You want an account with us? You've got to be kidding.

jonno1230

Hi, just wondering if anyone else has tried to switch to a new current account whilst owing a hefty overdraft on the old one (around £2.5k).

Are you able to start anew and pay the old one off bit by bit, or would a new bank take a look at my account, hide behind the sofa and pretend they were out next time I called round?

The problem is I've got major bills (credit cards and mortgage) and have to be very careful, and things have just mounted up over the years. Its not as bad as Greece yet, but things are heading that way.

Thanks for any advice.

Jonno

steve1980

The banks decision on whether to offer you an account is based on their own assessment of you.

Short answer to your question is yes, you can open up other accounts.

izools

Is the £2.5K OD authorised?

pqrdef

I think I'd look for a consolidation loan to get rid of the overdraft and the credit cards.

Otherwise, your bank will panic if they think you're switching or if they stop seeing your salary. The overdraft is pretty much conditional on your salary going in every month. The price of an arrangement is a trashed credit rating, one way or another.

jonno1230

izools wrote: »

Is the £2.5K OD authorised?

Yes. Its another thing that's kind of crept up and up.

Regarding getting a consolidation loan, are they usually secured on property? If so there's not enough leeway on the mortgage (its with GE Money who are not known for their generosity).

Thank you for your advice so far, it is much appreciated.