Good/bad sutuation?

Fabregas2010

Hi there,

I recently incurred charges on a lloyds account I have, and am in the middle of paying it back. For some reason unbeknown to me, they changed the overdraft limit from £300 to £6000, with a current balance of -£301.45. I have been told that due to another £165 in charges due to my account, my overdraft has been increased (without my approval) £600, but an error was made and so it not £6000.

So I have two questions:
Are they allowed to increase my overdraft limit without any form of notification or agreement?

Can I use this £6000 to consolidate some loans, freeze the account and pay a lump sum per month?

I rang them earlier today as the charges on the original account are stupidly high, the o/d intrest caused my account to go over the limit and incurred a charge of £75 every time, then later on the maximum of £165 per month. Once I had finished on the phone all I was offered was the £75, so unless i can do something with this £6000 then I will pursue a complaint.

olly300

Overdrafts are repayable on demand.

If they mistakenly increased your overdraft to £6,000 and you take it all out then you don't need to be a genius to work out what they are going to do.

Fabregas2010

No need for that kind of reply, a simple no would suffice