Alliance and Leicester Overdraft

webbo1981

I currently have and use my £600 overdraft with Alliance and Leicester. Does/will this show as a debt on my credit status/report(s)

Thanks

YorkshireBoy

Yes........

woozywendy

I wondered about this as well. On the leaflet you get with the report it says something like the account is being run within the terms of the agreement. Having had a look at the reports I have even when we are overdrawn it is still a 0 for the period. If we were to go into an unauthorised overdraft then the status number would change as we would be breaking the terms of the agreement. Hope that makes sense.

webbo1981

Makes sense, many thanks

However if it is showing on my credit report as a debt I am keen to cancel my overdraft

Jazzking

It doesn't show as a debt (unless you are using all £600 of it) - it simply shows as available credit, in the same way someone with a £3000 credit limit on a credit card would have £3000 available credit but might only have £500 owing on it at any time...

By all means if you are never going to use it then reducing your available credit is the way to go if you need to apply for more credit in the future...