Typical!

sineadoreb

Don't you just love it, when you've paid off a credit card and topped another credit card up leaving very little in your bank, then come home to find a letter from your bank telling you they're reducing your overdraft by £650 within 3 weeks. I had planned to clear my overdraft early next year.. after I had paid off my Argos card and credit card. Looks like it's back to the financial rearranging drawing board! :mad:

oldhand

sineadoreb wrote: »

Don't you just love it, when you've paid off a credit card and topped another credit card up leaving very little in your bank, then come home to find a letter from your bank telling you they're reducing your overdraft by £650 within 3 weeks. I had planned to clear my overdraft early next year.. after I had paid off my Argos card and credit card. Looks like it's back to the financial rearranging drawing board! :mad:

cheer up its xmas soon,bound to be plenty of overtime.:p:p

sineadoreb

oldhand wrote: »

cheer up its xmas soon,bound to be plenty of overtime.:p:p

I wish, Oldhand.. I'm a Civil Servant, no chance for overtime! I'm sure I'll figure it out somehow.

QueenB.

That was always one of my biggest worries when we had debts, my OH had a huge OD limit and for the last few years even though we haven't been near its limit his bank account has sat quite far in the overdraft constantly. It was the last debt we paid off and finally his account is in credit. I was always worried the bank would suddenly reduce the OD and ask for payment. ((((((((((((hugs))))))))))))

rising_from_the_ashes

sineadoreb wrote: »

I wish, Oldhand.. I'm a Civil Servant, no chance for overtime!

Me too! I'm ashamed to say I'm a bit envious of those who have this option sometimes when things are really tight!

Good luck with reducing the OD .....

sineadoreb

QueenB. wrote: »

That was always one of my biggest worries when we had debts, my OH had a huge OD limit and for the last few years even though we haven't been near its limit his bank account has sat quite far in the overdraft constantly. It was the last debt we paid off and finally his account is in credit. I was always worried the bank would suddenly reduce the OD and ask for payment. ((((((((((((hugs))))))))))))

Thanks Queen Bee. I live in my overdraft, but I'm slowly closing all my other accounts, I should hopefully be out of debt with just a very small overdraft by next July. Roll on July :rotfl:

Trajal

Can you not get in touch with the bank, explain that you're happy to clear the debt over time but that £650 in one hit is too much?

I did this with HSBC for a £300 overdraft over six months, so surely your bank will be reasonable...?

sineadoreb

Trajal wrote: »

Can you not get in touch with the bank, explain that you're happy to clear the debt over time but that £650 in one hit is too much?

I did this with HSBC for a £300 overdraft over six months, so surely your bank will be reasonable...?

I may consider it but I'm waiting to find out later if I can arrange the funds. Sometimes I think sudden changes, however awkward and ill-timed they are, are a blessing in disguise. However this time I have already been working at clearing my debt.

Thank you for everyone's comments and encouragement.

gargrave50

You always have the other option of opening a basic account elsewhere - transferring the money you have and then arranging to repay the overdraft on your terms. However - beware your bank will lump on charges at an alarming rate!! Contacting the bank and asking to reduce the overdraft gradually is probably the best option.

poppasmurf_bewdley

sineadoreb wrote: »

I wish, Oldhand.. I'm a Civil Servant, no chance for overtime! I'm sure I'll figure it out somehow.

Hope you're not one of them that are striking on 30th November. If you are, you'll have even less money to work with.

sineadoreb

poppasmurf_bewdley wrote: »

Hope you're not one of them that are striking on 30th November. If you are, you'll have even less money to work with.

No Poppa, I'm not a striker!