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Switching current account when in overdraft?
Burp_2
Posts: 276 Forumite
Is this possible?
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 (was self emloyed/contractor but no contracts now due to credit crunch) 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? I have worked out that after all my expenditure I have roughly £300 free a month which I could pay off monthly. Or will Natwest close my account because of no wages going in and an overdraft... will they expect instant repayment of overdraft?
Or would A&L let me transfer my overdraft to them? It's 0% interest for one year with A&L at the mo... fortunately I will start tutoring again next month so that will also be additional money incoming and hopefully my OH will hear back from all the jobs he's applying for so I wont be forking out for as much!
Burp x
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 (was self emloyed/contractor but no contracts now due to credit crunch) 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? I have worked out that after all my expenditure I have roughly £300 free a month which I could pay off monthly. Or will Natwest close my account because of no wages going in and an overdraft... will they expect instant repayment of overdraft?
Or would A&L let me transfer my overdraft to them? It's 0% interest for one year with A&L at the mo... fortunately I will start tutoring again next month so that will also be additional money incoming and hopefully my OH will hear back from all the jobs he's applying for so I wont be forking out for as much!
Burp x
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Comments
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Hi Burp sorry to hear OH is still struggling to get work in at the moment. I am no expert but would open the A&L a/c and see what overdraft they give you and then see what the best thing to do is. Tell OH to stay positive and if he has no work at the moment he needs to go to job centre and sign on, every little bit helps, I had to swallow my pride and do it for now .....
BCReal Men Do Cry - Even This Scotsman
Proud To Be Taking Back Control One Step At A Time
If it aint getting used its getting ebay'd - Running Total £259.78
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Thanks Blackclouds
How did your interviews go - any luck??
Burp x0 -
Still waiting to hear, but in the meantime trying to formulate a new plan of action as a back up as daytime telly is getting to me alreadyReal Men Do Cry - Even This Scotsman
Proud To Be Taking Back Control One Step At A Time
If it aint getting used its getting ebay'd - Running Total £259.78
0 -
Fingers crossed for you still then
I sent his CV off to around 8 jobs y'day ... about to start todays hunt for him! hi-ho
Burp x0
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