halifax overdraft please help i cant pay

jonnym8083

hi i have currently have 2 account one with halifax which is overdrawn by £1000 and an alliance and leicester with a nil balance. my overdraft with halifax is due to be reconsidered in july and i no they are going to take it away as i have had many bank charges due to financial situation. i cannot pay this back by july. i could perhaps afford to pay £250 a month and have it paid back to them in four months. do you think they would accept this. also i will have to pay my salary into my alliance and leicester account as the overdraft would eat all my wages up. i have never been in such a bad financial situation and i do not want any ccj's or anything bad like that to happen. Am i thinking correctly by doing what i stated above or is there a better option for me? and help would be grateley recieved thank you

opinions4u

jonnym8083 wrote: »

hi i have currently have 2 account one with halifax which is overdrawn by £1000 and an alliance and leicester with a nil balance. my overdraft with halifax is due to be reconsidered in july and i no they are going to take it away as i have had many bank charges due to financial situation. i cannot pay this back by july. i could perhaps afford to pay £250 a month and have it paid back to them in four months. do you think they would accept this. also i will have to pay my salary into my alliance and leicester account as the overdraft would eat all my wages up. i have never been in such a bad financial situation and i do not want any ccj's or anything bad like that to happen. Am i thinking correctly by doing what i stated above or is there a better option for me? and help would be grateley recieved thank you

1) Switch your salary
2) Ensure your Halifax account has at least £250 a month or more go in to it (or they will withdraw the overdraft early)
3) Make sure you get no more bank charges
4) Review the situation when they decide whether or not to renew the overdraft

If you owe £500 when they make that decision and you can clear it in 2 months, I'm sure you'll be able to come to some agreement with them.

Once your overdraft is clear, you need to make a decision as to which bank you wish to use as your main provider, and get in to good money management habits.

If you genuinely only owe £1000 and can clear it in 4 months, your financial position, while not good, is a lot better than many others in this country.

Giddytimes

jonnym8083 wrote: »

hi i have currently have 2 account one with halifax which is overdrawn by £1000 and an alliance and leicester with a nil balance. my overdraft with halifax is due to be reconsidered in july and i no they are going to take it away as i have had many bank charges due to financial situation. i cannot pay this back by july. i could perhaps afford to pay £250 a month and have it paid back to them in four months. do you think they would accept this. also i will have to pay my salary into my alliance and leicester account as the overdraft would eat all my wages up. i have never been in such a bad financial situation and i do not want any ccj's or anything bad like that to happen. Am i thinking correctly by doing what i stated above or is there a better option for me? and help would be grateley recieved thank you

I recently lowered my Halifax overdraft limit online from £1200 to £900, you can do this yourself using online banking. My next statement after I had done this showed my overdraft renewal date to be April 2010 (a year from the date I lowered it). It had previously been due for renewal in June 2009. I'm not saying that by doing this they won't take
your overdraft away sooner, they can take it away whenever they like. But trying to extend the date yourself might be worth a try if there's no way you can repay in July anyway.

jonnym8083

well i dont think i could do this as my guaranteed overdraft limit is £0 so i can either leave it as it is or cancel it completely i am very worried but i think its best if i switch account straight away would you not agree?

Giddytimes

jonnym8083 wrote: »

well i dont think i could do this as my guaranteed overdraft limit is £0 so i can either leave it as it is or cancel it completely i am very worried but i think its best if i switch account straight away would you not agree?

Ah ok, then yes definately to avoid the excessive charges. I'd start repaying it this month if you can though, if you show the overdraft is being reduced then they are less likely to take it away altogether.
But either way don't panic about it, if you are able to repay in such a short timescale then there is no way you will be given a CCJ.