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Halifax ---- grrrr i want to leave so much
Dan0956
Posts: 53 Forumite
Ive got 2 bank accounts with halifax, both overdrawn by 2000 each (at the end of each month before payday). So im paying £60 a month in charages with the new system.
ive tried opening new bank accounts, but no one will give me the same 4k overdraft i have with halifax due to my poor credit rating (which is down to me having a new job, new flat(rent) and never having a credit card)
Any advice?
ive tried opening new bank accounts, but no one will give me the same 4k overdraft i have with halifax due to my poor credit rating (which is down to me having a new job, new flat(rent) and never having a credit card)
Any advice?
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Comments
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Budget so you can pay off your overdraft?
Have you done a SOA? http://www.makesenseofcards.com/soacalc.html <--- if not do one.0 -
As I believe the interest is 0? So your personal apr is about 18% better than what it used to be.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
what do you mean happyJ
Ive done an soa and i know what i have at end of each month,0 -
Any advice?
Get a personal loan .... pay the overdrafts off ...... close one of the accounts ...... and then manage it without re-visiting the o/d?
It will be cheaper than the £720pa you've put yourself into. And .... when things are tight I've always found it easier to micro manage a single account. And had 35 years experience doing so!If you want to test the depth of the water .........don't use both feet !0 -
Natwest offer facility matching depending on the credit check - Not sure what the exact criteria is but if you qualify as long as you haven't had any overlimit or unpaid item fees in last month they will match your o/d0
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Okay, assuming you are genuinely stuck with the situation then you need to find ways of making it work most for you.Ive got 2 bank accounts with halifax, both overdrawn by 2000 each (at the end of each month before payday). So im paying £60 a month in charages with the new system.
ive tried opening new bank accounts, but no one will give me the same 4k overdraft i have with halifax due to my poor credit rating (which is down to me having a new job, new flat(rent) and never having a credit card)
Any advice?
1) Make sure at least one of them is a Reward account so that you can get £5 a month back.
2) If one account is joint, make that a Reward too. There's £10 refunded.
3) Could you combine the overdrafts on to one account and keep the other account in credit at all times? For the period of time that your combined overdraft is less than £2,500 you will save £1 a day.
4) Could you change the dates of standing orders/direct debits back a little to spend less time a month overdrawn?
5) Could you get a loan to repay both overdrafts and then never go overdrawn again?
Whichever route you take, ultimately you need to spend less than you earn to get the balances down. Overdrafts are repayable on demand and if that happens when you owe such a significant sum you could be well and truly stuffed.
Good luck.0 -
Ive worked out what i think is a sensible solution, what do you think.......
Account 1 is 2k overdrawn
Account 2 is 2k overdrawn
so im paying £60 charges a month.
So my solution....... extend account 1 to £2500 OD which i`ll still only pay £1 a day
with the extra £500 and the £1000 i have in savings, find another £500 (ask mum nicely) then i`ll pay off account 2 to a zero balance and NOT USE IT meaning....... i`ll only have one charge of £30 a month for being £2500 overdrawn.
And with my halifax reward account now in place, i will defo get £5 each month and maybe £10 if i transfer between accounts !!
so i`ll end up with £20 a month overall charges as oppose to £60, this of course depends on that £500 from my mum
if that makes sense, thoughts?
oh if if i cant get £500 from my mum i`ll get it from next months wages0 -
Yes a good idea. But bare in mind, Halifax may not extend your overdraft to £2500 (unless its already there).0
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yes, they have said they will. i can actually extend it more, but i want to keep it to £2500 as i get charged more after that !!0
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Ive worked out what i think is a sensible solution, what do you think.......
As responses on the other thread you've created today ...... that it's not sensible. You're just messing about.
You're effectively paying 18% on the combined £4k overdraft ... yet you have 1k in savings which you're probably getting 2% on? Use it to pay down the o/d .... get a loan to pay off the balance .... then focus on getting straight. It's overall much cheaperIf you want to test the depth of the water .........don't use both feet !0
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