Question about Halifax & their generous overdraft limits

backinbusiness

Should have known it Opinions!!

Yours is the biggest (so far!) - but you are not bragging - anyway - is it not what you do with it?!?

opinions4u

backinbusiness wrote: »

is it not what you do with it?!?

Despite its remarkable size, absolutely nothing!

backinbusiness

ditto!

bib

Azrael_1701

QuantumSuccess wrote: »

I have a £5000 overdraft limit at Halifax. It will be up for renewal early next year. I checked to see what my current "Guaranteed Overdraft Limit" is and it is now down to:eek: £4600. If I reduced my overdraft limit to say £4950 right now, would that mean it will remain at £4950 for another year, despite me only being "eligible" for £4600 at the moment?

The advisor on the phone will check your current guaranteed limit, and if your asking to reduce it to above that then they will key the end date as the same as it is now.

joyceyjo

Just out of interest why would some of you keep such a large overdraft on your current a/c if you are not using it?

I can understand that you would keep an emergency OD on your main current a/c just incase your salary was delayed etc.
However having such a large OD facility would mean there are more available funds should a fraudster gain access to your account.

nickyhutch

Mine is 1000 and I use it. Just checked and it says it's now 200 - deos that mean on the next review it will be reduced to 200?

QuantumSuccess

I just checked and my guaranteed limit is now up to £5500. LMAO! So I've raised it to that and it won't need to be renewed for another year. Bizarre how it could rise by nearly a grand in just a matter of days

backinbusiness

joyceyjo wrote: »

Just out of interest why would some of you keep such a large overdraft on your current a/c if you are not using it?

I can understand that you would keep an emergency OD on your main current a/c just incase your salary was delayed etc.
However having such a large OD facility would mean there are more available funds should a fraudster gain access to your account.

Fair questions

I've been rebuilding my credit these past years (both externally and internally) after spending quite a few years in the credit wilderness. Ironically, now that I have this overdraft available to me I would rather expire than use it!! However, I like to have it as a security blanket if you like. It's daft, makes no common sense, but is a palpable sense of my moving in the right direction.

If a fruadster accessed my account, I wouldn't be liable for any loss - so not a problem there either.

bib

QuantumSuccess

BiB - tell us about your journey to getting that £10k overdraft. How did you even find out you were eligible for it? The Halifax Guaranteed OD's seem to fluctuate so much that without checking them daily it would be hard to know the highs and lows, lol

backinbusiness

QuantumSuccess wrote: »

BiB - tell us about your journey to getting that £10k overdraft. How did you even find out you were eligible for it? The Halifax Guaranteed OD's seem to fluctuate so much that without checking them daily it would be hard to know the highs and lows, lol

Quantum - I am only at £5K - it's Opinions who has a massive £10K.

Ex and I had a joint o/d of £2,200 which we were always in prior to my separation - circa April '09.

LBM happened at the same time; set up 2 new Reward accounts; minimised my outgoings and maximised my income and started managing my money like a grown up (for the first time!).

Got out of debt; started building up funds then read on here how to check out guaranteed limits. (Had no od at this time and no need for one). Was curious so checked it out and discovered I could have an od of £400 around about April 2010ish?

Checked again about 6 months later when I found I was offered £5K across my 2 Reward accounts.

Have maintained all accounts (2 Rewards, and an ISA) perfectly throughout this period - no bounced cheques, returned DDs, charges or anything. I have perhaps twice slipped into the overdraft by about £10 (a forgotten school dinner money cheque), but always return the account to credit the same day as I can't bear even to part with the £1 that would incurr. (I now monitor my finances daily instead of never, which is how I used to manage them, (badly!)).

What's your journey?

bib