The journey starts here - don't stop believing

RebornToBeRich

hi Kat - I'm back again but for some reason keep losing your diary!!!!

Now then, here's a daft question - what is a reserve and how does it work? How is it different to an overdraft?

**Kat**_2

Hey! It's basically a scammy trap invented by Barclays:

You have your normal overdraft (mine is £100 interest free). They then decide that they are willing to let you have a larger overdraft but also want loads of money from you in the process, this is where the reserve comes in....

They just applied ours to our account, sent us a letter explaining there is an extra £500 we can use for emergancies, it must be paid back each month or they are within their rights to remove it blah blah blah, oh, and it costs £22 for every 5 days you're in it.

Now, DH and I spent a year avoiding this like the plague, then, one fateful day, we entered it by about £15. Now this went up to £37 due to the charges, so on and so forth. We were silly with it pre LBM as we knew we got charged the same whether we were in it a lot or a little so after 6 months of charges for going oh so slightly into it, we had a blow out - had some meals out, did some decorating and BAM - still trying to clear it now.

skyvicky123

Hi Kat, that blooming reserve is vicious isn't it! Would it be at all possible to get a credit card that does a balance transfer to your current account? My egg card used to do it (devilishly dangerous for us - but something like that could save you all those charges?)

**Kat**_2

I have thought about it but there is 0% chance of me getting a 0% card, or one at all to be honest. I wouldn't even know where to start looking. My bonus in July pay will clear the reserve if we deffo get it, if we don't for whatever reason, I will look into a BT then xx

**Kat**_2

Hi all, have had zero time to come on here - just a quick post to say I haven't fallen off the bandwagon, just so busy in work - will catch up on all your diaries as soon as I can xx

Woowoo

Hi Kat

Glad your ok xx

Lemon_Tree

Glad all's ok with you Kat i know what you mean about time just running away with you. I'm working loads of hours at the moment, we're one down in our team of 5 so it's hellish at the moment.

**Kat**_2

OMG I am so out of the loop. Can't wait for my bonus to pay off the reserve once and for all. I also got my Kays statement:

Thank you for paying off your balance, I am sure you are wondering what to buy next...."

No, I already know - NOTHING!

Lemon_Tree

yay to paying off the balance - guess you've got one over on them if they think you'll be ordering again, will you be cancelling the account next?
hope you get that bonus soon.

DebtFree2012

Hi Kat!

Well done on clearing Kays.

The reserves are most definitely criminal. As you know, that's what got me in the downward spiral and ended up not bieng able to meet payments. I hate them and would gladly join martin in protesting against them!

I SO hope you get the bonus - when do you find out?

x