Overdraft

helwalk

Hi just wondered if anyone can advise at all please. Currently sorting out my father in law who has got himself into a bit of a mess financially! We’re doing all we can but just wondered what we can do in regards to his overdraft. We are setting him up in a payment plan to pay off his debts using stepchange which is great this includes his cc’s & Od so we need to separate his overdraft as a debt but keep his account and have it as a standard account with no overdraft, does anyone know if this can be done at all? He is currently with the Halifax. Hope this makes sense! Thanks guys, stay safe 🙂

Mnd

Suggest you post on the banking board 

helwalk

Sorry it’s my first post so not 100% sure what I’m doing but thank you 

Cornucopia

Thread moved to Budgeting and Bank Accounts.

born_again

I would very much think that keeping the account is a not option, unless a agreement is reached with Halifax to pay off the overdraft.
Not going to be easy at the moment. But i would be looking at getting another bank account open elsewhere. Most likely this will just be a basic bank account.

mwarby

born_again said:

I would very much think that keeping the account is a not option, unless a agreement is reached with Halifax to pay off the overdraft.
Not going to be easy at the moment. But i would be looking at getting another bank account open elsewhere. Most likely this will just be a basic bank account.

I agree a separate bank account with a separate bank is the way to go. If you don't there is the risk of the bank using the right of set off. I would also avoid a bank(in the same group of banks, eg Halifax and Lloyds are in same group) that he has any debts with for the same reason