Possible to get an overdraft or loan with just a job offer?

UnionGirl

Daedalus wrote: »

IMO, 'Fully payable on request' isn't remotely accurate. A mainstream bank just wouldn't put someone into financial difficulties. The only time I have known this to happen is when the customer hasn't made the bank aware of their situation. A bank would postpone a reduction or request minimal reduction (~£10/month) for 3 months.

About 2-3 years ago, a mainstream bank called in my friend & her partner's joint bank account overdraft. All wages were swallowed and charges added for missed direct debits. They ended up borrowing from parents to get back in the black.

I wouldn't be surprised if they weren't the only bank to do this. They had been in their overdraft for a year though.

meer53

Daedalus wrote: »

IMO, 'Fully payable on request' isn't remotely accurate. A mainstream bank just wouldn't put someone into financial difficulties. The only time I have known this to happen is when the customer hasn't made the bank aware of their situation. A bank would postpone a reduction or request minimal reduction (~£10/month) for 3 months.

An overdraft is a facility which is repayable on demand. This is completely accurate.

Sometimes, there is no option but to remove an overdraft completely. It happens where i work. Banks don't put people into financial difficulties, customers usually manage to do this themselves.

halcyon1

Thank you very much for all your replies, very useful information. I think on consideration I will avoid all forms of debt until I start, and continue to look for temp work. It is slightly frustrating considering that I'll be (relatively) well off soon!

I may attempt to apply for a new account with overdraft at another bank though, as I have little to lose. On the basis of what's been said here, I don't want to risk my current bank closing my overdraft.

Thanks again.

YorkshireBoy

halcyon1 wrote: »

I may attempt to apply for a new account with overdraft at another bank though, as I have little to lose.

I would think that would be a wasted application.

Put yourself in the bank's position...

You have no job.
You've been in this position for some time.
You're maxed out on your current overdraft facility.

It is slightly frustrating considering that I'll be (relatively) well off soon!

I've seen job offers revoked many times in my working life. Business needs change...someone better (or a friend of the boss!) comes along...etc.

chanz4

What if the firm goes bust between now and then...

YoungBusinessman

Find a job that can help you get by till this new job. That seems early recruiting, 4 months before.

CKhalvashi

YoungBusinessman wrote: »

Find a job that can help you get by till this new job.

Cheap leaflets through doors for gardening at this time of year.

That seems early recruiting, 4 months before.

Not at all. We've recruited before this, if we've known something is coming up.

CK

YoungBusinessman

Is there anything binding for either the company or client? Or can either pull out with no comeback from the other? Would be absolute livid you get a job in mean time just to pay the bills and the bigger job falls through.