Reducing Overdraft- Help Please

liss123

We have received a letter today from Barclays saying they are cutting our overdraft from 1,500 to 750 in 35 days time........ i understand that out overdraft is large but we have been working hard to clear our debt but we are still using about 1000 of it a month,
we have tried to call the number on the letter and it is permently engaged- and customer services left me on hold for an hour trying to find who sent this letter- they have now said someone will contact us in 5 days

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i feel sick, if they do this in 35 days everything will bounce next month--- should they not give more notice ??

Sharon87

They usually say they can cancel/reduce OD's at any time. Other banks give 30 days notice.

If you need some ideas go to the Up Your Income Board for ideas to make money.

~Beanie~

They can withdraw the whole facility any time they like unfortunately, they are not legally obliged to give any notice.

Try not to worry too much, explain your circumstances when you get to speak to someone and ask if they can reduce it gradually rather than all at once. I wouldn't wait 5 days euther, I would ring again tomorrow and keep ringing until I got a satisfactory response.

liss123

thanks, i have no problem with them reducing it bit by bit- that was what we were trying to do- just finding 750 in 30 days is hard going---- i have already been using this site for help and really do not think i can cut back any further than we have done already.

lewnicnat

THey wont do anything i have been on the phone all afternoon this has devestated me and mine has only been halved by 2 50 i cant belive there timing its xmas in 35 days

liss123

lewnicnat wrote: »

THey wont do anything i have been on the phone all afternoon this has devestated me and mine has only been halved by 2 50 i cant belive there timing its xmas in 35 days

was yours barclays then ? did you have the same problem getting through on that number ????

lewnicnat

yes i with barclays and i got though on the 016 somthing number and bascially its tough !!!! on us
i cant belive they are doing it with only 35 days notice at this time of year

liss123

They must have sent thousand of letters yesterday as we just couldnt get through on that number- customer services said it had a technical problem and had no idea which department sent the number......... strange that they think we are not suitable for an overdraft but they say my hubby has a pre approved loan of 16000 ??
Day 2 on trying to sort it out---- what will you do hun ?

MABLE

I had a letter today from Lloyds advising me that because I do not use my overdraft facility of £8,400 they are going to reduce to £5,250. I rang them up and they were very helpful and said if I felt I would use the original amount they would leave it at that amount. However not a problem as I am comfortably off.