probably find though there all email based comms these days.

If it was me, think I'd be blaming the muppet who put it all through wrong and ask for a fresh start to do it again as it was agreed.

[Terbs]

If you contact your bank to explain why the unauthorised overdraft has occured, that will be a start. They will not be able to put it right until you have contacted the retailer, which is your next move. I take it you have physical evidence of the credit agreement, ie. a piece of paper? They will be the ones who have to sort it out but, of course, you will probably have to go to the store.
I can't see this being too much of a problem to put right, except for the time and hassle involved.
If the retailer puts it right straight away, all well and good. If not, simply return the goods for a refund.
Al........please check the amount before you put in you PIN in future. I notice you posted at quarter past four, you were probably knackered. Things may look different in the light of day. Hope so.

Very wise words STMO
I had a similar situation when paying for the new window for the tin tent...instead of £480 the silly btart put in £48000.!!!!!!! When you are not concentrating and there are noughts involved, it is easy to overlook.
As others have said Al, sort the bank, then the seller, you should be ok (at least on my experiences)

[Sir Tigger KC]

I had a similar situation when paying for the new window for the tin tent...instead of £480 the silly btart put in £48000.!!!!!!! When you are not concentrating and there are noughts involved, it is easy to overlook.
As others have said Al, sort the bank, then the seller, you should be ok (at least on my experiences)

I hope you got your £47,520 refunded Tony?   

[The Sheriff]

If you contact your bank to explain why the unauthorised overdraft has occured, that will be a start. They will not be able to put it right until you have contacted the retailer, which is your next move. I take it you have physical evidence of the credit agreement, ie. a piece of paper? They will be the ones who have to sort it out but, of course, you will probably have to go to the store.
I can't see this being too much of a problem to put right, except for the time and hassle involved.
If the retailer puts it right straight away, all well and good. If not, simply return the goods for a refund.
Al........please check the amount before you put in you PIN in future. I notice you posted at quarter past four, you were probably knackered. Things may look different in the light of day. Hope so.

Very wise words STMO
I had a similar situation when paying for the new window for the tin tent...instead of £480 the silly btart put in £48000.!!!!!!! When you are not concentrating and there are noughts involved, it is easy to overlook.
As others have said Al, sort the bank, then the seller, you should be ok (at least on my experiences)

Very wise words but now I read it back it sounds a pit patronising. It wasn't meant that way and I hope it's not taken that way. Sorry, Al.

[Field Marshal Dr. Opti]

If you contact your bank to explain why the unauthorised overdraft has occured, that will be a start. They will not be able to put it right until you have contacted the retailer, which is your next move. I take it you have physical evidence of the credit agreement, ie. a piece of paper? They will be the ones who have to sort it out but, of course, you will probably have to go to the store.
I can't see this being too much of a problem to put right, except for the time and hassle involved.
If the retailer puts it right straight away, all well and good. If not, simply return the goods for a refund.
Al........please check the amount before you put in you PIN in future. I notice you posted at quarter past four, you were probably knackered. Things may look different in the light of day. Hope so.

Very wise words STMO
I had a similar situation when paying for the new window for the tin tent...instead of £480 the silly btart put in £48000.!!!!!!! When you are not concentrating and there are noughts involved, it is easy to overlook.
As others have said Al, sort the bank, then the seller, you should be ok (at least on my experiences)

Very wise words but now I read it back it sounds a pit patronising. It wasn't meant that way and I hope it's not taken that way. Sorry, Al.

Don't believe him, Al.

[Terbs]

Look fellas,   if we don't keep on at these kids they will never learn !!!

Sorry Al

[Terbs]

I had a similar situation when paying for the new window for the tin tent...instead of £480 the silly btart put in £48000.!!!!!!! When you are not concentrating and there are noughts involved, it is easy to overlook.
As others have said Al, sort the bank, then the seller, you should be ok (at least on my experiences)

I hope you got your £47,520 refunded Tony?   

Yes, Steve, I did. But, as Al I think it was, said earlier....how did it go through !!!!!

[05omegav6]

To answer the last first... apparently the system pings your account and if it sees any cleared balance the the transaction is authorised tis a bloody good job that it wasn't a new car deposit...

To answer the first next, it was 4.15 because I had just finished work and I do try to keep on top of my banking. Purchase was made in the cold light of day and I freely admit to skip reading the display so for that, sorry Dads,  I'll not do that again...

Tried to temporarily increase my overdraft to minimise the initial damage, only to be met with "We can charge you £10 per day upto a maximum of £80 a month. After that we can look at waiving those charges."

Retailer was much more helpful. Take the paperwork and receipt back to store for a full and immediate refund. They then retake the deposit and everything gets set straight. And If I incur any charges then they will reimburse those without question as well. As they should

[chrisgixer]

Lloyd's per chance?

[05omegav6]

Lloyd's per chance?

How did you guess

See my other

[Terbs]

Glad to see you got it sorted, Al