Barclays Reserve/Overdraft - Help Needed

Wall-E_3

I have a dilemma which i am hoping someone may be able to advise me on or may be in a similar situation!

I have two Barclays bank account which both have a £1000 overdraft and a £500 reserve. When entering into the reserve, Barclays kindly charge you £22 per week for the privilege :mad:. My problem started just before Christmas where my accounts entered the reserve and have been getting charged considerably ever since (nearly £100/month per account). The situation had got so bad and due to a poor credit rating and failed loan applications have had to move all my direct debits and my monthly salary into a new Santander account in order to meet payments on time.

My income is marginally better than my outgoings and the Santander account has rescued my position, my only problem now is the Barclays accounts are still receiving nearly £100/month per account of charges even though they are not being used. What is the best way of approaching the closure of these two accounts, bearing in mind the fact that Barclays have declined me a loan twice in the last four months despite recently paying off a loan with them?

Any people with previous experiences of this happening to them and their actions to sort this out would be very helpful. Thank you in advance.

Wall-E_3

Bumping thread to see if anyone has any advice, I am still at a loss as to what to do!

CLAPTON

it would seem to make no sense to move everything to santander .. why did you see this to be a benefit?

I'm sure your accounts didn't just enter the reserve; surely you mean you spent more than your income?

without seeing your detailed spending and income its impossible to advise.

blueberrypie

Wall-E wrote: »

My income is marginally better than my outgoings and the Santander account has rescued my position, my only problem now is the Barclays accounts are still receiving nearly £100/month per account of charges even though they are not being used. What is the best way of approaching the closure of these two accounts, bearing in mind the fact that Barclays have declined me a loan twice in the last four months despite recently paying off a loan with them?

You can't close the account while you are overdrawn on them. You will have to get them back into credit before you can close them.

Not only that, but now that your salary is not going into your Barclays accounts, it's quite possible that Barclays will call in your overdraft (overdrafts are repayable on demand, and not intended for "living in").

You need to get the overdrafts paid off as quickly as possible. The Debt-Free Wannabe board would be a good place to get suggestions and ideas for things you can do to increase how much money you can squeeze out of your budget to go towards paying off these debts.