'with collections' indicator been placed on account. No one at bank knows why.

innovate

happy_bunny wrote: »

Just get a new account, then write to your old one and tell them to close your account as their service is rubbish.

I agree with the first bit but not the second. Having had a bank account for umpteen years can help when applying for credit/mortgage etc.

Just leave a pound in the old account and log in now and then so it stays 'used'.

jonesMUFCforever

OP be careful - if the bank turns round and says the banking relationship has broken down they may ask on demand their money back that you owe on overdraft.
As others have said credit is not a right - hope you have a planB.

giixwiix

jonesMUFCforever wrote: »

OP be careful - if the bank turns round and says the banking relationship has broken down they may ask on demand their money back that you owe on overdraft.
As others have said credit is not a right - hope you have a planB.

yes, i am a bit nervous of this... i do have a second account with Santander. if they do close my account, will they give me notice? And/or an opportunity to pay back in instalments?

If this is so, then looking on the bright side at least I'll be paying off my debt right? Which is my intention and the reason I am looking into to all this so thoroughly.

It still does make me feel nervous though...

giixwiix

happy_bunny wrote: »

Life is way too short for the amount of time you seem to have spent on this .

hee hee, i am getting a bit obsessed. i just want to make the best decision for my future and am happy to have had that 'light bulb' moment where i realise that if i put a little effort into it i could be debt free.

i thought a small loan with a disciplined repayment procedure may be the way forward but maybe i just have to tighten my belt and get it over with.

i know it sounds geeky, but getting on top of my finances is kind of exciting!!!

Anthorn

innovate wrote: »

I agree with the first bit but not the second. Having had a bank account for umpteen years can help when applying for credit/mortgage etc.

Just leave a pound in the old account and log in now and then so it stays 'used'.

I agree with the first bit but not the second lol

An account usually needs to be kept active and that means actually crediting the account and possibly paying out too. But it doesn't need to be a lot depending on the parameters of the account, i.e. minimum monthly funding.

innovate

Anthorn wrote: »

An account usually needs to be kept active and that means actually crediting the account and possibly paying out too.

I was just speaking from my own experience. 8 of my 15 current accounts never had any deposits/debits in years. I just log in regularly, which seems to be enough to keep them "active".

Anthorn

innovate wrote: »

I was just speaking from my own experience. 8 of my 15 current accounts never had any deposits/debits in years. I just log in regularly, which seems to be enough to keep them "active".

How do you cope with that many bank accounts? I have a third one upcoming and that's my limit. It depends on the bank of course and some are more lenient than others in declaring accounts dormant.

jonesMUFCforever

OP overdrafts are repayable on demand - that is the law - however in practical terms I can see them giving you say 30 days to repay if they turn nasty.

Anthorn

giixwiix wrote: »

yes, i am a bit nervous of this... i do have a second account with Santander. if they do close my account, will they give me notice? And/or an opportunity to pay back in instalments?

If this is so, then looking on the bright side at least I'll be paying off my debt right? Which is my intention and the reason I am looking into to all this so thoroughly.

It still does make me feel nervous though...

The problem is that people look but they don't see what they're looking at. In this case there is a pattern in the closure of overdrafts and the demand for repayment over a relatively short-term: Those who have overdrafts which never see any appreciable reduction lose their overdrafts and accounts. What that tells me is that banks want borrowing over the short term which promotes a quick turnover of funds. The evidence is right here in the posts on MSE. So do you fit that pattern? If so there is a possibility that you will be bidding a fond farewell to your account.

I have posted this before and most people appeared to think it's a load of rubbish so there's no reason why it should be any different now. Cue detractors and trolls