Please help - am panicing

Jacqz

I have never had this happen before, and I'm feeling sick at the thought. I was made redundant a few months ago, and only am back to work now. Alliance and Leicester have sent me 2 letters to say that I'm over my overdraft limit, and that they will take action if nothing's paid by the 2nd. I received this literally 5 minutes ago in the post.

I ahve tried ringing them, but they can't help me til monday - lot of use as I'm working and can't ring.

I will have over £1000 coming in on the 10th

What's gonna happen with me? Will I end p in court for this? I reall can't afford it until then

msmicawber

Try not to panic. Since you can't ring them before Monday, write them a letter explaining your circumstances and that you will be paid on the 10th then get your letter in the post. On Monday, ring them and tell them that you've written and the contents of your letter and ask them to hold off any action. They can't take you to Court if you make an effort to pay what you owe.

How much of your wages will be available to service your overdraft? Try and make an arrangement to pay off so much per month to reduce the overdraft and see if you can persuade them to waive or reduce the bank charges.

fiveyearplan

Agree with above post, write to them and explain that you cannot do anything until 10th. Only agree to pay what you can afford. THey will try and bully you to pay more but stick to your guns. IT takes months for them to take you to court and in any event if they are planning to take you to court you do get sufficient notice.

Jacqz

Thanks for the replies :T

I should be paid around £1000, and I only am £80 over the o/d limit - mainly charges from them, so I'll have it paid in full, as well as the o/d of £250 on the account.

I'm just worried, the letter was pretty threatening. I will email and write a letter explaining my circumstances though

mum2one

\its the banks way of frightening you into paying up quick, would add thou any letters you post, post by recorded delievery, this way they can be tracked. x

Dylanwing

It might also be checking what they will charge if they allow you the extra time. I know that short-term high APR loans are not popular here, but if you have a Money Shop, Cash Converters or similar nearby, you can cash a cheque there which they will delay cashing for up to a Month, pay the money to A&L, and everybody is happy. It will cost about £15, but will probably save a lot more than that in terms of hassle and charges. There are internet payday loan providers, I have never used them so no idea what they are like, they charge about £25 per £100. Expensive, but still cheaper than Bank Charges.

fiveyearplan

I'd try to negotiate my out of the charges with the bank.

Jacqz

Got in touch with bank, explained everything, but they hvae decided instead to cancel account, and cancel everything, without warning, and it's leaving me with a lot of hassles with dd's and stuff. They would close it on the day my wages went in too

mum2one

Is there any chance you can get your wages changed b4 hand

Ring your companies you have debits with and explain the situaton offer to pay them a token amount by cheque (ask a friend to write a cheque in exchange for cash)
Get a new account asap, try Natwest, Post Office, or HSBC and arrange new debits

The thing is 4get A+L and get you sorted 1st, also contact the financial obsbumen as Im sure that banks cant close acconts, there may be someone who can help a bit better x