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Halifax are giving me 2 weeks to pay off my £1,800 overdraft!
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They're not useless at all...far from it. They contain factual data about your past credit management, and can help identify ER issues and address abnormalities which may prevent wasted credit searches on your part.I looked into this yesterday but read somewhere that the reports are pretty useless as they aren't anything like the reports lenders look into.
Indeed, lenders see less than you do. For example, they can't see your lenders' names, financial associate searches made of you, etc.0 -
Obviously I don't know what you were told, but I'm guessing that it was one of two things...Thanks for the advice!
I looked into this yesterday but read somewhere that the reports are pretty useless as they aren't anything like the reports lenders look into.
(1) A search made by you on your own credit file is recorded but not in the same way that a search made by a credit company is recorded. So someone looking to lend you money will see that other companies have been searching you with a view to lending you money but they won't see that you yourself has been searching yourself.
(2) A credit score that you can pay a credit agency to give you is worthless as different companies use different scoring methods.
Either way, your credit report will show you the information that that credit agency holds about you. Seeing this can alert you to credit in your name that you were unaware of and mistakes on your file that will be passed off as true to credit companies.
For example, when we were looking to extend our mortgage it was declined on the basis that a current account was over the overdraft limit. I checked my credit reports and found this to be an account I no longer used which had been accessed fraudulently without me knowing. Having seen this on my credit report I could put a stop to it. The mortgage then went through with no problems.
Following that I kept getting my credit limit reduced on various credit cards. I just assumed that it was due to non-use, the increased mortgage borrowing and/or the economic climate. When I checked my credit file it appeared that the bank where I had the account that was targetted by fraudsters hadn't updated the records correctly and were still showing the account as in default. Which is now sorted (after many emails!).
In other words, in both cases I was able to deal with the problem only after seeing my credit report.0 -
Absolutely fantastic move.You may or may not like to know, after being paid yesterday I have removed the OD facility a few days early and after moving finances around & paying my bills for the month I have £100 to last me for the next month...enjoy!
Yes, one month will be tough. But it will put you in a much stronger position for the future.
Good luck.
(The "Old Fashioned Money Saving" part of the forum can make August fun!)0 -
I got the same letter today, they're removing my £1,200 overdraft in three weeks. Rather upset that after being a loyal customer for 11 years and not being a high risk customer (earn a good wage and am only in my overdraft for a maximum of 7 days a month) that they have only given me 3 weeks, I would have thought 6 would have been more appropriate. I got into my overdraft last year when I moved to London for my current job and had a month and a bit between jobs when I was paying for accommodation and stuff. I have been reducing my overdraft since. I also have a credit card I am working to clear before I was going to focus on the overdraft, if I'd had a bit more notice I would have put last month's payments to the overdraft rather than credit card and it could be clear by the end of this month.
I have complained to Halifax about the short notice. I will clear the overdraft and then switch current account provider.0 -
I got the same letter today, they're removing my £1,200 overdraft in three weeks. Rather upset that after being a loyal customer for 11 years and not being a high risk customer (earn a good wage and am only in my overdraft for a maximum of 7 days a month) that they have only given me 3 weeks, I would have thought 6 would have been more appropriate. I got into my overdraft last year when I moved to London for my current job and had a month and a bit between jobs when I was paying for accommodation and stuff. I have been reducing my overdraft since. I also have a credit card I am working to clear before I was going to focus on the overdraft, if I'd had a bit more notice I would have put last month's payments to the overdraft rather than credit card and it could be clear by the end of this month.
I have complained to Halifax about the short notice. I will clear the overdraft and then switch current account provider.
Sorry to hear this.
Halifax called me today to 'remind' me that it was ending on Saturday and advised me to re-apply the following Monday- they say they review every year. I told them I wouldn't be re-applying.
I asked again the reasons for this and they said it could be a number of reasons, I asked if it was because they thought I was 'bad with money' and they said Halifax are reviewing every customers overdraft earlier than normal due to changes in their business. They said even those with a good bank account i.e. not in overdraft, regular payments in are having them removed as the bank are trying to recoup money wherever possible.
Just would have been nicer if we'd all had a bit more notice, wouldn't it?!0 -
Personally i'd have took the student loan....
You do realise that they pay tiny amounts off over along period of time? Peanuts infact.
And only if they are earning about 20k a year is it.
It's when you start earning £15,000 a year and it is peanuts each month but its still quite a good amount of interest. I have friends that got a £16,000 student loan and are expected to pay back £35,000!!! Over like 50 years mind, but its still a ridiculous amount and hardly worth it. Degrees are worthless for most nowadays...but thats another thread!0 -
JimmyTheWig wrote: »Obviously I don't know what you were told, but I'm guessing that it was one of two things...
(1) A search made by you on your own credit file is recorded but not in the same way that a search made by a credit company is recorded. So someone looking to lend you money will see that other companies have been searching you with a view to lending you money but they won't see that you yourself has been searching yourself.
(2) A credit score that you can pay a credit agency to give you is worthless as different companies use different scoring methods.
Either way, your credit report will show you the information that that credit agency holds about you. Seeing this can alert you to credit in your name that you were unaware of and mistakes on your file that will be passed off as true to credit companies.
For example, when we were looking to extend our mortgage it was declined on the basis that a current account was over the overdraft limit. I checked my credit reports and found this to be an account I no longer used which had been accessed fraudulently without me knowing. Having seen this on my credit report I could put a stop to it. The mortgage then went through with no problems.
Following that I kept getting my credit limit reduced on various credit cards. I just assumed that it was due to non-use, the increased mortgage borrowing and/or the economic climate. When I checked my credit file it appeared that the bank where I had the account that was targetted by fraudsters hadn't updated the records correctly and were still showing the account as in default. Which is now sorted (after many emails!).
In other words, in both cases I was able to deal with the problem only after seeing my credit report.
Okay, I'm going to go on now and apply for it...wish me luck!0 -
I got the same letter today, they're removing my £1,200 overdraft in three weeks. Rather upset that after being a loyal customer for 11 years and not being a high risk customer (earn a good wage and am only in my overdraft for a maximum of 7 days a month) that they have only given me 3 weeks, I would have thought 6 would have been more appropriate. I got into my overdraft last year when I moved to London for my current job and had a month and a bit between jobs when I was paying for accommodation and stuff. I have been reducing my overdraft since. I also have a credit card I am working to clear before I was going to focus on the overdraft, if I'd had a bit more notice I would have put last month's payments to the overdraft rather than credit card and it could be clear by the end of this month.
I have complained to Halifax about the short notice. I will clear the overdraft and then switch current account provider.
Halifax seem to be calling in a lot of their overdraughts :cool:£87 million ROFLmAO :rotfl:0
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