overdraft help please !!!!!

fletchliveshere

hi...

first post on here, i need some help with an overdraft i have with the halifax.

got an agreed overdraft from them on 21/12/07 and recieved a letter from them saying this would last until 20/12/08 and it would be reviewed at that time.
but just last week i recieved a letter from them again to say my current overdraft is to be reduced to 530 pounds from 08/09/08. can they do this by law as i will never be able to find the funds to cover this by then. do i have rights if i have the original letter saying the overdraft is good until 20/12/08 at the original amount......thanks for any feedback...

fletch

Dill

Welcome to MSE :hello:

I'm with a different bank to you (HSBC) but my overdraft is similar to yours in that the o/d facility is agreed until a certain date. However, in the t&c it does state:

"... we can, at any time, even before the review date, withdraw your facility and/or write to you demanding the immediate payment of the overdrawn balance of your account..."

If you still have the letter with the terms and conditions it'd be worth digging it out to have a read of it. I'm guessing it may say something similar (?)

tictax

Dill wrote: »

Welcome to MSE :hello:

I'm with a different bank to you (HSBC) but my overdraft is similar to yours in that the o/d facility is agreed until a certain date. However, in the t&c it does state:

"... we can, at any time, even before the review date, withdraw your facility and/or write to you demanding the immediate payment of the overdrawn balance of your account..."

If you still have the letter with the terms and conditions it'd be worth digging it out to have a read of it. I'm guessing it may say something similar (?)

that condition will be in any overdraft facility.Are you currently up to the max on your overdraft? this may be why the bank has reduced it.

fletchliveshere

ty for the reply...

i dont think i am at the max for my overdraft. i have 1800 pounds a month that goes into my bank account through wages. it is due to end tommorrow which will leave me owing 900 pounds to the halifax would it be worth going to seek further advice from the c.a.b or not.....thanks..

fletch

tictax

fletchliveshere wrote: »

ty for the reply...

i dont think i am at the max for my overdraft. i have 1800 pounds a month that goes into my bank account through wages. it is due to end tommorrow which will leave me owing 900 pounds to the halifax would it be worth going to seek further advice from the c.a.b or not.....thanks..

fletch

can't see what point going to the cab will be as it is in t&c that you signed up to

You don't think you're at the max? It sounds from that you need some help in organising your finances.