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help required urgently, overdraft reduced, deadline 1st sept

Last post Mon, Sep 01 2008, 6:21 AM by Captain of my ship. 8 replies.
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  •  Mon, Sep 01 2008, 6:21 AM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    That is great news Mayfair40! I hope you feel less pressured.

    As Shopaholic says, they are a shabby bank.

    • Post Points: 5
  •  Sat, Aug 30 2008, 7:34 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    Thanks for coming back here to let us know the outcome.

    I have an account with Abbey and they reduced the overdraft limit one day then the next day sent me a leaflet asking if I'd like to take out a personal loan for £15k. Fortunately I was in a position to pay off the overdraft but they are not called shabby Abbey for nothing. One day I'll close the account as I do not like dealing with them.

    Good luck with the repayments and try not to increase your debts elsewhere while repaying the £60s.

    • Post Points: 5
  •  Sat, Aug 30 2008, 1:15 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    hi captain,

    thak you for your reply. I have contact abbey, which i also did last year and last year they had only reduced it by £200 and the offered my a loan, and all the interest that goes with it, i struggled to raise the cash and reduce it by the £200. So i went into panic this year when the amount was £800. The one thing i did not want is to take a loan out to pay off this debt. On friday the abbey offered me the opppertunity to pay it off gradually as you have. They have given me two years at £60.00 each month, i will really struggle hard to do this but at least it is not putting me in the debt bracket, thank you for your advice it was so helpful.

    many thanks and kind regards

    mayfair40

    • Post Points: 35
  •  Fri, Aug 29 2008, 3:20 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    Hi Mayfair,

    Is the overdraft a student overdraft or have you switched over to a graduate account? The reason I ask this is, I had a student account with abbey which switched over to a graduate account once I graduated. I had a 1800 overdraft which was reduced over a 3 year period, i.e from 1800 yr1, yr2 1000, yr3 500. I belive most graduate accounts work this way.

    I suggest you contact the Abbey and ask them for the graduate overdraft repayment loan. The interest is 1% (when I did it). You can spread it over a number of years (can't remember the term). This allows you to pay back your overdraft without having to find the money instantaneously. You can arrange this over the phone staright away.

    It took me 2 years to pay mine off. When I got a lump sum, I cleared the balance.

    Good luck!

    Let me know how you get on

    Captain

    • Post Points: 20
  •  Wed, Aug 27 2008, 9:11 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    hi maxsteam

    thank you for advice and i will need lots of good luck too....

    • Post Points: 20
  •  Wed, Aug 27 2008, 9:07 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    The credit card cash advance was only really an option if you'd already got a card. Good luck when you talk to the bank.
    • Post Points: 20
  •  Wed, Aug 27 2008, 8:59 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    hi maxsteam

    thank you for your advice, i will phone the abbey tomorrow, i really cannot ask friends and family, i live within my means as a rule, this over-draft was part of student facilties set up when i did my degree, but because of ill health i am unable to work at present. i cannot get a social loan as i had one about a year ago to pay over debts occurred while studying. i thought doing degree would better my life but instead it has left me with mountaimn of debts, i had never been in any debt till studying as a one-parent mature student with dyslexia, that was hard but pressure of debts it worst! I was thinking about gettig credit card with £800 on it and then use that to pay this immediatly and buy myself some time, while i try to clear what i owe, as i read some where you can get 0% for a year on some credit cards, but i have no idea how long it takes to get the cash and what is meant credit transfer neither, martin lewis were plantium one card, but i never had credit card before and don't know because i am not working if i would be acceptable or how much they expect back each month.

    thank you

    • Post Points: 20
  •  Wed, Aug 27 2008, 8:42 PM

    Re: help required urgently, overdraft reduced, deadline 1st sept

    It is the nature of overdrafts that they are repayable on demand.

    You should speak to Abbey in the morning and explain the situation. It will all seem very unfair but if you do nothing, they will start to charge a very high daily fee for any unauthorised overdraft. Your best bet might be to politely ask Abbey if you can repay the £800 difference over a period and they might offer you a personal loan. Otherwise you should look to borrow elsewhere. Credit cards are an expensive way to borrow but, if you have one, getting a cash advance will work out to cost less than using an unauthorised overdraft. You can also approach family and friends, the Citizens Advice Bureau and the benefits agency for help and advice.

    The problem will get very severe if you end up being charged the unauthorised overdraft fee for any period so you need to contact the bank and come to an arrangement as soon as you can. It is possible to dispute the fees that come with an unauthorised overdraft but such a dispute wouldn't be sorted out by Monday.

    • Post Points: 20
  •  Wed, Aug 27 2008, 8:07 PM

    help required urgently, overdraft reduced, deadline 1st sept

    hi i hope there is someone who can advise me, i have overdraft £1300 with abbey, now they have changed there minds and on 1st september reducing it to £500. I cannot find £800 in the 30 days they alloted, i am on disabilty/income support, struggling already, once monday comes it will make me unathorised overdrawn and then they will be hitting me with cost and charges. the worry of this is so stressful, i have tried to look for advice today on the net, i am dyslexic and there are lot terms i do not understand, i see martin lewis site advise to change bank but it takes alot longer than i have got, can any one give me some sound advice i am scared of getting into more debt, i never went over my overdraft set amount they have chose to just change there mind about the amount and given me 30 days notice, which most of that has now passed.
    • Post Points: 20