Overdraft Nightmare!!

debbiewebbie

Hi guys,

Had a letter from RBS saying they were changing to Santander. I have a rather large authorised overdraft which i use every month, but never go over. Im terrified that they will demand I repay it and my wages wouldnt cover it. My partner has recently left and I now have to pay all the bills so money is really tight. Should I get a loan to pay off the overdraft? My credit rating is really low so I wouldnt be able to shop around for the best loan deals. I have an appointment with the bank on friday to discuss my account.

Any advice would be grately appreciated.

Thanks in advance.

XXX

Savvybunny2009

Your account should be transferred and be a 'like for like' account meaning you should still have your overdraft.

You may find they will want to review it if it is very high though but if you do have to pay it which of course you will have to at some point, they will give you the option of installments.

stclair

Youll be fine RBS will be glad to pass you to santander under the circumstances.

stclair

Savvybunny2009 wrote: »

Your account should be transferred and be a 'like for like' account meaning you should still have your overdraft.

You may find they will want to review it if it is very high though but if you do have to pay it which of course you will have to at some point, they will give you the option of installments.

I dont understand how its going to like for like unless santander move the goal posts as santander require a min funding to most of there current accounts where as RBS dont.

opinions4u

Post on Debt-Free Wannabe.

Don't worry about who owns your bank. Focus on how you can reduce your debt over time. DFW can help you.

debbiewebbie

Thanks for the positve advice. For those of you who do not know my circumstances! please do not judge me I only came on here for some help.

fozmcfc

It is worth bearing in mind, that it doesn't matter who runs your account, as overdrafts are payable on demand at anytime by any bank. So it really is not good to constantly be in it or to have to rely on it every month.

Definately post over on the debt free wanabee section of the board. Lots of people who can give support/advice on your situation.

Good Luck.

thatsean

debbiewebbie wrote: »

Thanks for the positve advice. For those of you who do not know my circumstances! please do not judge me I only came on here for some help.

And help is what you got - the changeover will take months, or longer to implement. If you can't afford to reduce your overdraft on a phased level by then, then the bank pulling it, or Santander not renewing it would be even worse. That's why people recommended the DFW board.

Why don't you just move to a Scottish branch in order to stay an RBS customer?