consolidation loan recommenderd by bank

johnnyo07

Iam self employed and in late 2005 i became ill and was unable to work fulltime.My financial commitments, after a short period (three months) then became too much for me to keep up. After about five months of my account slipping into unauthorised overdraft my bank contacted me and recommended a consolidation loan to clear my overdraft and therfore stop the charges each month which at the time due to illness and a unsecure financial future for at least the next six months sounded like a godsend.
After agreeing to this I found myself in exactly the same financial situation but my overdraft facility had been removed from my account so I was still encuring bank charges for going over my limit which had been reduced to nil, and also had to find the consolidation loan payments aswell. Which I belive contrebuted to the rapid demize of my financial security. Has anyone else fallen into this trap set by their bank.

BONJOEY

i can understand where your coming from, and feel sorry for you, can you not get a top up on your loan and spead the cost even more to give your belt a stretch, also lower your overdraft, so your not tempted to dip into it