If things get tougher?

Daisymac_2

I Live in constant fear of the bank taking our overdraft away, dont know what we would do, we literally couldnt pay a thing for a month. Ours is reviewed every 6 months at the moment with the next review being in Jan, our account does go into credit but when all the bills have been paid out it sinks deeply into the OD :eek:

katieowl_2

dorry wrote: »

hi welshnoo :wave:

We need to be prepared just in case, ie: open another account without od so wages can be paid in, otherwise, we could end up with no money for the month:eek:

I've always tried to do this... I've still got a standard old style building society account with a hole in the wall card, where I pay in the odd cheque that I don't want to get 'swallowed' It takes a lot longer for a cheque to clear the account (and don't get me started on the queue if you have to go in there) but I'm not sure they do those sorts of accounts now???

dorry_2

katieowl wrote: »

I've always tried to do this... I've still got a standard old style building society account with a hole in the wall card, where I pay in the odd cheque that I don't want to get 'swallowed' It takes a lot longer for a cheque to clear the account (and don't get me started on the queue if you have to go in there) but I'm not sure they do those sorts of accounts now???

you have just reminded me that i still have my old building society account with the bradford and bingley, but not sure i would want to put it in there, the way that b and b have been finishing their staff lately, hmmm think i will have to get my thinking cap on:cool:

dorry_2

Daisymac wrote: »

I Live in constant fear of the bank taking our overdraft away, dont know what we would do, we literally couldnt pay a thing for a month. Ours is reviewed every 6 months at the moment with the next review being in Jan, our account does go into credit but when all the bills have been paid out it sinks deeply into the OD :eek:

daisymac, i think our od just rolls on, they have never set an end date?? we haven't even been in for a review for at least 3 years

welshnoonoo

katieowl wrote: »

I can't actually REMEMBER the last time my current account was IN CREDIT??

Ditto - I just take it for granted and never do anything about it to be honest, maybe this is the kick I need.

katieowl wrote: »

OH wouldn't tell HIS bank that we were struggling, and ask about options for the mortgage either because our Mortgage is with the same bank as his current account (OD) and his Business account (also OD) He thought that if they got wind of things being difficult they'd throw the spanner in the works by pulling his business OD. I think they might have too.

Yes I agree with you there. We purposely have our personal stuff separate from our business stuff. Mind you if our clients paid us on time we would be ok. These are much bigger companies than us and I think it is criminal that they can hold onto what is essentially our money for so long. It is us who would go under before they do!

dorry_2

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4777696.ece this article from the times is interesting, it explains it a bit more

MRSMCAWBER

Hi all

I just wanted to say "thank heavens" for the bank assistant I saw yonks ago who happened to mention that "yes a bank can withdraw your OD at any time" -the same one who informed me that "yes you can go OD using a DEBIT card if there isn't enough in the bank when you use it" :eek: ...that was a shocker
I had gone in as I had gone overdrawn for the 1st time since being married -about 4 years at the time (hubby had set up a DD whilst we were dating to pay off my OD )-and couldn't understand it... she tracked it down and it was just that - I had spent about £4 more using my debit card than was in -I assumed (bad idea I know ) that a debit card would be declined if there wasn't enough in -apparently NOT -each card has a certain amount they will let you go over .....(she waived the charges too)
I thank my stars now that I am not OD..in fact I refused to have an overdraft for the last 6 years -but now they have bought in that new thing instead of "bank charges" -my bank gives me an automatic £500 OD ..if i don't touch it it costs nothing but if I do :eek: its something like £28 up to 3 times in one period..... I have left it on so in a super duper emergancy I would be able to access it.... but it would have to be just that

We are now working on hubbies OD -we have got it right down -but need to get rid of it..well at least fill it up;)

I have for the 1st time in as long as I can remember began to get some savings behind us -purely by doing the GC .....just want that bit of a cushion for if anything goes wrong etc..

nicki_2

If they pulled my OD then I'd be in BIG trouble - I'm currently over £1000 in mine and with only having benefits going in, its going to take a long long time until its paid off.

katieowl_2

dorry wrote: »

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4777696.ece this article from the times is interesting, it explains it a bit more

Well I guess that as a customer who they are earning money from (my OD charges et al) that they MIGHT be glad to keep me paying that extra to them each month....especially if the haven't got 'real' money flooding in from savers??? One lives in hope

I just mentioned what we were talking about on this thread to OH who says yeah but they could force you into turning your OD into a loan, something which we've both been offered in the last couple of years, we both turned the banks down for the same reason...that we'd have to find a set sum of money each month to pay it...where as with the overdraft we can just be uber-careful not to exceed it!

I'm struggling enough at the moment, I could do without lying in bed at night fretting about my OD. My DD and her BF are moving in with us on Saturday...I guess my first priority (after paying the mortgage) better be loosing the OD!

OH and I were supposed to be selling up and clearing all out debts this summer, but because of the housing market it never happened....things are just getting worse by the day!

Regards

Kate

Primrose

If you do set up an alternative bank account somewhere, I suggest you don't do it with an internet bank. If things got really tough for you and your internet subscription got cancelled/withdrawn because you couldn't meet the payments, you wouldn't be able to access your money.