best reason to specify to get an overdtraft?

foxybird

Hello everyone
need your advice.

we are moving home in 2 weeks, private tenants. deposits, agency fees.. in total I need £2,000
we are both in full time employment . the thing is, at the moment we have no savings at all.
a family member passed away and everything was spent on flights home, funerals, and so on...my credit rating is good.
none of our friends can help us too.

I phoned my bank and explained the situation. but they say they would not give me an overdraft because I need it as a deposit to rent a property. so I decided to visit my local branch tomorrow.
but what should a say? what do i need it for then?
deposits are a no-no reason, Ive learned it now.

what is the best reason to specify then?
holidays? new car? please help

opinions4u

Lying to obtain credit is illegal.

foxybird

blah blah. well thanks, but try to imagine yourself in my situation. one of your parents passed away, your savings are gone and you need to move in 2 weeks and pay the deposit

sulkisu

I have no suggestions for an alternative reason, sorry. However, remember that when you called your bank, they would have made a note of your request for the overdraft, their decision to refuse your request and the reasons why. The staff at your local branch will be able to see this as soon as they access your account, so persuading them that you suddenly now need an overdraft for something other than a deposit might prove difficult. In fact they are probably expecting you to try this.

PS - I'm not having a go, just hopefully helping to stop you looking foolish or worse still (as a previous poster suggested), looking like a fraudster.

paddyrg

How about a zopa or ratesetter loan? You can pay them off early without penalty, and the rates will beat an overdraft anyway, ratesetter variable is under 5% at the mo. Only available for good credit scores though!

foxybird

paddyrg wrote: »

How about a zopa or ratesetter loan? You can pay them off early without penalty, and the rates will beat an overdraft anyway, ratesetter variable is under 5% at the mo. Only available for good credit scores though!

thank you, I will have a look!

BTW, I just went to my online banking and applied for £1.000 overdraft - and it was accepted.

foxybird

sulkisu wrote: »

PS - I'm not having a go, just hopefully helping to stop you looking foolish or worse still (as a previous poster suggested), looking like a fraudster.

I understand. thank u

Andystriker

foxybird wrote: »

blah blah. well thanks, but try to imagine yourself in my situation. one of your parents passed away, your savings are gone and you need to move in 2 weeks and pay the deposit

However what Opinions4u says is true, and even though you don't like his advice, its still good advice and if you listen to him it could help you.

You asked for advice, and you got good advice, and whilst what has happened to you is awful, its still good advice.

Don't lie to obtain credit.

opinions4u

foxybird wrote: »

blah blah. well thanks, but try to imagine yourself in my situation. one of your parents passed away, your savings are gone and you need to move in 2 weeks and pay the deposit

Ok, I've been in a similar position.

I didn't choose to break the law.

Now, you asked for information. I provided you with a clear explanation of the legal position. If you choose to ignore the information given, that's up to you.

Grief and stress are not a reason to choose to commit a criminal act though.

creditisformugs

opinions4u wrote: »

Ok, I've been in a similar position.

I didn't choose to break the law.

Now, you asked for information. I provided you with a clear explanation of the legal position. If you choose to ignore the information given, that's up to you.

Grief and stress are not a reason to choose to commit a criminal act though.

Break the law come on O4U its hardly crime of the century stating your overdraft is for a holiday, I wouldn't think the bank cares as long as they get it back.

Criminal act :rotfl: seems someone has spent to much time on these forums.

foxybird

creditisformugs wrote: »

Break the law come on O4U its hardly crime of the century stating your overdraft is for a holiday, I wouldn't think the bank cares as long as they get it back.

Criminal act :rotfl: seems someone has spent to much time on these forums.

thank you :beer: I was afraid to write it here and be teared into pieces later