Overdrafts

Bluesapphire

Hi all I am new on here. Anyway I don't have an overdraft but need one. I had very poor credit in the past that is why they won't let me i guess or because I used to have low income and was a student or a bit of both perhaps. Anyway, I have been with Halifax for 8 years now and I don't even have a ten quid overdraft which is ridiculous and I have never been in major debt only a few credit defaults like on mobile phones I didn't pay for!!! How do I apply for an overdraft now as I have over 1500 a month coming into my account. Do I have an opportunity to open a new account which includes an overdraft (or considers you for or it at the application stage anyway)?????

jimjames

If you have £1500 coming in per month why do you need an overdraft? Apply for one if you think you need it but if you've managed before why get one now? It's not good to constantly be spending more than you have.

You can either apply for one with your existing account or open a new account elsewhere - your choice but most seem to now be charging similar rates.

nicetomeetyou

I’m with nationwide and have poor credit and have a £650 overdaft. My income in that account is £500 every 4 weeks.

PRAISETHESUN

https://apply.halifax-online.co.uk/sales-content/cwa/h/onboardpca/index-app.html?from=ec#/eligibility

You can check your eligibility for an overdraft on your existing Halifax current account to see what they might offer, if they offer you one at all. If you've managed this far without one however, I'd ask yourself if you really need it. It's a very expensive way to borrow...

edbobo

Recommend Nationwide FlexDirect. First year free overdraft when others charging sky high rates. They r willing to offer 2k overdraft to me when my credit score is poor

born_again

Well that makes a change....

Someone wanting a O/D despite the new interest rates.

Just how much do you want?
Why do you want one?
And how long do you intend to stay in it...

If you are with Halifax. I'm sure you can apply either on internet banking or via the app.

have been with Halifax for 8 years now and I don't even have a ten quid overdraft which is ridiculous

I've been with banks a lot longer than that and don't have any.... And long may it continue...

MarisFifer

Don't do it!

I am still fuming on the proposal that has been agreed and actioned. Thankfully I have a low overdraft rate of £350 and can work to get rid of it but some poor sods have over £1k in overdrafts. How is it fair to hit them with 35%EAR in order to allow unarranged overdrafts at 0%EAR?

born_again

MarisFifer wrote: »

DHow is it fair to hit them with 35%EAR in order to allow unarranged overdrafts at 0%EAR?

Who's offer a 0% unarranged o/d?

Many banks are now actively stopping customers from going over their limit.

Zero_Sum

With these new 40% rates you're better off with a credit card.

afis1904

Depending on how much you need obviously, but First direct offer £250 fee free

boo_star

edbobo wrote: »

Recommend Nationwide FlexDirect. First year free overdraft when others charging sky high rates. They r willing to offer 2k overdraft to me when my credit score is poor

And when the OP sits in their overdraft all month because they thought "hey, I can repay it easily" but it inevitably doesn't happen they'll be stuck with a £2000 debt at ~40% APR.

Brilliant.