Barclays Overdraft

flower123456

I have a question to ask which is worrying me. I have had an overdraft of £1890 which in the letter offering me it says that its available until April 24th 2008.
I have an income of £1500 per month and have only gone up to £1700 overdrawn. The overdraft is substantially reduced each month but I am always in the red. But I have never gone over my authorised overdraft.

Because it says the overdraft is available until April 2008, does it mean on this date that it will be taken away from. Or do they just say that and I will continue to get it.

Next year, I aim to pay it off but not by April 2008.

Id like some advice on this as Im worried that in April I will have no money. Im a single parent and struggle sometimes as it is.

Thanks

jonesMUFCforever

If you do not go over your authorised limit and the account enjoys a good balance 'swing' ie goes into credit every month before it goes back o/d you should be ok as long as you do not have any black marks on your credit files.
Do you know what rate you are been charge for the o/d?
If not ask them and compare this with what they would offer you on a Personal loan.

flower123456

Hi

My total income for the month normally exceeds how much I borrow on my overdraft but because I get a monthly salary but weekly Tax Credits, on my statement I never seem in credit but on my overall expenditure at the top of the statement I am normally in credit by about £150 per month.

I hope that with regular money going in and never going over my authorised limit, they will let me continue with my overdraft. I may in April ask them to lower it by £500

I assume they will contact me before taking any action. They wont just cancel it in April without me knowing would they? (if they did cancel it).

With the credit crunch situation, they are clamping down on credit arent they!?

Generali

flower123456 wrote: »

Hi

My total income for the month normally exceeds how much I borrow on my overdraft but because I get a monthly salary but weekly Tax Credits, on my statement I never seem in credit but on my overall expenditure at the top of the statement I am normally in credit by about £150 per month.

I hope that with regular money going in and never going over my authorised limit, they will let me continue with my overdraft. I may in April ask them to lower it by £500

I assume they will contact me before taking any action. They wont just cancel it in April without me knowing would they? (if they did cancel it).

With the credit crunch situation, they are clamping down on credit arent they!?

They are clamping down on credit but at the same time they need to lend or they don't make any money.

The most likely thing to happen next year is for banks to reduce the lending to their riskier clients, starting with people that are missing payments and going on from there.

If you're not exceeding your limit then I see no reason why the bank would cut you off. They may want to reduce your limit but it sounds like you want that too.