New Halifax Overdraft Charges

wizzywig27

amanita wrote: »

I'm sure I've recommended M&S to you twice now- forget soft searches!

There's also Hitachi...

Keeping your credit report clean is all well and good, but if you need credit, you need to have a couple of searches.

Is that hitachi for a loan?

I am co fused, what difference will making a hard search do?

amanita

Soft searches are a basic check on affordability. If you're consolidating debt, you have to be able to afford the old and new debt at the same time, which is a bit crazy! Speaking to a human underwriter they will often work through this to make it possible.

If you call M&S for example, and ask them to consolidate some debts, they will talk about what you're promising to pay off and factor that into affordability. You could discuss wiping out another credit card perhaps, or something else, and this would make your affordability better. You need to talk to a human, and get an underwriter to look at your case- computers will all reject you judging by your experience. I can't remember off the top of my head if M&S uses human underwriters like that, pretty sure they do, but most of my recent experience has been First Direct, who are pretty sympathetic. That does require an account with them however. Hell, why not give them a ring too?

If you have a sympathetic relative who can trust you, they may get one of these loans for you and you can pay them back. Make sure you don't break that trust if you do!

wizzywig27

Westie983 wrote: »

Firstly have you updated your address with Halifax?(due to issues posted elsewhere about not getting statements or letters) if so have you received the letter notifying of the changes? Many customers are and have accepted offers with the letters which gives you a period of time to repay the overdraft at a higher rate calculation. This would mean the charges wouldn't triple straight away and within the offer period you will be reducing the overdraft amount so the fee calculations will be on a lower figure when the offer expirees

You mention above about applying for loans/overdrafts on your other bank accounts, have you taken into consideration your credit cards held with HSBC, as this will add up, you have only just paid back Santander arrears, has this cleared and been updated on your credit report yet? This could be a reason why you are being declined.

Westie983

Yes definitely update address with everyone else lol, got a letter from them yesterday funny enough. Not had my letter yet though, either in my online banking area or through the post.

You may have a point regarding Santander, when I checked equitable yesterday it hadn't updated - but last update was 20th July so would have expected it to update 20th August, I'll update it today.

wizzywig27

amanita wrote: »

If you call M&S for example, and ask them to consolidate some debts, they will talk about what you're promising to pay off and factor that into affordability. You could discuss wiping out another credit card perhaps, or something else, and this would make your affordability better. You need to talk to a human, and get an underwriter to look at your case- computers will all reject you judging by your experience. I can't remember off the top of my head if M&S uses human underwriters like that, pretty sure they do, but most of my recent experience has been First Direct, who are pretty sympathetic. That does require an account with them however. Hell, why not give them a ring too?

You referring to a M&S card or loan? I can't see a money transfer card. Also isn't M&S under sae umberella as HSBC?

I did apply for FD and they said no.

Dobbibill

wizzywig27 wrote: »

You may have a point regarding Santander, when I checked equitable yesterday it hadn't updated - but last update was 20th July so would have expected it to update 20th August, I'll update it today.

The CR entries will impact you applying for credit. Even if resolved it can take up to 3 months to update with the CRAs.

Make sure you check your CR with all 3 CRAs.

Experian via MSE credit club
Equifax via Clearscore
Call Credit via Noddle

All 3 can be obtained free so don't go getting into any free trials with subsequent subscriptions of up to £15 a month.

With the information that has come to light around your Santander arrears, I would stop the applications for further credit until this is resolved or 6 months has passed since the most recent 'red' marker, whichever is the sooner.

With a second job not being an option, you need to see about overtime (asking for pay rise isn't quite the same) and also look at selling things, anything you have little or no use for. One man's rubbish is another man's treasure as they say. Post it anywhere that doesn't incur fees for selling. As well as the DFW board (I know you said previously you didn't feel it would benefit but lots of posters use that board rather than the 'Budgets & Bank accounts board just to do a SOA and get hints & tips on their budget - they are not all in debt) there is also an old styles board with lots of tips about batch cooking to reduce grocery bills - this may help. The Energy board has advice about schemes for reduced water bills etc. There's so much advice on the different boards - don't write any of them off...explore, there's loads of ideas to be found.

wizzywig27

Dobbibill wrote: »

The CR entries will impact you applying for credit. Even if resolved it can take up to 3 months to update with the CRAs.

