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How does this affect an agreed overdraft?


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I have recently signed up for online banking and carried out a search of charges. Quite surprised to see that since 10th October 2005 charges have just topped the £1000.00 mark. Although I have read that you can go back six years, I think my account was within limits prior to this and possibly didn't incur many charges, at least I think so.

 

I am slightly concerned about persuing this further as I have an agreed overdraft of £5000.00 which is currently on the limit. I don't want to jump out of the frying pan and into the fire. Hence would I be asking for trouble by instigating proceedings when I would struggle to pay off my overdraft, if the bank decided to call this in.

 

I also have a loan with the bank, so I don't think it will be an option to convert this into a further loan.

 

Any advice or guidance would be gratefully appreciated.

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Overdrafts are usually repayable on demand and so there is a risk that they could return your £1k and then say they want their £5k back. One way to look at this is to say that you have only recently incurred these charges and you have six years in which to reclaim them It might be better to wait until you are in a less risky position as you have plenty of time. The downside to this approach is if Government action makes it more difficult or impossible to claim.

 

One other point, and I'm sorry if I am speaking out of tuen, is that if you are starting to rack up serious bank charges this may be indicative of a underlying financial problem. There are various agencies like National Debtline or the CAB out there who can help you to tackle these problems before they become too serious.

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Thanks for your advice, sounds good to me.

 

Hopefully, with a bit more overtime, the account will not be pushing the boundaries quite so hard in the furture.

 

Regards

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Sorry, I may be out of line too, but I've been there, so if it helps someone else, I should say this:

 

As the o/t kicks in and the debt decreases, make a point of getting the bank to reduce your limit accordingly, a bit more each month. Otherwise, it's too easy to stay there for ever.

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In addition, you can check out the information on Super Balance Transfer on http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1085355871,12390 which explains how to transfer your overdraft onto a credit card (0% interest of course). This way you will save yourself 100s pounds and the bank wont be able to 'punish you' by reclaiming their overdraft.

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  • 12 years later...

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