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halifax over draft advice

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i have a overdraft with halifax bank for almost £3k after loosing my job i spoke to them and agreed £1 token payments.

on the 25th of jan i recived a letter telling me thank you for keeping to your payment arrangment,this agreement has now ended please pay £3k within 28 days of the date date of this letter to bring your account up to date if we do not recive this payment we will send you a notice of default is that legal to do?

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Yes, unfortunately it is entirely legal. The terms and conditions covering the overdraft and account would override any informal short term repayment plan, or temporary repayment agreement, which is what they have agreed to.


it is quite normal for a bank/building society to agree a short term arrangement to help out someone who is in financial difficulties, however this agreement would ahve a time limit attached and when this is reached, they will revert back to the original t&c and most probably default the account in the case of an overdraft.


If this is your only account, I would suggest you open a parachute account with another bank immediately (CO-Op offer the Cashminder account for people with credit/bankruptcy problems) It is entirely possible that your current bank will put their own needs ahead of your own and remove the credit facility whilst absorbing any salary/benefits paid into the account leaving you with no available funds

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I would urge you to arrange for the payments to go elsewhere as a matter of urgency.


I know there is legislation in place forbidding them from seizing certain benefits, and whilst they may eventually give the money back this wouldn't be of help when you have nowt to buy bread and milk with.

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