overdraft withdrawn

hopeless_case_2

NEED ADVICE URGENTLY
Abbey have withdrawn my £1400 overdraft.IT isnowat£1900 due tocharges and going over overdraft rate. I pay in £100 per month but they wanted £140 at least. I toldthem icould not afford that much and now they are going to register a default in 28 days if i do not clear the full amount.

jonesMUFCforever

Two things you can do,
1 Go over to the Debt free wannabe board, make a full statement of affairs to see if you can save enough money every month to be able to pay Abbey what they want. OR
2 Go and see CAB or ring the National debt helpline - I'm sure that they will be able to help.

hopeless_case_2

Well did the first one ages ago and have been saving hence the £100 per month.I really feel they are being unreasonable and have logged a complaint with them. They want the whole amount in 28 days.

jonesMUFCforever

They have the right!
Overdrafts are repayable on demand.

I don't see on what basis you are complaining.

If point 1 of my posting did not work (you could try again you never know you could get through to someone more reasonable) then go to Point 2.

hopeless_case_2

WELL without getting into a heated discussion with you about this it is because i have offered to pay them £100 a month and feel as though they are not meeting me halfway.

jonesMUFCforever

hopeless_case wrote: »

WELL without getting into a heated discussion with you about this it is because i have offered to pay them £100 a month and feel as though they are not meeting me halfway.

They don't have to!
You were given a limit which you presumably exceeded or stopped paying into your account.
They now have the right if they wish to ask you to repay in full on demand (most will give you a month) - if not then they will sell your debt on to the debt collectors.

Dylanwing

If it stays on curerent acount, presumably it will increase further due to charges, so a debt collection agency may not be so bad. I presume that you are no longer paying in or trying to use the acount, as that strengthens your position. Are you in a position to get a loan elsewhere to pay it off, so that you can make Monthly payments and not wreck your creditworthiness?
Technically, overdrafts are repayable on demand, but it does seem pretty unreasonable to suddenly demand the cash back in one go. Back in the days when Banks actually liked customers, the overdraft was normally repaid by personal loan, much easier all round, and the 'on demand' was only used in exceptional circumstances.

Mark7799

My (admittedly getting more limited) is that the 'on demand' element is rarely used. The Banks tend to give 30-days' warning that they will invoke the 'on demand' clause which is deemed to be enough time for the borrower to make alternative arrangements.

malestrom07

What tosh. I'm sure this is a real worry to you. Change your bank account asap. Bank through someone else and make a payment to the bank each month for the amount you decide you can afford. Get back in control of your finances. Get away from this bank. Take care.

Dylanwing

I think you'll find banks are not as bad as they are painted on this site.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

regularsaver1

All banks are likely to take same action for the poster that said move banks