Bank withdrew O/D today from us,with no warning, we are almost penniless!

YorkshireBoy

needawayout wrote: »

Not all of us have gotten into debt through frivilous spending...

Can I ask how, at 26 years of age, you can accumulate £25K of debt (excluding mortgage) without just a teeny bit of "frivolous spending"?

heppy23

Going back a while but I had a £2600 OD with the abbey. It had crept up £100 at a time, me asking for a bit more money, them obliging.

They called it in one day which was scary. By negotiation I got them to suspend the account, stop charging interest, no OD fees, I kept paying my wages into it and had to phone up each payday to transfer the money out (minus an agreed amount).

Took a year to pay it off but I managed it.

Downside is that 8 years on the account is basically useless, they won't give me anything more than an ATM card. I have to speak to an underwriter each time I want a new cheque book. Ended up getting bored of that and moved to the halifax.

Dylanwing

OP - There have been similar threads, and in most cases, the Bank have ended up being reasonable. Markys first post actually explains things very well, and offers a possibility of the reason why you have not been notified. If it was for a fixed term, they may be harder to budge, because, in theory, you should have prepared for this eventuality. The main thing is to be firm, polite, explain the problem clearly, and if you get no joy initially, ask to be put on to a Manager, and try again.
If they say No (Or Computer says no!:p ), all is not lost. I have been there in the past, and by approaching other creditors in advance, most were amenable, and most of the Utility Companies are OK. Being horribly practical, cancel all Direct Debits/ Standing Orders to avoid further Bank charges, and for food etc, use the lenders of last resort, family or Cash Til Payday from the Money Shop or similar.
I really hope that you succeed in persuading Abbey to help, so that my advice can be ignored completely. I appreciate that you are clearly in a state of shock/ panic (As I said, been there, fully understand), but I can assure you that the advice on here is spot on.

Can I ask how, at 26 years of age, you can accumulate £25K of debt (excluding mortgage) without just a teeny bit of "frivolous spending"?

I saw the word "children" and fully understood!:rotfl:

tinkerbell84

dunstonh wrote: »

No they are not. You are taking the food from your kids mouths by spending it on other things. The bank is not responsible for your spending habits.

especially when 200 a month of your spending is on fags!!! :eek:

poppy10_2

tinkerbell84 wrote: »

especially when 200 a month of your spending is on fags!!! :eek:

Plus Sky TV, gym membership etc... all essential spending, right?:rolleyes:

needawayout_2

Thankyou for replies, I do appreciate the some of the helpful information. I don't think going into my past threads to find out information to have a dig at me is particularly "adult" if I'm honest. That is all fairly old information and none of you have any idea how much we have changed our spending habits.

What has my age got to do with anything? :rolleyes: Oh yeah, I'm meant to be a young, stupid mother right? :rolleyes: Keep your narrow minded views to yourselves!

Anyway, thanks for the help. I think I'll go back to lurking, it's far safer that way.

withabix

It amazes me sometimes. My overdraft limit went as high as £3700 (as did my overdraft!) when I was struggling to get out of debt.

I never go in the red now, yet my overdraft limit is STILL £3700. Scary!!

poppy10_2

needawayout wrote: »

Thankyou for replies, I do appreciate the some of the helpful information. I don't think going into my past threads to find out information to have a dig at me is particularly "adult" if I'm honest. That is all fairly old information and none of you have any idea how much we have changed our spending habits.

What has my age got to do with anything? :rolleyes: Oh yeah, I'm meant to be a young, stupid mother right? :rolleyes: Keep your narrow minded views to yourselves!

Fair point, sorry

darich

I haven't read the OP's other threads or posts and as i read this thread, i had to scroll back up to see if i had missed anything when others were quoting 26k of debt, 200 per month for cigarettes etc.

The OP claims it isn't helpful digging up old info. That may be true up to a point but not giving us the info that others found out is misleading.

Claiming that you're struggling with your overdraft and the bank is taking money from your kids' mouths is VERY misleading if you're spending 200 per month on cigarettes but also paying subscription to unnecessary luxuries like Sky+ and gym memberships.
"Forgetting" that you've got a large debt with the bank is also misleading because the response you get from these knowledgable posters would probably be very different had they all known you were in such debt.

Like i said i haven't read any other posts by the OP and realise the situation may have changed now from that when the debts and expenditure were posted.

I would also point out to the OP that having read this whole thread i did not feel that any of the posters had a dig at you or made fun in their response. I felt it was all true, factual and to the point.
Money, or more precisely, a lack of it, can be an emotive subjuect so i would suggest that if you receive advice here, you don't take it personally because I've yet to see any wrong or poor advice given deliberately.

bestpud

Why did you post on here? What was it you were hoping to gain in the way of information?

It's a fact that you are responsible for your spending, not the bank.

It's also a fact that you are far more likely to get a helpful response if you go to the bank acknowledging your responsibility - you are not going to get anywhere by going in ranting (which your original post suggests you have already done!)

I am not judging you either - we are currently living off overdrafts and your post sent a chill down my spine! Like you though we are dealing with it and doing our best to sort our finances out. I acknowledge that much of ours has come from spending beyond our means - not on luxury things as such but little bits here and there which have mounted due to poor record keeping on our part. I do not work in finance either btw!

Going on what has been written, you too have been a little frivolous with your money and therefore it seems wrong of you to suggest it is due to circumstances beyond your control.

Sorry of that seems harsh but I do think you are being overly defensive and that is not going to help you get out of this mess!