Help, Overdraft Removed!

[MR2Phil]

Back again....

 

Why is it that every time you think you're on your feet and looking forward to the future, someone else turns up to pull the rug from under you? I'm at my wits end now and not sure what to do next.

 

Basically, I got a letter from the Halifax explaining that my overdraft renewal date was coming up (28th September) and that they were going to leave it as it is. I thought "Phew, that's ok then@!". However, after I wrote to them asking if they could lower it by a hundred pounds a month for 12 months, effectively paying it off, they said they can't do that and my overdraft will now be zero!!!! Now, like a lot of people, I live up to my overdraft each month and my wages get paid in there. I have a new job which my first payment of 2100 will be going in there on 30th September. The 1300 will be swallowed up, leaving just 800 to live off. Mortgage, loans and petrol to work alone come to 1100 and that's before food.

 

I know Halifax are well within their rights to cancel an overdraft but why would they when I've paid in my salary for years with them???!! I've had 2700 back in bank charges last March and wonder if this is their (delayed) payback?

 

Help! My credit rating is so crap (486 points) that I can't open another account, I'm sure.

[BoSBoY]

hbos have been removing overdrafts over the past month or so, now its done to people who do not use it, or who are constantly in arrears with other product like credit cards, loans ect or who (as in your case) as had a large number of bank charges and / or constantly over the agreed limit.

 

Now this may not be what has happened in your case, but you can call the servicing line and have an appeal put through, normally 48 hours before the underwriters decide.. you can push however for the agent to call the instant decision line but its normally is for emergencies.. (your stuck in timbuktu with no cash)

 

anyway good luck and let us know how you got on.

[MR2Phil]

Well...update...spoke to lady at the bank and she apologised for the second letter, said it was a mistake but to "keep the first letter, just in case. If it does go to zero, take it to the bank manager of my local branch who will correct it".

 

Sounds like the left hand doesn't know what the right is doing? I'd have thought that, with my offer of paying it off over a year, they'd have been a bit more flexible? I just hope that the lady was right and it stays as it is or I am buggered, to put it mildly. Have already cancelled every direct debit, just in case.

[sea-sidelady]

It does sound like it should stay, but i'm glad to see your prepared just in case. As you know they can take it away as long as they give you notice. Normally 14 days.

 

But keep an eye on it, and if it is removed, go into branch and demand it back showing the letter.

[MR2Phil]

Yeah, I know they are totally entitled to and, what with the fact I've had bank charges back and their buy-out by Lloyds TSB, I'm not overly confident...

[BoSBoY]

the merger will not effect your account in way over the next 6 to 12 months.

[MR2Phil]

Oh, ok. Do you work for BoS? Sorry if that's a pretty obvious answer, just going by your name!

[BoSBoY]

yes, but i do not necessary agree with all their policies.

[MR2Phil]

yes, but i do not necessary agree with all their policies.

 

Nice! Good to have someone on the inside spitting out!