How do I downgrade an account?

ferry

At the moment I am with Barclays and have their Additions Account.I have just opened a similar account with Halifax.

I now no longer need such an account with Barclays but I do have some pretty good pre-approved offers available.Is it possible to downgrade the account,keep it open and still keep the pre approved offers?

Thanks for the advice
Terry

crawley_girl

When you say 'pre-approved' offers - what exactly do you mean? If it is the will writing and travel insurance etc etc, can you not get them done and then downgrade the account?

I'm not sure but I think that once you downgrade the account you opportunities to these offers are limited and that is why you pay your £12 odd account fee for these added extras.

:heartpuls CG :heartpuls

ferry

Cheers CG
The Pre approved offers are related to borrowing not added on extras.At the moment I have been 'pre approved' for borrowing up to £25k unsecured loan on my account and 3k O/D....

Just wondering if I keep these offers if I downgraded my account to a more basic one..?

Thanks
T

jonesMUFCforever

Having these accounts or not does not affect your credit rating. So you can downgrade either by sending them a letter (always ask for confirmation of their actions) or ask in branch.
I work in a different bank and we have forms for customers to sign to downgrade.

regularsaver1

Halifax has forms to change between accounts, - and you must sign one to change to the Ultimate reward

After seeing that TV programme I understand with Barclays you don;t have to sign to upgrade - but you probabaly have to to downgrade it

Mark7799

1. Do it in writing - I would have recommended this even before the Barclays programme - and keep a copy, preferably hand deliver it to your local branch.
2. The offers may well be withdrawn if you haven't taken them up before you downgrade the account.

techno_geek

If you don't foresee yourself needing a £25k loan or a £3k overdraft, then downgrade your account... if you do, then might it be worth keeping paying the monthly fee until you've taken these products out?