BOS: Charges + Withdrawing my overdraft + Getting a loan to cover my unrenewed limit?

Trilly

As posted in the overdraft charges forum, but searching didn't produce much fruit on similar threads. So putting it in here as the next step is a loan to save me from running into debt.

SUMMARY: My overdraft is up for renewal of £2,7500 on the 23rd.

My current renewal amount is £0. So I will be in debt to BOS.

I have a meeting on Friday lunchtime to discuss my situation, namely to get a loan in order to avoid falling into debt. The meeting is a BOS.

BOS replied to my overdraft charges letter under Financial Harship saying I am not in suffiencet hardship but including the 'Common Financial Statement'. I claimed over £2000, including £750 in the last 12 months.

Should I raise this in the meeting tmrw? Or just mention the problems I have with my overdraft charges

Received a letter last week stating I was not under sufficient hardship but including the form to out line my current expenditure.

The charges were of over £2000 including almost £750 in the last 12 months.

This arrived on the same day for another letter for an overdraft charge and also a letter stating that I owe £2,750 as my overdraft is now up for renewal.

I make almost exactly as much as I spend, give or take £50, with little extravagances. If I don't have an extra £50 or so it's due to overdraft charges or interest rates on those which puts me back into an unarranged overdraft limit.

For example: I purchased a much needed new pair of running shoes, got charged interest, returned them and didn't get a refund before another charge for my phone bill came out.

I owe Bank of Scotland £2,750 and their 'quick' throw at what new overdraft I could get is £0. Nothing.

I have a meeting with the bank on Friday lunchtime to see if I can arrange a loan to cover this so I do not fall into 'debt' with the bank, however I'm not too keen that I will be accepted.

Should I mention the overdraft charges?

If the bank paid back nearly £2000 I'm sure I could arrange a loan of less than £1000 and work under that for the foreseeable future.

My problem is that I don't know how helpful it is trying to take a loan out with people I owe money to whilst at the same time feel that they owe me £2000!

kerry13238

when i wanted to pay off my overdraft i made a deal with the abbey to pay off £100 a month which was what i could afford and on the condition i did not use the account any more each month my overdraft limit went down and it was interest free. the overdraft was £1250 and was clear in a year if you take a laon you will get interest on it

Cash_Flow

kerry13238 wrote: »

when i wanted to pay off my overdraft i made a deal with the abbey to pay off £100 a month which was what i could afford and on the condition i did not use the account any more each month my overdraft limit went down and it was interest free. the overdraft was £1250 and was clear in a year if you take a laon you will get interest on it

.

I would of thought that this type of repayment plan would have had some adverse affect to your credit rating

kerry13238

i dont think it did if it did i was not made aware of it

Trilly

I would be more than happy with your arrangement Kerry, but really should have organised it a year ago.

I presume you organised that long before your renewal date?

I probably spent £100 on things I don't require, like cinema/travel/pub but it's nothing that I see outside of normal living and end up spending probably more than I need to.

The interest on the loan will be killer, but my entire problem here is that I've to discuss it with someone who is working for a company who I will owe money to. This is why I want to discuss it with someone at BOS.

At the same time, if they paid back half my charges and covered the rest in a loan I could be on the road to settling it.

I'm annoyed to say I need someone to take the money from me so I've no choice, but they've been taking £50 on average from me in OD charges every month anyway which has kept the ball rolling.

Trilly

When I say 'in debt' I mean actually oweing them money the demand I repay.

This will presumably have an awful effect on my future credit rating, therefore safer if I take out something to stop them going down that route until the charges are sorted?

Currently the bank have yet to officially discuss my overdraft renewal and I'm counting my chickens, but the 'quick check' came up with £0 so I can't see it being pretty.

I've no idea if they will have the correspondence on record tomorrow.

Also:

Quote:
You have indicated that you are currently experiencing financial difficulties, however our initial assessment of your case has not revealed any clear signs of financial difficulties with ourselves or others to support this claim.
When the same day a letter arrives charging £35 for an unpaid £35 phone bill failing for being £4.37 short after interest of £37.97 came off my account the same day.

My main aim is that I don't want to have to fall into having a big DEBT DO NOT LEND stamp over me, which is why your post gives me hope beyond what I had this morning.

However I don't know if I should be trying to 'sell myself' to prove I can pay this back under some arrangement with them, whether it being a loan or otherwise.

Or if I just become standoffish and demand the renewal to be stalled until my overdraft case is dealt with?