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Overdraft and possible actions


Belaflat
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I have an authorized overdraft of £2500 with Halifax which has been used to the limit. My wages are paid in every month although this isnt enough to cover the full amount.

 

After my latest statement said a review would be carried out, I checked online and saw that my limit was set as present but with a guaranteed limit of £1250, an effective cut of 50% if carried out.

 

I contacted the Halifax and asked about the implications and if I could reduce it gradually by £100 per month as I am now doing overtime again after an industrial dispute which has rumbled on for 3 years, and would be able to afford this.

 

I was told this wasnt possible so I explained that if they suddenly cut the limit, I wouldnt be able to pay any bills including the loan and credit card I had with them nor would there be enough left to live on for the rest of the month and as the review date was also my pay date, I couldnt afford to leave this to chance.

 

He then checked back with his supervisor and told me they could extend the review date to the end of the month (31st march instead of the 26th...wow)when I could phone them again and discuss it.

 

I got the distinct impression that the extension would allow them to claim the direct debits in their favour, due on the 28th, and then take the rest of the money before the other debits were due on the 1st April.

 

I cannot take that chance as I have 5 mouths to feed so intend opening another account elsewhere. I dont want to but feel I have no option. I intend to keep on paying £100 into the account but wonder what the implications are, will they default the whole account for the full amount, will it end up at court etc.

 

I am not trying to avoid this, I want to clear it but it seems I am not going to be given the chance. Am I jumping the gun here?

 

Anyone had experience of the Halifax's actions with overdrafts?

Any input appreciated.

Of course I will pay you everything you say I owe with no proof.

Oooh Look....Flying Pigs

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Hi BF,

 

You're right to be thinking ahead as they can freeze your a/c any time it is "Out of Order", withdrawing bank a/c and credit card facilities and demanding repayment of the loan if that is in arrears.

 

A parachute a/c must be your best option so you can protect your monthly income. Have your money paid into a different a/c and then negotiate with Halifax to clear your debts with them.

 

They could take court action to recover the debts but, if you make a reasonable offer to clear the amounts monthly, a court is unlikely to force you to do so more quickly. You'll end up with one or more defaults for the debts but I think that may be unavoidable.

 

In the longer term, you could give thought to seeing how these problems arose to try and avoid it happening again. There will be help and advice about this in the new Debt Forum.

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Thanks Slick, you have confirmed what I was thinking.

I got this way because I have other debts but struggled to maintain this account as I needed somewhere to manage whats left of my finaces from.

A costly repair was needed and thats why i got the overdraft over and above my normal limit and it just seemed like I could never catch up after that especially when Halifax also ramped up the interest on my card from 15% to 25% in the space of a few months.

Of course I will pay you everything you say I owe with no proof.

Oooh Look....Flying Pigs

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:) Hi Bela.

 

Barclays were v. quick to close my account when i fell into difficulties. I had to act quick klike you and have my salary paid into a parachute account. I sent a budget sheet and repayment offer for the overdraft which they refused.

 

Barclays continued to add extortionate interest and charges. I complained to FOS that they were making it impossible for me to repay and i was concerned at how the debt was spiralling. It is still being investigated as i asked for a refund of the charges to be looked at on the ground of hardship.

 

In the meantime, Barclays have now sent me a paying in book and confirmed the outstanding balance, so i think they have stopped adding stuff on. I think making payments anyway went in my favour with the complaint to FOS. ;)

I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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Nationwide 'froze' MY current account for more than THREE weeks, even though I was in excess of £1,600 in Credit at the time!

 

This was cos I had previously had an O/D limit zeroed unexpectedly + refused to play ball with them re: Personal Loan Vs O/D repayment appropriation.

 

...I suspended my PL repayments by cancelling my DD + used the monies to pay off my O/D asap, so as NOT to incur as many Penalty Charges as they thought that they could levy on me over time.

By me doing this unexpected action, it took the PL Dept. by complete surprise + by the time that they realised I was in arrears, I had also caught up on my PL repayments.

It STILL didn't stop them acting retalitory though + placing a 'marker' on my account!!!...:mad:

 

A 'parachute' current account is DEFFO the way to go here Belaflat...even if a 'Basic' one is ALL U can get!...;)

 

 

...:)

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Hi, MTM, when did all this occur?

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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Sometime in '06.

Have mentioned it previously in other peeps Threads on the Nationwide Forum when advising them to obtain a 'parachute' current account BEFORE they start Re-claiming.

(...Or getting them out of the sh*t afterwards!)

.....But do peeps EVER listen, when all that they can see is a 'pot of gold'??...:rolleyes:

With the way the site is at the moment, I can't view ANY of my Posts before 30/12/07, + can't remember which Threads prior to 08/08/07 I posted the relevant info in...:(

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Hi, MTM, I have reported your problems to admin; as far as I know the problems were supposed to have been fixed.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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If they HAD been fixed my Post Count would be showing approx 1,000 more than what it currently does!!!...;)

btw...I must have made 1,000 BG2 Posts since 30/12/07 to clog the 'previous 50 pages' of Posts up, when U searched through them!...:rolleyes:

...:)

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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