Santander Overdraught Fees - I Cant Change Account

mystic_bertie

I do not have a very good credit history, i have a few defaults which have a few years to go. I cant get loans or credit cards etc which im fine about. I have been using my santander £1200 overdraught recently after a few months unemployment its going to be a long time till im back in credit, i am happy with the £20 a month capped fees. Santander are changing my older premier account (end sept) to an everyday current account and this means no cap on the overdraught fees, i will be paying £31 a month.

Is there any way of making my overdraught cheaper? I applied for 2 current accounts with nationwide and first direct but i was turned down by both. I am unable to get credit anywhere else. Do i have any other options other than pay this £31 a month fee?

YorkshireBoy

Are you back in employment now?


Would Santander consider converting the O/D into a loan? Maybe you've already asked them and they refused?

mystic_bertie

YorkshireBoy wrote: »

Are you back in employment now?


Would Santander consider converting the O/D into a loan? Maybe you've already asked them and they refused?

Yes i have been working for 4 months now but due to the arrears i got into when i was not working it will take me a long time to catch up.

I have ruled out a loan due to my poor credit history, as i cant get a loan do you think santander would give me one under the circumstances? Its crazy, i could be overdrawn by £50 or £1200 the fees are the same.

colsten

The bank you are overdrawn with have a duty of care to help you getting out of debt. Whilst you are not likely to get a loan with anyone else, not on reasonable terms, anyway, Santander should be able to agree a repayment plan (=loan) with you that should cost less than an overdraft. Best to make an appointment with them and discuss it.

Can you make any changes to your spending? Have you done an SOA? Have you asked on the debtfree wannabe board?

mystic_bertie

colsten wrote: »

The bank you are overdrawn with have a duty of care to help you getting out of debt. Whilst you are not likely to get a loan with anyone else, not on reasonable terms, anyway, Santander should be able to agree a repayment plan (=loan) with you that should cost less than an overdraft. Best to make an appointment with them and discuss it.

Can you make any changes to your spending? Have you done an SOA? Have you asked on the debtfree wannabe board?

Thanks for the reply. Ill make an appointment at my local branch and see what they say. I dont have many other option at the moment.

I have all my money budgeted, i do a spreadsheet to keep a tab on my finances, i do a months projection so i can make sure i dont overdraw. I dont pay anything that i dont need and i dont have any spending habits as such as i dont have a lot of spare cash, in 6 months time things will improve, my wages should be more and i will have paid off some of my arrears. So i dont mean to sound like i know it all but i dont think there is much can be done with my budget and spending etc.