Barclays have removed my overdraft facility overnight

dizzydizzy_2

Until Monday, I had a student account with Barclays with an interest free overdraft facility of £1800 which I had been paying off gradually since completing my postgraduate degree in January 2006. I received a letter in June advising that since I had graduated June 2005 I would not have to give up my student account and transfer to one of the other kinds of accounts, of which there were a couple of options with different monthly fees and interest rates on the overdraft. I pointed out that 2 years since I graduated is actually up in Jan 2008 and they agreed to extend the student facility until Jan 2008 (actually I think they said it would be June 2008 as they can only extend in whole years). Yesterday I received a letter from the bank informing me that as I was overdrawn I had incurred a penalty of £30, which they were going to refund, as I had never been overdrawn before. Since I am WELL within my overdraft limit I phoned up to query this and was advised that on Monday my student account had been transferred to a standard account and my overdraft limit reduced from £1800 to £2! They implied that they would only have done this had I been into a branch and requested it...and said they would investigate & get back to me within 5 days. This has left me in absolute dire straits and I will probably not make my mortgage payment this month because of it....can they really do this? Has it happened to anyone else, and does anybody know what I can do about it? I'm worried sick. Thank you.

jonesMUFCforever

I'd be worried sick too if I had to rely on an overdraft to pay the mortgage.
What magical accountancy were you thinking of doing in Jan or June 2008 when the freebie limit expired?
Have you spoken with Barclays about the possibility putting the o/d and a bit of slack to keep you going until your next pay day on a Graduate loan?

Homework

I hope you can get this sorted out but please work out how to pay this overdraft back over the next few months so that it doesn't happen to you again.

An overdraft can be withdrawn at any time and if you only had a short period of notice you would be sunk.