Bank withdrew £1400 of my overdraft without telling me- help

bendix

Sportbilly wrote: »

Pity the bank in question didn't say that some time ago. If a £2000 overdraft was appropriate at the time, why has it suddenly been reduced by 75%?

Have you been asleep for the last twelve months? Have you heard of this small thing called the credit crunch?

Banks need to get their toxic debts down. No disrespect to the OP but by their own admission they seem perpetually overdrawn, drawing down to the full extent of the overdraft each month. Candidly, the bank is protecting itself from a potential default.

Hard on the OP, but the bank is being prudent, sensible and is acting quite within its rights. It is NOT a universal right to have an overdraft.

welshmoneylover

never-in-doubt wrote: »

Very judgemental, irrelevant and opinionated don't you think? Did you really feel the urge to respond with that amazing advice or do you think you're just better than everyone else?

I for one don't think it's irrelevant at all. I learnt a long time ago to live within my means.

I've never been overdrawn nor have I ever incurred bank charges in my entire life. What I can't afford, I never had and simply went without.

It is very relevant to live within one's means and not rely on other people's money (the banks) because as the OP has found out, it can be withdrawn quite swiftly.

Am I better than anyone else? No I don't think so.

Am I better off than anyone else? Yes probably but only in a financial sense, because I don't owe any money to anyone at all!
It's all mine :rotfl:
And that is what budgeting is all about. :T

welshmoneylover

Life_on_Mars? wrote: »

I admitted nothing of the kind, my overdraft isn't usually up at this level, but I took a teaching job in Japan it didn't work out I got hammered on the currency conversion both ways and the flights etc were a fortune.

Jeez some people on here are really judgemental, to be honest I didn't come on here for sympathy nor do I expect it. I was shocked by what happened and thought some practical advice would be useful, "live within your means" is sound advice but its not really too helpful is it? Sometimes things happen which you don't expect. Exactly what sort of help are you looking for? I take it you are not working right now, if so, I doubt if you would find another bank who would let you have a huge overdraft. Banks are very cagey right now about who they give credit to. An unemployed person is not going to feature very highly on their list.

It seems mental to me that your allowed an overdraft as long as you don't use it and then it gets withdrawn overnight when you do actually need it. Perhaps it is the size of the overdraft that has made the bank a bit nervous. It is rather large imho.

I don't see how this can be classed as a prudent lending decision by the bank, as withdrawl of credit facilities with no notice at a time I am actually making use of them increases my risk of default. Due to the impact on my ability to find employment and generate the means to repay the debt. Of course it is prudent, having no overdraft means there is nothing to default on. In a round about way, the bank is helping you.

I would like to thank everyone for your help, (even tho some of it was unnecessarily harsh and presumed to know the facts) some of it was useful.

I hope you manage to get some kind of work it's a tough old world out there at the moment. I know you may not have appreciated my comments, but being overdrawn and then looking for extra overdraft facilities is not the way forward. Earning and saving are the way forward. It makes you less reliant on the banks and gives you loads of financial independence.

gordikin

Life on Mars?...any luck on sorting it out? Or did you just return to complain about the replies you did not like?

never-in-doubt

welshmoneylover wrote: »

I for one don't think it's irrelevant at all. I learnt a long time ago to live within my means.

So? Because you learned it, does that give you the right to slate other people - ermmm, nope! As Calchas said, we could presume and say stuff about you and your diet but do we? No! We don't get involved. I learned as a kid to stay slim and fit, does that mean I should hijack your posts slagging you off for getting overweight in the first place? Ermmm, nope!

I hope you can see my point......

welshmoneylover wrote: »

I've never been overdrawn nor have I ever incurred bank charges in my entire life. What I can't afford, I never had and simply went without.

Likewise - but I reiterate, so what! That is you, the OP asked a question so either answer the question or don't post! Just cos you think debt is bad - I think fat is bad but does that give me any right to come and preach to you? No it doesn't.

welshmoneylover wrote: »

It is very relevant to live within one's means and not rely on other people's money (the banks) because as the OP has found out, it can be withdrawn quite swiftly.

It's still not for you to dictate this to the OP! Have you considered that maybe the OP used to have a good job, got laid off and now has less paid job and is just struggling? Either way, who cares if you think it's relevant to live within ones means - I live within my means but don;t shout this out to everyone - so what if they use their o/d?

welshmoneylover wrote: »

Am I better than anyone else? No I don't think so.

Thats not fair to yourself - of course you'll be better than people, but that's not the point here. We are all 'better' than other people.... i'm better than Ian Chapman cos I spoil my daughters - not the sick stuff he done.....

welshmoneylover wrote: »

Am I better off than anyone else? Yes probably but only in a financial sense, because I don't owe any money to anyone at all!
It's all mine :rotfl:
And that is what budgeting is all about. :T

Well done, good on you for not having any debt....... its a shame we're not all like that but those that are in debt come here for help - not to be told 'live within your means'.........

p.s. well done on losing weight.... maybe opinions4u needs some tips as his waistline will be getting bigger with all those donuts!
Rant over! :beer:

never-in-doubt

gordikin wrote: »

Life on Mars?...any luck on sorting it out? Or did you just return to complain about the replies you did not like?

condescending idiot. Did you just return to mouth off or did you have something constructive and useful to say?

Sportbilly wrote: »

Pity the bank in question didn't say that some time ago. If a £2000 overdraft was appropriate at the time, why has it suddenly been reduced by 75%?

Most have been reduced! See this - second time of posting now!

http://forums.moneysavingexpert.com/showthread.html?t=1655559

Calchas wrote: »

As an example, it would be very much like spotting the fact that welshmoneylover has joined slimming world, lost weight, (as he/she has, according to their signature) and blithely stating that if welshmoneylover hadn’t stuffed his/her fat face full of doughnuts he/she wouldn’t have ended up as a gluttonous lard !!!! in the first place.

Mate, that must be the funniest thing i've read this week! Cheeky like but very very funny! :rotfl::rotfl::rotfl:

Fire_Fox

Life_on_Mars? wrote: »

Thank-you very much Welshmoneylover, I was in the process of doing that anyway but due to an expensive and unsuccesful stint living abroad my cashflow is in a bad way and I just need a bit of lee-way until I can get back on my feet again.

As far is the bank is concerned that is not their problem. Have you had good conduct with the account, have you remained within the agreed overdraft limit at all times? Have you funded the account with £500 a month, every month, or whatever it says in the terms and conditions? If so you may have a case for negotiating a step-wise reduction in your OD.

ashknowsbest

i am so fed up of people coming on this forum to pick on people who need friendly advice, reading this thread makes me angry, bully comes to mind!