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Overdraft reduction
nicola13
Posts: 2 Newbie
Hi,
I have a graduate account with abbey, now santander. I graduated last july and currently have an overdraft limit of £1500 and have an available balance of -£1000. I reached the end of my contract at work in january and have been out of work since then. The final payment from the employer went into my account at the end of january. I avoided going on jobseekers allowance at first as I was hoping to find employment shortly afterwards and was able to get buy on what I had earned for the time being. I then applied for jobseekers allowance toward the end of february but it took a while to get approved and come through.
I got a letter two weeks ago stating that i wasnt crediting my account on a regular basis and my overdraft could be recalled if i didnt arrange to restart the credits. My jobseekers money had yet to come through, but as it had been approved i knew it would come through to credit my account and did last week. I then got a letter today, dated before the money had gone into my account, stating that, if 15% of my overdraft limit was not paid within 14 days of the date on the letter they will be recalling the whole overdraft.
I phoned today to state that money went in last week and the woman on the phone said shed make a note and stop the 15% thing, but then warned me that my graduate overdraft would be decreased on september, which i had known, but rather then be decreased to £1000 it would be put down to an overdraft limit of £150!!!!! Thats pretty much the entire overdraft and is way too much for me to consider paying back at this stage. I asked if there was a set amount that i should be putting in to stop it going so low, i was simply advised to try and pay off as much as i can before then and each overdraft depends on the person involved.
I am so panicked about this now. I dont know whether crediting my account will stop this or not. I want to change my grad account to another bank but i dont know if i can do this without a job and whilst in my overdraft. Any advice would be greatly appreciated,
thanks
nicola
I have a graduate account with abbey, now santander. I graduated last july and currently have an overdraft limit of £1500 and have an available balance of -£1000. I reached the end of my contract at work in january and have been out of work since then. The final payment from the employer went into my account at the end of january. I avoided going on jobseekers allowance at first as I was hoping to find employment shortly afterwards and was able to get buy on what I had earned for the time being. I then applied for jobseekers allowance toward the end of february but it took a while to get approved and come through.
I got a letter two weeks ago stating that i wasnt crediting my account on a regular basis and my overdraft could be recalled if i didnt arrange to restart the credits. My jobseekers money had yet to come through, but as it had been approved i knew it would come through to credit my account and did last week. I then got a letter today, dated before the money had gone into my account, stating that, if 15% of my overdraft limit was not paid within 14 days of the date on the letter they will be recalling the whole overdraft.
I phoned today to state that money went in last week and the woman on the phone said shed make a note and stop the 15% thing, but then warned me that my graduate overdraft would be decreased on september, which i had known, but rather then be decreased to £1000 it would be put down to an overdraft limit of £150!!!!! Thats pretty much the entire overdraft and is way too much for me to consider paying back at this stage. I asked if there was a set amount that i should be putting in to stop it going so low, i was simply advised to try and pay off as much as i can before then and each overdraft depends on the person involved.
I am so panicked about this now. I dont know whether crediting my account will stop this or not. I want to change my grad account to another bank but i dont know if i can do this without a job and whilst in my overdraft. Any advice would be greatly appreciated,
thanks
nicola
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