help with bank account

jackied_3

Hi all
I have been nosing around this site for a few months now and have gained some very useful information from it so thank you all for the input you give.

My financial situation is not to bad but neither is it good, i have about £8,000 worth of debt and am paying all of this off with regular payments. The majority of this debt came from when myself and my partner split up and we agreed to take half each but being as he had a bad credit rating most things were brought in my name and now i find myself paying them all off, i can manage this but it is stressful, anyway

My problem with my bank is this. I have been with them now for about 9 years, never gone overdrawn, bounced any debits or cheques and never had any charges on the account in that time. I applied with them for a credit card and was given one at 0% balance transfer to pay off another card. This was fine but because of my financial situation i have ended up spending on the card and now owe £1,200 to them.

I have recently asked if i can have an overdraft thinking that this will help pay of the card and will cost me less, the intention being to then tear up the card and pay it off at a more reasonable rate. I have been told i cannot have one as i only have a card cash account so i applied to have a current account with an overdraft facility and have been declined due to a bad credit rating because of the debts mentioned earlier ( i didnt pay these debts for a while as i thought my ex was paying them and so they defaulted and went to debt collection agencies)

My annoyance is that my bank will willingly borrow me £1,200 on a credit card but not an overdraft,its the same credit rating they are looking and so appears to me they would prefer me to have the card so they make more money, is this fair?

My plan is to go to another bank and apply but having been twice turned down for an account i am assuming i will have to stay with this bank even though i am unhappy that they are not doing things in my best interest.

Any advice would be great.

thanks all

masonic

jackied wrote:

My annoyance is that my bank will willingly borrow me £1,200 on a credit card but not an overdraft,its the same credit rating they are looking and so appears to me they would prefer me to have the card so they make more money, is this fair?

It is not the same credit rating. You didn't already owe them £1,200 when you applied for a credit card.

jackied_3

I have applied about 5 times to upgrade my bank account even before i ever had the card, in fact the only reason i applied for the card was because i couldnt have the overdraft and the 0% balance transfer helped me clear another card that was costing me.
I was totally suprised when they agreed to the card because of the previous refusals to give me the current account.

Maybe they score current accounts and credit cards in a different way which is why i can have one without the other?

I read another thread on here about credit unions and have decided i will use them instead to take out a loan and pay off the credit card and a catalogue, from what i can work out this will end up being a cheaper way to clear it.