Switching current accounts when in overdraft

tunafish1

Summer and weddings and birthdays over the past few months have meant I have gotten myself into a mess with my barclays current account.

Im ashamed to say I have a £1500 overdraft and a couple of days ago I got a letter to say I was £2230 overdrwn, :eek: :eek: :eek: luckily I was getting paid the next day, but My wages are not amazing and I was still overdrawn and have about £600 to live on all month! I have almost £800 left in savings which I intend to transfer over but I was thinking about this and how it cant go on, so I was wondering can I switch current accounts if I can get accepted anywhere and have my wages paid into that and just pay off my over draft with what ever is left over???
Would barclays allow me to do this or once they realise that my wages are being paid elsewhere would they demand a full payment on the overdraft?

I know I have been stupid, Im not good with money and to be quite honest I dont quite know how I have gone this overdrawn without a bit of warning!
But I will learn my lesson one day and Im hoping to take steps to sort it out.

Thanks for anyone who has experience of this sort of situation and replies

Burp_2

I can't help you ... but I'm in a very similar situation and would be very interested in any advice you get.

I have a personal account with Natwest and I have an overdraft limit of £2000 and by the end of the month I'm in it around £1600... I get paid £1431 a month so haven't come out of it a lot ... but the reason I'm in it recently is cos OH has no work on (self emloyed) and I've had to have my car serviced, tax etc etc

I'd like to open an account with Alliance and Lester and swop my wage to go in there and all my direct debits coming out ... leaving my account with Natwest still open in my overdraft of £1600 ... Then whatever I get left over at the end of the month in A&L paying off my overdraft with Natwest ... is this possible? Or will Natwest close my account because of no money going in and an overdraft... will they expect instant repayment of overdraft?

Burp x

jonesMUFCforever

You can swap banks as long as the new bank gives you enough of an overdraft facility to cover the old one and any unpassed charges.

efallai

Burp wrote: »

I can't help you ... but I'm in a very similar situation and would be very interested in any advice you get.

I have a personal account with Natwest and I have an overdraft limit of £2000 and by the end of the month I'm in it around £1600... I get paid £1431 a month so haven't come out of it a lot ... but the reason I'm in it recently is cos OH has no work on (self emloyed) and I've had to have my car serviced, tax etc etc

I'd like to open an account with Alliance and Lester and swop my wage to go in there and all my direct debits coming out ... leaving my account with Natwest still open in my overdraft of £1600 ... Then whatever I get left over at the end of the month in A&L paying off my overdraft with Natwest ... is this possible? Or will Natwest close my account because of no money going in and an overdraft... will they expect instant repayment of overdraft?

Burp x

I earn about £100 more than you a month in pay, but my credit history isn't fantastic although don't miss many payments/no defaults/ccjs etc (just quite a few accounts)...

Why don't you just apply for account elsewhere? I was overdrawn by about £800 with Natwest and opened an account with HSBC who matched my current overdraft when I told them what my Natwest one was... I pay about £20 a month into my Natwest account to pay o/d off and its now down to about £220 - Natwest have never asked me once why my pay or bills don't come in/out of the account anymore....