Grrr Banks!!!!

CharliesAngel

the 'search' on your credit file is recorded, but the outcome isn't. If you were to be successful then you're overdraft limit etc. would show..

If you're applying to multiple organisations and they turn you down and instead offer you an account you're not happy with i.e lower overdraft, solo card instead of switch or visa debit, be sure to contact them to close these accounts as it may look to other lenders that you have too much 'available credit'...

Searches in all cases remain on your file for 12 months if Experian, not sure about Equifax or others...

CharliesAngel

Most lenders don't have the ability to see the searches...

CharliesAngel

Ooh and the Natwest 'Step' account is a basic account which doesn't require a credit score - alot of banks offer them but they don't publicise them as they're often too keen to sell the ones with credit facilities... you can still set up direct debits on them..

I'm rambling now aren't i?!

*shuts up*

david_hellier

I would suggest you post your SOA so we can help. You need to allow an amount in your budget towards any od. If you budget carefully and ignore your bank balance your average balance will significantly reduce your od. A bank has only one function; a parking place for your money. Getting rid of od facilities is often pointless in this country because you still get charged after going past zero.

WTF?_2

wallet_raider wrote: »

Can anyone help? I have rang my bank today re our spiralling overdraft, we are currently 600 pounds over our agreed limit and are receiving nasty letters about it. I have done a personal budget plan from National Debtline and have rang the bank to ask if I can loose my overdraft, turn it in to some sort of loan and pay it back monthly. They are saying no we cant have a loan because...... wait for it!! .......... our credit score is naff ( Fancy that!!!) so can we please just pay off the overdraft today. EEEkk I not sure which part of "we have no money" they dont get. Does anyone have any advice or suggestions for what we can do? I not sure where to go from here. I was under the misguided impression that if we tried to come to some arrangement that would be better than not doing anything!!! But they have to meet us half way or what else can we do? Thanks.

It sounds harsh but if you don't qualify for a loan, then you don't qualify for a loan - full stop. Just because you already have an unapproved overdraft doesn't change that, in fact it makes it harder for you to get a loan.

You have went well over the agreed overdraft so they're not unreasonable in wanting you to clear it ASAP.


What you need to do is work on ways to save money and start clearing the debts. Post an SOA and ask for help, you can probably make quite considerable headway into saving cash.

Remember, you need to be looking for ways to spend less and save more, not just juggling debt. Otherwise you'll just end up going further into debt. I don't know if you've been following the financial news but a huge 'credit crunch' is underway in the financial markets. This will filter down to the everyday person sooner rather than later. Chances are that interest rates charged by banks and financial instiutions for loans will go up and they'll offer less credit and be more aggressive about getting their money back. Hence it's important that people start tackling debt now.

mo1_2

hi,dont know if this is of help,but i was in simalar position last year i opened a nat west step account,transfered my wage into it then i had more contol over my money,no more bank taking what it wants,s for them refusing you to pay them back monthly,move your wages then keep paying what you can into the overdraft,good luck.mo

Bluediamond

Wallet, so sorry to hear the stress that you are experiencing. It brings back horrible memories of last summer when one day I sat down, called Lloyds TSB as we were over our limit with 6 days to go till pay day and we literally had no money. Not a button. No savings and nothing to fall back on. It was the darkest day that I can remember. That was when I spoke to Payplan. We had other debts too but that was the final straw. The bank just did not understand that we had "No Money!"..I asked for some leeway like another £50 till pay day and she almost laughed at me eventhough she could hear I was in tears. They will NEVER EVER dictate to me again. Within the week I had a new Basic Account with Alliance and Leicester with an Electron Card ( excepted everywherenow ) and a cheque book and I have not looked back.Please Please find the strength to do this. Check that your bank is not linked to the bank that you go with and you will be sorted. They transfer everything over and it was like clockwork. Please just do it and thell them to sing for it. You have asked for help more than once, they cannot give it to you and in todays climat with more and more people up against the wall they should be more understanding and do what the old bank managers used to be able to do..help out !Good LuckSally