What's your opinion? Being overdrawn.....

bobbadog

I have a £200 overdraft, which i currently live in, and i will not be clearing it until mine, and OH's credit cards are clear. We've cleared OH's overdraft of £1000 (student) before the charges started.

I think a £200 (it's 1/5th of my salary) buffer overdraft is fine, but I can't wait until my account is in generally in credit and not debit.

in_over_my_head_2

I would LOOOVE to have no overdraft... I've recently changed bank accounts to escape charges so that my money is my own, and once my old bank is paid I intend to never have an o/d again.

...Indeed I dream of having savings one day...

Gemmzie

I have a £100 overdraft but never go more than around £20 into it. Most months it is a few pence, because something clears before I get the money in to fund it.

I keep it because IF don't even charge when I dip into it for a few days and it's cheaper than a £38 OD fee

dinkylou

Ignore these people. They are jealous and think that this is normal. If I'm honest, I used to be like this, going in and out of my overdraft every month.

I have one now but don't use it. I would also say that if you have a choice, don't use it, after all, its still debt.

I'd rather be 'abnormal' and have money in savings than be 'normal' and have a huge overdraft every month.

After all, isnt that what we're all here to change?

steve700

Over the last 12 months, my overdraft with A&L has gone up and down at my request between £1200 and £2000.

It's too easy with the online account - you just type in a figure and next day - hey presto, it's there....

Last month I brought it down from £1600 to £750 and this month, as I got paid today, I'll bring it down to £200 but TRY not to use it unless it's a matter of life and death.

I was going to get rid completely but, as Climbgirl mentioned, it's better to have it there to avoid extortionate charges for the sake of a couple of pounds over.....

themaccas

This time last year we had a £2000 overdraft on one account and a £650 OD on another, both were maxed to the limit every month. We don't use an overdraft at all now although we have been given a £650 one by A & L - free until June 07. I tried to reduce it to an 'emergency only' £50 overdraft last month using the online facility and the reply was - 'we are unable to give you the overdraft facility you requested due to your credit record' What a joke!!!

Numpty_2

I live in my overdraft of £1500 my income every month takes me just into the black then down again. I still have a graduate account and it's a harkback to my old student days. I want to get rid of it, and hopefully in a year will

steve700

themaccas wrote:

We don't use an overdraft at all now although we have been given a £650 one by A & L - free until June 07. I tried to reduce it to an 'emergency only' £50 overdraft last month using the online facility and the reply was - 'we are unable to give you the overdraft facility you requested due to your credit record' What a joke!!!

That's the thing with A&L - You can request an overdraft and increase the limit online BUT because I put £750 in the amount box (to reduce it), they rang me up to check that I wanted it reduced - Is it that unusual..............




Just RANG UP and reduced it from £750 TO £200 - getting there slowly.

Verbatim

We have an overdraft facility so that should there be a payment I've forgotten about, it won't be a huge problem. But we haven't been overdrawn for years.

If you can bring your overdraft down gradually until you don't need it and then save something for emergencies that would mean you were more financially secure.

At present it sounds as if you're only debt free for the first part of the month after your salary credits. And altho' competitive you're still paying interest which could be earning you interest if in a savings plan.

Until anyone has enough in savings to tide them over an emergency, or redundancy etc they'd have to rely on credit/debt for anything unexpected.

georgiasmum

Thankfully I haven't used my o/d for awhile now and am pleased about this. I have kept it to avoid any charges (just in case.) I hadn't thought about reducing it though! I will do now - won't they get a shock!!!???? It has been very interesting reading all of the responses here. I'm glad I'm not too peculiar....!