overdraft post bankruptcy?

worried123

I wonder whether anybody could advise me please.

I was discharged a month ago. It was all a non event really. I knew the year was up and so looked on the insolvency register and sure enough I had been discharged - but I did not hear a word from anybody.

Anyway, my point for posting is to ask whether anybody has been able to take out an overdraft facility with their bank post bankruptcy. Whilst I was bankrupt I did phone Barclays and ask - the response was that I had only a cash card a/c and should therefore go into a branch to open a current account.

I work full time and there is a steady wage going in each month but things are tight and some months I have to borrow from a member of my family towards the end of the month - I always pay this back but it is a pride thing - I hate to do this. I really do need some small credit facility to fall back on some months. I would ideally like just a small OD facility on my bank account of about £250.......However, I dont want to face the humiliation of going into the bank and being turned down....it is a pride thing.

Could anybody tell me the chances of being accepted for a current account with small OD facility with Barclays (I have only been with them for a year - from when I was declared bankrupt - they have seen a steady wage going in each month.....I think that a few times however, I have had a very small direct debit going out at the end of the month that has sometimes not had the funds in my a/c...but it has only been for two days and I must say that Barclays have been very good - they have always paid this and never charged me).

I would be most grateful for anybodys advice or experience...also, do you just walk into the bank and ask to see somebody......our barclays is always absolutely packed and i do not want to face the humiliation of talking at the counter.

Thank you!!!!!!

tigerfeet2006

Hi and welcome to the board.

Sorry to be the harbinger of bad news but your chances of an OD is slim to nothing. You will find it very difficult to get an upgraded account this close to your AD.

Now you are discharged your first job is to get all your credit files cleaned up.Follow the instructions in the link

http://forums.moneysavingexpert.com/showthread.html?t=677875

I am afraid the only thing to do is sit tight and the further away the BR gets the easier things will be, If you do go into your branch to ask you should be taken some where private. If they don't, insist!

Also you need to address the reason you can't make ends meet otherwise you will end up in the same situation. Do you know what your money is spent on each month?? Have you done an updated SOA recently? Do you keep a spending diary?

shadowdragon

Maybe you should look at cutting back some more until you get yourself back on an even keel. The oldstyle boards are really good (i use there advice and Im a bloke (breadmakers are great)) at giving advice where to cut back on spending. Maybe have a ebay day and see if you can sell some unwanted posessions as this would give you extra cash in the short term and mean you wouldnt have to borrow anything.

tigerfeet2006

bumping for OP

Rylynn

I think getting an overdraft will prove difficult, and to be honest do you really want one. Can you not as others have suggested cut down in some areas? I know it is easy to say with rising costs on everything, but there are many ways to try to.

I know this may sound daft but I just went to Tescos, at 3.30pm as I needed some throat sweets for my son, I bought those, and then bought £28.47 worth of food for £6.50 as it had all been reduced! I was well chuffed, these are the cuts I mean, if you can save on food, or even shop around in more than one supermarket you can make savings.

fiveyearplan

I agree with TigerFeet, if you aren't able to make ends meet you need to look into either increasing income or decreasing spending or you'll end up in the same place. If you did have a £250 overdraft for instance and you used it, that would be the first thing paid back the next month meaning you would still be £250 short to live on. Its not nice facing these realities but it must be done to avoid getting back in that circle of debt.

What is your home situation? Do you live on your own or have others to look after too?

tigerfeet2006

Check out some of the other boards. Take part in some of the challenges on the Debt Free Board. Check out the Old Style Board and the Up your Income board. Have a really good read round all the different forums and see what pops out. It's amazing what you can do.

marshmallow13

I have been discharged for a year. I have a step account with the Natwest with a solo card, and I have fought to get a current account upgrade. Dont want overdraft as love being debt free but really want to rebuid my credit rating. I have cleaned up my files, never missed any payments or had any bounced DD's since but no one will give me any kind of credit (tried capital one) or a current account. As i say I don't actually want to borrow just rebuild. Anyone got any ideas?
I would think you would be unlikely therefore to get anything just yet, but make sure your files are clean and appeal manually to anything which gets turned down.

philnicandamy

You've done all you can really with your credit file clean up etc..while the BR stays on your files for 6yrs the only thing that can help improve your ratings is time i'm afraid.....I can understand where your coming from similar things have happened with me & i've been discharged nearly 2yrs

marshmallow13

have you managed to get anything at all?

philnicandamy

The only thing I managed to get? a Sainsburys savings account....nothing else yet

have a read here
http://www.moneysavingexpert.com/banking/credit-rating-credit-score