Overdraft Recall

dolly1975

:mad: Hi
The Alliance & Leicester have just sent me a letter stating that I no longer qualify for their overdraft facility and need to pay it back in 30 days! I simply can't do that as it is £1000. What can I do? If I organise to repay it in installments (which I'm hoping) can they charge me interest on it, or just pay back the amount owed? HELP!

moneysavingallday

Why do you no longer qualify for it? What is going on?

cifpower

Overdrafts are repayable on demand I'm afraid. I would open a new bank account immediately and get your wages/benefits paid in there. Then arrange a repayment schedule with A&L to clear the OD.

cazscoob

we have been in a simialr situation but with HBOS, they informed me 2 weeks ago that my overdraft was going form £1300 to £200:eek: we have been using this to live on as OH is doing training after having no work. we explained this and were refused an extension and appeal against the decision. i wrote to the bank manager explaining my situation and that i would be able to pay installments but not the balance off in full, i requested that there be no further charges brought to the account as i was willing to pay it all off. today the overdraft was taken off and all my CTC etc were taken in complete panic i phoned and got a lovley woman who said she could not understand why they were doing this and put the overdraft back on along with a payment plan to reduce it month by month rather than in one go:j we may have been lucky and had a fantastic employee for HBOS but its worth a go and a bit of breathing space esp at this time of year!

good luck!