Worried about going into overdraft

Lollypop75

Hi all,

I'm not sure if this is the right place to put this, but I hope someone can help me.

I get paid by cheque, which is a pain but normally works out ok. Until this month when I realised I'd lost my paying in book. I don't have a branch close to me, so there's no other way I can pay my cheque into my account. It hasn't arrived yet, and even if it arrives today (I work shifts so should still be at home when the post comes), with all the bank holidays and everything it'll probably be the 12th/13th June before my cheque clears.

I only have about £100 left in my account and in cash, which is obviously not going to be enough to get me through, especially with the bank holiday weekend. I've already paid for train tickets and things to go away, and really don't want to cancel anything.

Basically I'm wondering if there's anything I can do. I have an agreed overdraft but it'll be frustrating paying interest when I have a cheque for over £1,000 pinned to my wall! I managed to get out of my overdrafts at the end of last year.

I have thought of phoning my bank and asking if they'll as a goodwill gesture just hold off charging interest - that couldn't do any harm, could it? Being in debt for so long (not serious debt, really, but constantly living in my overdrafts, and having several cheques/direct debits bounce over the years) has made me really scared of banks!

HeadAboveWater

No harm in speaking to your bank to explain the situation. If you inform them sooner they may be able to help you, rather than going into your o/d then looking charges refunded or whatever afterwards. They may be able to suggest an alternative for you, eg. Post Office. Can maybe a family member loan you what you need for the long weekend via bank transfer for a couple of days just until the cheque clears? Family interest rates aren't as steep as the banks!!

Rafter

All the bank could you would be to offer you an overdraft if you didn't have one - but they are hardly going to turn down charging you some interest in my view.

Does your bank have an arrangement with the post office allowing you to pay cheques in there?

Otherwise the overdraft on say £250 for 10 days at 15% is going to be £1.03. I can understand how if you have been in debt before this is uncomfortable - but it isn't going to cost you very much - probably less than your time waiting on hold to speak to someone at your bank!

Enjoy the holidays

R

Lollypop75

Hi,

Thank you both for your replies. I phoned the bank (using a local number) but he said there was nothing he could do about that. Still at least I know that there's nothing bad now that can happen as a result of just phoning them.

Rafter - thanks for pointing that out. I hadn't really realised it was so little. I'll just have to accept it - it's not exactly going to cause me any long term problems.