Gone into into an unarranged overdraft-what mean

Greg89

I've gone into an unarranged overdraft at halifax where four DD has come out.

A message says if you can, please clear the funds by 2.30 to keep making payments

Will this mean those DD will bounce back or the bank may allow me to use this unarranged overdraft?

born_again

Best bet is to ring & explain if you can not transfer funds to cover them. As they could simply not pay them, if it has happened before.

EssexHebridean

it probably means they have honoured those, but if you have any more to go out those will be bounced. As said though - a quick call to the bank is probably your best bet - they may even allow you a short termporary arranged limit or increase to one to minimise the fees you will be charged. 

Greg89

I've paid the due amount.

Maybe I should've kept the overdraft when until i next got paid.

Emmia

Greg89 said:

I've paid the due amount.

Maybe I should've kept the overdraft when until i next got paid.

Unarranged overdrafts are a very expensive way of borrowing, with daily charges for every day you're in it, irrespective of the size of the overdraft.

Halifax charges 39.9% on arranged overdrafts.

Greg89

Emmia said:

Greg89 said:

I've paid the due amount.

Maybe I should've kept the overdraft when until i next got paid.

Unarranged overdrafts are a very expensive way of borrowing, with daily charges for every day you're in it, irrespective of the size of the overdraft.

Halifax charges 39.9% on arranged overdrafts.

Is this daily or one off? I'd possibly be paying £50 per day if I was still on a unarranged overdraft

Emmia

Greg89 said:

Emmia said:

Greg89 said:

I've paid the due amount.

Maybe I should've kept the overdraft when until i next got paid.

Unarranged overdrafts are a very expensive way of borrowing, with daily charges for every day you're in it, irrespective of the size of the overdraft.

Halifax charges 39.9% on arranged overdrafts.

Is this daily or one off? I'd possibly be paying £50 per day if I was still on a unarranged overdraft

They have a calculator on their website, if you want to know the cost - this is for a facility they've agreed to offer though, not something they haven't.

https://www.halifax.co.uk/bankaccounts/overdrafts.html

EssexHebridean

If you are already in debt then do NOT try to get an arranged overdraft now. You need to go through your finances urgently to work out whether you have enough money to clear all your outgoings for the rest of the month - if you haven't, then stop the payments to any  unsecured debt to free up money for priority bills. 

Sncjw

Have you posted your soa on the other thread you started?