Barclays have dropped a bomb and now I'm not sure what to do

sourcrates

nomoneytoday wrote: »

IMHO - They will probably make more in fees from the 90% that don't move accounts, than the odd default or bank account stoozers.

Yes your probably right on that one :mad:

BlushingRose

National_Debtline wrote: »

Hello there,

As the others have mentioned, do consider switching accounts to a new 'safe; bank elsewhere. You mentioned that you are part of the DMP by association, do you have debts within it also? How much debt are you in totally?

Very best wishes,

David @natdebtline

I can shift the smaller account to elsewhere by paying off the OD and closing the account etc and I plan to do that (have no choice due to offsetting really) but I won't be able to move the one with the £2,500 overdraft as no-one will take that on in my current circumstances, and that's the one that's scaring me.

*MY* personal debt is 'only' the overdrafts, but by association, the amount of debt is in my signature.

BlushingRose

eyeopener2 wrote: »

They don't care, maybe they did once, but no longer.

I remember my Mum changing her home insurance from the company she had been with over 40 years (they were taking the mick with the renewal price). When she rang up and cancelled the guy on the other end said thanks, that's done, goodbye. She was really upset "but 've been with them since we were married!" I had to explain she was a policy number not Mrs Eyeopener.

Yeah, I can imagine how upset she must have been.
People tend to forget that although we might be loyal, most companies are not loyal in return these days.

BlushingRose

I'm wondering if I should ring Step Change (the dmp people who have my fiance's DMP) for advice?

patman99

You don't have to 'move' the over-drawn account. You simply open a new one and make sure that your earnings go into the new account instead.

Leave the student account (assuming this is the one which is £2,500 in the red) where it is and make token payments to it as an when you can.

As you mentioned that your work is sporadic, I hope you are claiming JSA for the periods in which you are not working. You are entitled to do this as even if you are not entitled to any money, they are still paying your NI.

If you are working self-employed, make sure to pay the full Class 1 NI as this means you will always be eligable for full JSA.

BlushingRose

patman99 wrote: »

You don't have to 'move' the over-drawn account. You simply open a new one and make sure that your earnings go into the new account instead.

Leave the student account (assuming this is the one which is £2,500 in the red) where it is and make token payments to it as an when you can.

The problem with this plan (and I may have misunderstood you, sorry) is that if I do this, Barclays will be charging me £90 a month on the graduate account, adding to the account total. I'm currently paying £30 a month (the most we can afford) just to pay off the charges and interest already on the account - this would mean the account would still be gaining £60 a month.

Vixie1909

Hi,

Have you used the overdraft cost comparison calculator on the Barclays website? What year are you in of your graduate account?

BlushingRose

Vixie1909 wrote: »

Hi,

What year are you in of your graduate account?

I have had it now for about 7 years.

Vixie1909

BlushingRose wrote: »

I have had it now for about 7 years.

Have a look at the calculator tool but I think it says for graduate accounts it's £1 a day up to 3k?? I might be wrong as you've had it for so long now.

Vicki.