Always in overdraft

MartialArtMan

I want to transfer my accounts to another bank but as I am always in my overdraft I wonder if other banks will touch me? If they will then who is the best? A&L seems to be the one to go with.

My apologies if the answer I require lies in another topic. I have done a search but can't seem to find exactly the answers I'm looking for.

lilkittikat

my dp has an account with abbey & we are always in the overdraft, can`t remember the last time we weren`t, lol, & they have just wrote & told him that in march they will not be renewing the overdraft (£900) theres no way we can afford to pay it all back in one go, so he`s just opened another account with natwest, he done it online & its just the basic step account with no od facility on it, which is good really.this way he can get his wages from his new job paid into it & just put some money into the abbey acc each week to pay the od off. so maybe you could try the natwest? hth

sgx.saint

I don't see it as being an issue that you are always in your overdraft.

Normally when applying for a new current account + overdraft all that is taken into consideration is your credit history and income.

Aslong as your credit history is all ok and you have a reasonable income to match your desired overdraft then all should be fine.

There are numerous threads on MSE regarding A&L. Have a read through them as peoples opinions differ on whether they are a good bank or not.

I believe A&L offer an overdraft matching service where they will match your current overdraft amount if you meet certain criteria.

Phoenix79_2

A&L will only match your overdraft if you can prove you have been in credit for at least part of the month. If you constantly live in your overdraft then rather than change accounts, you need to sort your spending out.

marcellep

I agree with the previous posts, but if you have a look at this thread re Citi bank they offer a overdraft up to £500

http://forums.moneysavingexpert.com/showthread.html?t=321204

Hope that Helps

h_roberts

I’ve in the process of switching from Halifax, where I am in permanent OD (max 1500) as the only user of a joint account. Started to go to A&L who initially said they could only allow me an OD of 600 as I was going from joint to single-name, but a quick visit to the branch sorted that – all I took was the last few of my Halifax statements. Not one showed me any better than about 600 OD.
So, in theory, I should be saving the OD interest charges for a while, to help me get out of the OD trap. Plus with the wonderful Michelle’s help there’s some bonus sign-up money coming, too!

MartialArtMan

Thanks guys. I'm working on living out of my overdraft but ya know these things take time.

If I transfer my accounts can I just leave my current accounts over drawn and pay them off like any other debt or do I have to take the debt with me?

MartialArtMan

Well I'm thinking that I can leave it where it is and pay it off.