overdraft can i get one

winterwhite11

i joined up with the halifax today with there current account where you get £5 amonth for ayear for having £1000 go into the account each month.
i am not working and claiming esa and dla .
i wondered if i would be given a overdraft on my new bank account if i apply?
do you need to be working to be given a overdraft ?
thanks

innovate

winterwhite11 wrote: »

i joined up with the halifax today with there current account where you get £5 amonth for ayear for having £1000 go into the account each month.
i am not working and claiming esa and dla .
i wondered if i would be given a overdraft on my new bank account if i apply?
do you need to be working to be given a overdraft ?
thanks

Banks will determine on an individual basis whether they will grant an overdraft. It will very much depend on how they assess your ability to re-pay the money, and in some cases, what you want the overdraft for. A formal loan might suit your requirements better - - though a bank will assess you by much the same criteria.

You should be very careful with overdrafts since the charges can be prohibitive, particularly with Halifax. http://www.moneysavingexpert.com/news/banking/2012/06/halifax-to-raise-overdraft-charges

winterwhite11

i was hoping to borrow £4000.
do you think i would be given a loan or overdraft on benefits?
i just joined the bank so should i apply for a overdraft straight away or wait a while.? thanks

coldhandoff

winterwhite11 wrote: »

do you think i would be given a loan or overdraft on benefits?

I would say more than likely not.

Gromitt

You'll need to prove to them that you have sufficient excess income to be able to pay back the loan in a reasonable amount of time. If your on benefits, then they may request to see your income vs expenditure statement, or may just refuse outright. It depends on your particular benefits.

For example, to borrow £4000, they may expect your income to be at least £8000 before tax.

BASFORDLAD

winterwhite11 wrote: »

i was hoping to borrow £4000.
do you think i would be given a loan or overdraft on benefits?
i just joined the bank so should i apply for a overdraft straight away or wait a while.? thanks

I hope that you are joking!

That is just crazy