Halifax OD - help please!!

cady

Hiya i have a halifax OD that im trying to reduce i dont use the account anymore and have been paying a little off each month - im still getting charged interest but someone says it has changed to £1 a day now and if this is true its going to kill me to pay it off as im paying that in a month to try and chip away at it now - can anyone please tell me more about this and if its true what i can do???

hunnycat

cady wrote: »

Hiya i have a halifax OD that im trying to reduce i dont use the account anymore and have been paying a little off each month - im still getting charged interest but someone says it has changed to £1 a day now and if this is true its going to kill me to pay it off as im paying that in a month to try and chip away at it now - can anyone please tell me more about this and if its true what i can do???

they sent out change of terms and conditions and also a letter after that stating exactly what they were going to do, theres not much you can do im afraid but pay the £1 a days and any extra to reduce it! i am in a similar position to you

cady

oh dear thats not good ive moved so may have missed the letter !!!!!!!!! when do they take the interest do you know? is it the last day of the month now?

IWantToBeFree_2

They take it the following month, it is detailed on your statement.

Its been all over the press, internet etc, surprised you didn't know. Not got much option other than shifting it. Alliance and Leicester will give you a match 0% overdraft for a year providing you use their switching service and your account has been in credit for at least 2 days in your latest statement period.

cady

haha lol i never see these things lol i heard roumers but it never clicked really - just had a baby too so my head is all over lol thanks for the help i will see if i can swutch it

IWantToBeFree_2

Hope you can get it sorted! It is really harsh on those who didn't pay a lot of interest. I have borrowed my sister the money to pay hers off so she didn't incurr the additional charges.

Another option is to see if you can get a credit card with a 0% super balance transfer deal (MBNA, Egg & Post Office) and then transfer the overdraft to that.

sjd069

Yes I am in the same position, I have 6 Halifax accounts......all overdrawn.......3 of which are small and interest quite low, I am trying to pay them off and shut them down, but I am struggling to pay min payments so doubt it will be a quick fix!!! Good luck.

lamarsi

hellifax were really sweet how they did this at the begining of december just in time for chrimbo the time when most ppl need a bit of a buffer

pepe2008

...and the crafty !!!!!! charge you £5 a day if the OD becomes 'unauthorised'.....which they can regard it as being even if you fail to pay a regular Credit into the Account!

Really the only way out is if you can possibly arrange any method of repaying the OD asap. PS I did try the OFT Guideline about Charges being 'proportionate to the debt' ( on behalf of my Daughter) but it doesnt work!!!

My only advice to anyone, in debt or otherwise, is DONT BANK WITH HALIFAX!!!

edit; They are yet another Bank ( see Northern Rock) that screwed their own Business up through greed and incompetence and are now expecting their Customers to pay for it.....DROP THEM NOW.

missk_ensington

I just went in barclays and they transferred everything for me, matched my overdraft and moved all my direct debits and money coming in etc. Totally hassle free :-)

lamarsi

i moved all my real banking and i was going to shut my account but instead i've kept it open, gone back to having paper documents ( costs them) and put a couple of small cheques into the account every month which when clear i withdraw all in all just the kind of customer they don't want