Paying off overdraft.. Closing Account..

Clark3e

Hey folks,

Another backseat reader finally asking for a little advice..

I have a question concerning paying off, closing down a Cahoot acount.. (I'm closing down the account more because cahoot is just rubbish but its a good time to pay off the OD)

So ive opened a Smile account which I'm planning on paying next months wage into.. 23.06.10.. Which gives me time to get my head around switching DD and standing orders etc..

My OD is 1600 and theres also a 500 CC.. I should be able to afford to pay 100 a month off in total.. Now the question is will I be able to freeze the accounts to prevent any more interest/charges and also obviously prevent any further use of the accounts?? Is there any potential come back from Cahoot for me stopping paying in my wage?? And are there any other tips trick that could help me out??

Cheers in advance.. :cool2:

randomer

I'm trying to get rid of my O/D with Lloyds. We have opened another account and would like to reduce...eventually get rid of O/D

Sorry I have no tips but I'm hoping somebody has:D

jonjamie1970

Likewise, I have a dormant account with Barclays with a substantial overdraft, I just manage to pat the minimum ever month to stop additional charges but it never goes down.

Clark3e

So its not just me.. Any advice anyone??

KPR11

Something similar was discussed on this thread (Two bank accounts- how do I set it all up? ) not too long ago, hope it helps!

Good luck

Clark3e

Cheers KPR11..

So it doesnt seem like theres anyway to get them to suspend the account to prevent further use.. my credit is shot atm otherwise i'd get a loan and have done..

Clark3e

And.. I know ive missed the boat with regards reclaiming bank charges (which wouldve been a lot more than my OD) but would it be worth asking cahoot if they'd accept the difference and just close the account??

Little_Miss_Uni-Debt

I'd still look into reclaiming your bank charges if you can. Unless you mean by 'missing the boat' that they're over 6 years old.

I'd certainly work out what is charges and what you owe down to the last penny and then write to them requesting the charges be returned then you will pay the remainder.

Clark3e

I have a feeling the charges would be around the amount of the overdraft.. I just thought that people had stopped/were no longer winning their cases anymore..

Ive looked for the pro formas and stuff but going round in circles.. can anyone point me to the how too.. and is anyone else still trying to reclaim out there??

Cloudy456

You can reclaim if you are in 'financial hardship'...I'm not sure what the criteria are for that but someone on here will know or Martin probably has a section on it somewhere on the site, I'm sure I've seen it here before!