Make sure you check your CR with all 3 CRAs.

Experian via MSE credit club
Equifax via Clearscore
Call Credit via Noddle

All 3 can be obtained free so don't go getting into any free trials with subsequent subscriptions of up to £15 a month.

With the information that has come to light around your Santander arrears, I would stop the applications for further credit until this is resolved or 6 months has passed since the most recent 'red' marker, whichever is the sooner.

With a second job not being an option, you need to see about overtime (asking for pay rise isn't quite the same) and also look at selling things, anything you have little or no use for. One man's rubbish is another man's treasure as they say. Post it anywhere that doesn't incur fees for selling. As well as the DFW board (I know you said previously you didn't feel it would benefit but lots of posters use that board rather than the 'Budgets & Bank accounts board just to do a SOA and get hints & tips on their budget - they are not all in debt) there is also an old styles board with lots of tips about batch cooking to reduce grocery bills - this may help. The Energy board has advice about schemes for reduced water bills etc. There's so much advice on the different boards - don't write any of them off...explore, there's loads of ideas to be found.

Thanks for the information. I am genuinely hoping that Santander at least update my account today to advise I am no longer in arrears, however it does seem to suggest they are a month behind everyone else with their reporting.

I will check out the other boards.

On another note the FCA got back to me today. Didn't say much but said it's been raised to LBG and the team that deals with them (not my specific case)

wizzywig27

Just a quick update for those that are interested. Had official response from exec support team today, won't go in to too much of what was said but one thing that was mentioned was a possible loan, or a reduced rate of 1p for every £14 for a short period of time.

I also got my letter today, I had a red/orange triangle which apparently out of the three categories is the worst. This symbol meant I would get a possible loan or reduced rate.

So I call the number on the letter and he called through to exec support who told him to tell me to ring the number on the letter. I said I did, he said oh, ok. So he put me on hold to speak to his manager who told him to pass me to a number. So he did, and guess what, they told men there is nothing they can do....serisouly do this bank have a clue what's going on?

I decided to call the number I was given and she said I'm not eligible for a loan (so why did system suggest it), and that's all. She said she can pass men through to the dept who deals its with and gave me the number, I told her I'd just called that numberj and got her. She said you shouldn't have as I deal with bank accounts not overdrafts...

The story continues.....

AliceBanned

wizzywig27 wrote: »

Just a quick update for those that are interested. Had official response from exec support team today, won't go in to too much of what was said but one thing that was mentioned was a possible loan, or a reduced rate of 1p for every £14 for a short period of time.

I also got my letter today, I had a red/orange triangle which apparently out of the three categories is the worst. This symbol meant I would get a possible loan or reduced rate.

So I call the number on the letter and he called through to exec support who told him to tell me to ring the number on the letter. I said I did, he said oh, ok. So he put me on hold to speak to his manager who told him to pass me to a number. So he did, and guess what, they told men there is nothing they can do....serisouly do this bank have a clue what's going on?

I decided to call the number I was given and she said I'm not eligible for a loan (so why did system suggest it), and that's all. She said she can pass men through to the dept who deals its with and gave me the number, I told her I'd just called that numberj and got her. She said you shouldn't have as I deal with bank accounts not overdrafts...

The story continues.....

Oh dear wizzywig. Mine has a red dot as well...not looking good is it?!

wizzywig27

AliceBanned wrote: »

Oh dear wizzywig. Mine has a red dot as well...not looking good is it?!

Mine has orange triangle, apparently the worst category.

Most they can offer me is 1p for every £14 until Feb

amanita

This is actually not too bad a deal- your monthly bill goes up by £13 rather than £46. Of course only short term, but in the meantime you can fight/borrow money off family/increase hours or extra job?