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Could Overdraft Refunds Be as Big as a Car Finance Claims? We Crunched the Numbers

  • Writer: The Claims Guide
    The Claims Guide
  • Jul 24
  • 2 min read

You’ve probably heard about mis-sold car finance claims — with refunds often worth £1,000 to £3,000 per person. But what most people don’t realise is that overdraft refunds could be just as significant, especially if you’ve used an overdraft regularly or for longer than intended.


💷 Average Refund Breakdown: £1,000 – £1,200+

We looked at real-world overdraft usage and complaints data, including from financial partners. Here’s what typical claims involve, though it can be much higher - our largest claim is £6,000:

User Type

Overdraft Use Pattern

Likely Refund

Persistent users

Regularly overdrawn 9+ months, exceeded limit repeatedly

£1,200–£2,000

Heavy users

Long-term reliance, credit delinquencies, high charges

£800–£1,200

Occasional users

Approved unaffordable limits or charged without clarity

£400–£800

Many claims are based on the overdraft being used as a long-term loan - something banks themselves say shouldn’t happen. If your account was regularly in the red, and especially if you didn’t know the fees, your refund could be substantial.


📊 How big could overdraft claims really be?

We’ve run the numbers, based on data from the FCA, YouGov and industry sources:

That puts the total potential compensation at:

💥 £10 to £12 billion — possibly more

That’s not far behind the estimated £30–£50 billion from car finance claims — and overdrafts have affected more people over a longer period.


💷 Could you be owed money?

If you’ve:

  • Spent long periods overdrawn

  • Relied on your overdraft as part of your income

  • Been charged high fees without clear warning

  • Or were given an overdraft without proper checks...

...you could be owed a refund — potentially thousands of pounds.


How to check

Overdraft mis-selling claims are rising fast. Use our simple tool to check if you’re eligible - it only takes a minute, and you’ll find out if you could be owed money.


We are a claims management company that can help establish and process claims on behalf of consumers to recover compensation against various types of lenders. You do not need to use a claims management company to make your complaint to your lender or the Financial Ombudsman for free. 

 
 
 

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