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Bank wanting to set up their own DMP for me?

mrsnonsmoker · 2015-11-25 00:00:52

We are just about managing, everything is paid on time, usually minimum payments but nonetheless, we are ok. Suddenly Smile bank want to withdraw our reducing overdraft - we have been paying it off £60 a month and currently owe £1,400. We both work, pay about £4k a month into the account. I got a message saying get in…

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bearcat16 Posts: 339 Forumite

29 November 2015 at 3:13AM

It does seem odd, especially as you say that £4K is paid in every month, which presumably pushes your account into credit by about £2.5k on payday, meaning the overdraft is not in use all of the time?

But yes overdrafts are repayable at any time, and as such should not be relied upon in a crisis.

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Bank wanting to set up their own DMP for me?

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