Gone into into an unarranged overdraft-what mean

Greg89
Greg89 Forumite Posts: 273
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edited 3 January at 12:55PM in Debt-free wannabe
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?

Comments

  • born_again
    born_again Forumite Posts: 11,667
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    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.
    Life in the slow lane
  • EssexHebridean
    EssexHebridean Forumite Posts: 19,002
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    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. 
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  • Greg89
    Greg89 Forumite Posts: 273
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    I've paid the due amount.

    Maybe I should've kept the overdraft when until i next got paid.
  • Emmia
    Emmia Forumite Posts: 2,253
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    edited 3 January at 5:30PM
    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
    Greg89 Forumite Posts: 273
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    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
    Emmia Forumite Posts: 2,253
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    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
    EssexHebridean Forumite Posts: 19,002
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    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. 
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  • Sncjw
    Sncjw Forumite Posts: 3,445
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    Have you posted your soa on the other thread you started? 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

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