Lowering Barclays Overdraft

zoe-16

Hi, I have an overdraft with Barclays which I want to lower a bit on a monthly basis. What is the minimum I can lower it each month? I have a feeling it might be £50, which to start with is a bit too high.

many thanks

bottleofred

Hi,

I'm not sure it has to be £50 per month for the reduction, but you could approach the bank and ask them to reduce it by £25 per month or whatever you can realistically afford. Be careful not to leave yourself so short of cash that there is not enough to cover a direct debit or other transaction and they then hit you with a £30 charge (or whatever other charges they can dream up!).

I hope this helps

Bottle of Red

Lemon_Tree

i'm not with Barclays but the minimum my bank would lower mine by was £50.
If you can't do that each month then put something aside in a savings account every month and then transfer it back and lower the balance when you hit their minimum amount.