Yorkshire Bank removed overdraft

YorkshireBoy

oldwiring wrote: »

TBH I am surprsied that the banks have themselves been lax in letting such things go on.

Well they were previously very happy to make 19.9% EAR and more on their lending - for very little risk - and probably still are for those who return their accounts to credit at least once per month.

YorkshireBoy

I_Used_To_Lurk wrote: »

I'd say the vast majority of Brits live beyond their means. Meaning they could not finance their lifestyles if they did not rely very heavily on credit.

So the withdrawal of overdraft facilities is just the kick up the backside that many of them need then?...assuming of course it is lifestyle and not poverty that has created the debt.

ShelfStacker_3

Oftentimes, if they give notice, many will whinge, moan and complain either on here or actually to the bank, and take steps to get it reinstated so the gravy train can continue.

Generally, most give 30 days' notice, which is fine; IF someone is using the OD for the purpose it's intended for, i.e. very short term borrowing where you WILL have the funds available, as they should be able to repay. If you're right up to the hilt because you're overspending, that's where the problem starts.

froggystyle

The bank have agreed a loan to pay off the overdraft...all we need to do now is get them to remove the £25 per day charges.

ray123

Well done froggystyle about the loan, I hope it all works out for the best.

froggystyle

Thanks Ray. Ive certainly learnt a valuable lesson....never rely on an overdraft!