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janetlouise24 | Abbey National - Cutting my overdraft!! Please help? |
My ban k have sent me a letter saying that next month they are cutting my overdraft down from £1700 to £500!!!
I can't afford to pay it all of by the time they cut the overdraft limit and am going to inccur loads of charges! Are they allowed to give me an overdraft and then just take it away?? |
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jduck1979
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yup...... banks are tw*ts for pulling stunts like that...... The only real solution is to to tell them where to shove it by taking your business elsewhere: http://www.fool.co.uk/current-accounts/compare-all-current-accounts.aspx
Personally, I'm using HALIFAX right now after NatWest screwed me out of £258 in bank charges (most of which was from them putting me overdrawn with their bank charges), and their personal banker in my local branch talked down to me like I was a spastic school kid on my initial attempt to get it refunded going into the branch (I reclaimed £196 of it back the following year with the aid of a series of articles on fool.co.uk on bank charges):
Switching to the Halifax:
http://www.halifax.co.uk/bankaccounts/switchingtous.asp |
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dsclimb1
 |
in short yes, it is an agreed loan on their terms. Approach them and ask them if they will convert the whole amount to a loan over 12months and remove your overdraft all together.
This will be cheaper than those fees. |
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lily_evie
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They are giving you notice so i would have thought so. What i would do would be to telephone them and ask if there is anyway to do it gradually rather than paying the £1,200 in one go - try and explain your situation and that it would leave you in financial difficulties. If you have no joy i would open an account with another bank and have all of your payments paid in there. They then cannot take any of your money and you can then come to another agreement to pay the outstanding amount monthly.
Not ideal and may effect your credit rating but a short-term solution if you really are stuck.
Good luck & hope you get it sorted xx |
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Smarty
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The best thing to do is phone them or arrange an appointment at your branch. Tell them it's impossible to be able to meet their proposal but make them an offer which you can afford to pay back (for e.g reducing it by £200 per month). I tend to find that all financial institutions are happier when you don't ignore the matter and if they see you're willing to make an effort to clear the overdraft then there's no reason why they shouldn't oblige. Also, they'll probably make a suggestion to take out a small loan to clear the overdraft but this will end up costing you much more over a longer period of time so don't agree to any offer of a loan to consolidate. |
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Ammo
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Lloyds did that to my partner - he has since changed banks - if they think that your account is not running smoothly I do believe that in the terms and conditions that they can remove the overdraft facility as long as they give you notice. |
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D B
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yes they can as they have given the required period of notice. I suggest you phone them immediately and ask them if it is possible to reduce your overdraft more slowly; make a realistic offer. |
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RoyalBrittania
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I'm with Abbey myself. You can ask that instead of taking that amount in one sum, that you change it to a repayment schedule. This means they will recall your cash card sadly, but will reduce payments to a manageable monthly sum. I think this removes your direct debit facility and I'm not sure if it has an impact on your credit rating. Try and talk rationally to a manager first and explain, reasonably, that this reduction would make the account unmanageable without doubt. |
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luddite
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Yes, they can. Always read the small print.
I suggest you make an appontment with the manager to discuss the matter ASAP. |
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OriginalBubble
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I didn't think they were allowed to do that, that is just stupid!!! I would give them a ring and explain the situation, they will usually try to help you out. |
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WBWs' Babe..
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Probably, but then, there has been a story of the incompetance of Abbey National workers up here, where they sent a new credit card and pin to the wrong address!!! classic!
Go to your bank and complain, see how far you can get! |
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Witchywoo
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Just because something appears in the bank's terms and conditions does not necessarily make it law. Just look at the current fiasco over people claiming back their last 6 years worth of unlawful bank charges!
Write to them and tell them that by removing the majority of your overdraft facility they will be subjecting you to undue financial hardship. If they are at all accommodating, they should at least extend the period of your overdraft, or come to some sort of repayment arrangement.
Good luck! |
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Danielle T
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GET A JOB BBE |
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