Overdraft

cassie1968

Hi, I have had a huge overdraft (£1200) for a few years. I am finally getting myself sorted out and went into my bank (santander) yesterday and asked if i could cut my overdraft in half and reduce by £100 for next 6 months till its cleared. However, they wont let me reduce it. They say it has to be paid off in full. I know its my own fault for having the overdraft in the first place but this seems abit unfair. Any advice?? Thanks

billinghamfan

Can you not reduce it each month?

ie pay off £100 then ask for it to be reduced to £1100, then do the same the following month so it will be reduced in 6 months?

camuk81

Cassie, I'm guessing they checked the computer and any further lending even though its a decrease has to put through the credit checking agency.

The credit check has said no. Hence why they want it repaying in full.

In the mean time can you have a separate savings pot to put the money into and when you have the full amount put it into the account and close it all down

Pthree

I had the same problem with Santander, I rang up they told me they vouldn't reduce and to go in branch, which I did and they said not unless I paid it off in full. Which I couldnt do.

Last month I was checking my balance on line and noticed there was a section on the side menu which said overdraft, where you could decrease (and I assume increase) your overdraft, so just to test it I popped it down by £20, haven't had a statement or anything yet but as of yesterday its still showing at £830 and not £850 online, so fingers crossed I can knock another 50 or so off it next month and so on without having to speak to any more "helpful" people from Santander.

P3

cassie1968

Thanks. Dont have online banking set up yet (working on it!). Just think they should be abit more obliging to folk who are trying to pay off debts. But i suppose they've got to make their money as well, even if it is off those who have come across hard times!