Hi all,

My OD was cut by half recently, which will cause me some hardship, on top of which I also lost my job. I have a meeting coming up in branch to discuss, are there any do's/don'ts so I can hopefully increase my chances of getting my OD back to comfortable levels?

Thanks,

JB

pers i'd be opening parachute account and bailing out.

pers i'd be opening parachute account and bailing out.

this is absolutely the best advice.

Predicted outcome of a meeting to reinstate your overdraft: – an offer of consolidating your debts into a single loan – with a bit of extra cash to tide you over.

Predicted consequence if you accept the above solution: – eventual misery.

this is absolutely the best advice.

 

Predicted outcome of a meeting to reinstate your overdraft: – an offer of consolidating your debts into a single loan – with a bit of extra cash to tide you over.

Predicted consequence if you accept the above solution: – eventual misery.

Thanks, I can well see Santander using my current circumstances as a sales opportunity to swap an OD for a loan, which I'll avoid if we're talking about anything more than 20% APR, but I don't see how opening a 2nd account helps me.

you by your own admission are living beyond your means . The sooner you get it sorted the less painful it will be .

Parachute account is the account that is not connected to any of your creditors and you have all your income paid into that , you then make a I & E form and then offer a pro rata payment to each of your creditors.

opening a parachute account stops any bank you have an OD with from simply taking all manner of fees they want when they want

probably the root of your problems over all the years you've been with them.

you've been here +10yrs and should know this

you by your own admission are living beyond your means . The sooner you get it sorted the less painful it will be .

 

Parachute account is the account that is not connected to any of your creditors and you have all your income paid into that , you then make a I & E form and then offer a pro rata payment to each of your creditors.

Gotcha, now wish I'd done that instead my first month's salary going into keeping within the reduced OD. To be honest I don't have any significant public debts, 500 tops, and barely half has been demanded. I just want to feel comfortable while I'm jobhunting and getting back to the money I used to be on.