Santander - Rather Unhelpful

lazer

Aryndeneth wrote: »

Erm, if we all never had issues with managing money, we wouldn't need this forum would we? Remember that this board is for helping, not making people feel bad.

As for your comments about asking the institution to reduce the credit limit everytime you make a payment, why not? I did on numerous ocassions. Managing debt can be time-consuming and hard work for some people and I fully appreciate what it's like to slog along and then snap and undo your progress in getting to debt-free. If the credit limit isn't there, you can't do that much damage and the temptation to splurge is lowered. And cutting up cards isn't an option if you still need to access the money for genuine reasons.

Actually this board is about more than managing your money, its also about getting value for money, beast deals etc, many of us using it can ad do manage our own money.

The fact is the OP is breaking the terms and conditions of their overdraft by not using the account, and then accuses Santander of being unhelpful, when in reality they are being very helpful by not demanding immeadiate and full repayment.

There is no difference in cutting up the card for the account and asking for the overdraft limit reduced, if they get the overdraft reduced they won't be able to access the money if they need it for genuine reasons either, will they?

I can understand why Santander won't reduce it, they don't want to reduce overdrafts for customers constantly, it is extra admin work for them, and then people often request it raised again and get very annoyed and leave when they get told no to the increase. Possibly the staff memeber was being helpful as changing the overdraft limit on the account could flag up the account for review, and then repayment would have been demanded in full?

Boris_Allen

This is moronic.

Seriously, you are not going to be charged fewer fees by having your limit reduced, in fact you'll simply be charged more if you exceed the new limit which is more likely.

The temptation to spend will still be there - and you still can spend, only the unauthorised overdraft limit use will cost you more.

With regards to underfunding fees, as has been mentioned already I believe, simply transfer money in and out several times until it adds up to what is required. Whilst you're at it, open up a Halifax Reward account and do the same thing up to £1000 and you'll get £5 interest each month just like that!

Seriously, there's no need to get that limit reduced, just pay off your balance then when you're down to zero you can close the account if you wish.

strawbray

Boris_Allen wrote: »

This is moronic.

Seriously, you are not going to be charged fewer fees by having your limit reduced, in fact you'll simply be charged more if you exceed the new limit which is more likely.

The temptation to spend will still be there - and you still can spend, only the unauthorised overdraft limit use will cost you more.

With regards to underfunding fees, as has been mentioned already I believe, simply transfer money in and out several times until it adds up to what is required. Whilst you're at it, open up a Halifax Reward account and do the same thing up to £1000 and you'll get £5 interest each month just like that!

Seriously, there's no need to get that limit reduced, just pay off your balance then when you're down to zero you can close the account if you wish.

As stated earlier that I no longer earn £1000 a month so that option is not open to me unless I'm going through the process as describes before, putting in, taking out, putting it back in again.
Why shouldn't a financial institution lower a limit at will. Isn't that the whole idea that credit card companies were forced to allow people time to opt out rather than automatically opting in to credit limit increases. Would they rather I waved 2 fingers and stated the current account was unmanageable and that I went to see a debt professional and offered them either pennies in the pound or a reduced payment over a longer term plan.
Thank you to all the people that have a bit of genuine understanding of what I wanted to do. Being new to the boards though, I didn't expect to get flamed by so many. I'll bite my tongue in future and plod on.

Wannabedamned

Boris_Allen wrote: »

This is moronic.

Seriously, you are not going to be charged fewer fees by having your limit reduced, in fact you'll simply be charged more if you exceed the new limit which is more likely.

The temptation to spend will still be there - and you still can spend, only the unauthorised overdraft limit use will cost you more.

With regards to underfunding fees, as has been mentioned already I believe, simply transfer money in and out several times until it adds up to what is required. Whilst you're at it, open up a Halifax Reward account and do the same thing up to £1000 and you'll get £5 interest each month just like that!

Seriously, there's no need to get that limit reduced, just pay off your balance then when you're down to zero you can close the account if you wish.

http://forums.moneysavingexpert.com/announcement.php?f=76

Moronic is in no way supportive. I'm quite glad I avoided posts of this kind in my first thread. I got nice people, not overly harsh people helping me.

It's unnecessary! If the original poster feels the need to have temptation taken away, then that what is needed! It's not your place to judge

Aryndeneth

lazer wrote: »

Actually this board is about more than managing your money, its also about getting value for money, beast deals etc, many of us using it can ad do manage our own money.

QUOTE]

I totally agree that that's what the forums overall are for but, Debt Free Wannabe, as per the big headliner at the top of the page, is for support for people in a difficult place who are learning to manage their money, not to be judged for the situation they're in or for not yet knowing stuff that some of us now take for granted. It's not the place to make people feel bad because they currently don't handle money as well as you do. People need a safe place for support and to ask questions. If they don't ask they'll never improve their money management skills and people won't ask if they fear being berated.

Aryndeneth

strawbray wrote: »

Thank you to all the people that have a bit of genuine understanding of what I wanted to do. Being new to the boards though, I didn't expect to get flamed by so many. I'll bite my tongue in future and plod on.

Please don't bite your tongue. If you need to ask a question, ask away. The vast majority of people on here are friendly, supportive and really will try and help you in a more useful way!:)

DevCoder

If your credit line is reduced most lenders dont do this, they re-credit score you for the new amount (as though you are asking for a new overdraft as opposed to a reduction).

This can quite often mean that the whole credit line facility is removed and you are asked to repay the whole amount.

strawbray

Thanks to all the contributors yesterday. All is not lost, I remembered that I had a Zopa account that I haven't serviced since going part time.
On checking, I had the sum of £480 available and used the Rapid Return service to pick it out (debts before savings).
I now have enough to cover the overdraft and close the account so once that is done, I will at last be debt free apart from the mortgage.
The remaining money can go for a day out with the wife and the little one.
I am almost tempted to go to a branch and hand over the full sum in pound notes (we still have them in Scotland) but it would just be a poor bank clerk that had nothing to do with the cry for help that would have to count it.
In the last 6 months and despite working part time without a fantastic income now, I have managed to clear in the region of £6000 worth of debts/loans.
Once this slips off my credit file (open to closed), hopefully that will be enough to secure a full time role in financial services again, as it should help the pre-vetting process.

Once again, I thank you all.

Boris_Allen

Well done. And remember what has been said regarding meeting funding criteria. You can "turnover" a grand in any bank account so long as you have at least a penny - you just keep putting it in and taking it out as many times as you need. Not a hard concept.

ponbeam

Santander can reduce the overdraft limit just drop into the local branch and they will do it for you!!