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

YorkshireBoy

needawayout wrote: »

It was withdrawn, with no notice/letter/phonecall or anything....
Thats fine, I accept that and we are more than willing to pay what we owe but they NEED to let us know, we are not mindreaders. I am working two jobs, dh works a lot of hours, we are trying our very best to pay what we owe.
I know we are in debt and yes, it's our fault but a lot of it was incurred when the children were very tiny and we were living on very little, we wouldn't claim benefits(silly I know ) so I worked whilst he was studying and earnt slightly less than what we would have recieved on benefits. Not great....and I DO take responsibility for the debt, hence why we are working our !!!!!! off to pay for it! It's our fault, no one elses...

There's no wonder they re-instated the facility if you put it to Abbey like that. Well done...I commend you for what you've done/are doing.

MarkyMarkD

I hope that some of our comments were helpful ... I'm glad that you got Abbey to reinstate things, and trust that you'll continue working to eliminate your overdraft so that if they come to review it again, they'll see that you are making fervent efforts to get out of debt.

IAMORGAN

BallandChain wrote: »

I had to scroll up too as I didn't recall the OP mentioning how all this debt had accrued. I find it astonishing that people get themselves into dire straits and bring children into it.

OP said:

'I KNOW it's not our money but we haven't even had the chance to budget accordingly'

She acknowledges its not their money and yet hasn't budgetted when the debt escalated. When would be a good time to budget? At £5,000 debt, £15,000 no, at £25,000 worth of debt that's for sure. And only when the bank took the overdraft away!

'Not all of us have gotten into debt through frivilous spending...don't assume that because for us, you will be mistaken!!!!'

Hmmm interesting.

In my humble opinion, people who get into £25,000 of debt don't initially start out thinking 'I know, I'll get into £25k of debt and be in a situation where I have no money for essentials'. We all know that there are many different reasons why people get into debt, and yes, people sometimes need a reality check, but at the same time the imperative issue is for the situation to be resolved irrespective of how the op got into it. Some of the responses saying 'it's not the bank it's you who is taking the food' are harsh, and in my view incorrect (the OP claimed they didn't realise the bank were about to stop the OD, so as part of mental budget, you have the OD as well to use for food to suddenly owing £25k and no money) -whatever the wrongs and rights, the main thing is to sort it out. Banks are approachable over these issues, and will help you if you are just calm, don't demand things (like your entire overdraft back) and are open to advice, instead of being overly defensive, which I think the OP has been, but equally, I think some of the posts on here lacked tact, the bank will sort some type of plan out with you, as will utility companies, and you can sort it out. The first thing to do though, is look at what you NEED and cut everything else out, but the bank will tell you more. I genuinely hope this gets resolved, it's a scary situation to be in. Just accept you have the Overdraft and because of that you have spent more than you've earned, that is unsustainable as the OP knows (they are not stupid), but sometimes taking a few steps back in your mind as to how you got into this situation can help you in the future.

Good luck, I am not going to criticise because it could be anyone, it's easier than people think to get into debt, and whilst individual responsibility is important, banks also should be responsible lenders -why did they allow the situation to get to this stage, and why suddenly have they plunged the OP into financial doom, having lent the money, the bank should be a little more proactive in resolving it because if the OP goes bankrupt they will lose more than if they help. Of course the bank can ask for their money back, but there is no harm in talking it through first.

needawayout_2

Abbey have been pretty good actually...they recently let us re-mortgage with them, to reduce our silly interest rate(NOT consolidate, I'm not in for that at all) .
I thought they would point blank refuse but I was completely honest from the minute I started the interview(I didn't want to waste his time) and the guy was extremely helpful, he actually confided in us that he had had difficulties in past which put me at ease and made me be completely honest.

I was just a bit scared last night and yes, I was ranting a bit(I suffer from anxiety attacks e.t.c. and am working with the hospital to get them under control) I want my children to have a good life and actually, through all this, they still have.
We do things with them, that don't cost loads and they are learning to be wee money savvy geniuses They are great kids and they are what makes us keep going(sorry I'm getting soppy now)
thankyou again.

MABLE

needawayout wrote: »

It was withdrawn, with no notice/letter/phonecall or anything....
Thats fine, I accept that and we are more than willing to pay what we owe but they NEED to let us know, we are not mindreaders. I am working two jobs, dh works a lot of hours, we are trying our very best to pay what we owe.
I know we are in debt and yes, it's our fault but a lot of it was incurred when the children were very tiny and we were living on very little, we wouldn't claim benefits(silly I know ) so I worked whilst he was studying and earnt slightly less than what we would have recieved on benefits. Not great....and I DO take responsibility for the debt, hence why we are working our !!!!!! off to pay for it! It's our fault, no one elses...
I felt cornered as people were digging up old threads PURELY to have a go at me....sorry about that. It's hard not fight back when someone is being plain nasty, I have sat on my hands all day whilst sorting this mess out.
Bestpud, nope you were not really included in that, you were very helpful actually...hence why I thanked you.

I am really surprised the bank did not give notice. I have an account with Nationwide and use it very little but had an overdraft facility attached to it for about £170.00. However they did give me one months notice to advise it was being withdrawn. In my case it did not matter as the overdraft was never used.

I am pleased for your sake the matter has been sorted but you need to make it clear to Abbey that in the future to give you notice of any such action.

I know from past experience if you work with the bank they will bend over backwards to help.

Communication is the key.

Dylanwing

OP - Well done, really pleased to hear that things have been sorted, and I'm very glad that my post has brought a touch of civility to this thread. Please stay with this Forum, most of us are quite nice really.

Knightowl

OP (needawayout)

I spent a long time lurking and often prefer to be that way, as I have read how quick many JUDGE those who are in a similiar situation or have been to themselves and forget. The wisdom of NEW found knowledge does not make anybody better than another.
The SPIRIT of Martin's dream is fragile and its strength comes from the Heart of each individual who recognises their own plight in others and ONE for ALL and ALL for ONE comes into play, shame on those who forget.
I am a novice and respect the knowledge of others whose goodness of SPIRIT shines through.........it's how we react to the adversity that builds our character not how we crumble.....it's transitory and we do our best and there are many here who assist.....the paintbrush has many colours not just tar.

jamesd

needawayout, good to hear that you got it resolved and best wishes for your continued success in debt reduction. Preferably without any more surprises like this one!

jinny

Hi there, I posted on here a while back and made a statement that irritated a few people I'm not going to say it again to rake it all up but cracking jokes is just my way of coping, I wasnt looking for sympathy, but wasnt looking for a lecture either, and was told I was in the wrong place. I find the DFW a good place for support, you know fine well you've messed up, but good for you that you've finally resolved to face up to things. Please keep lurking I've learned such a lot on MSE. and my very best wishes to everyone on this site for 2008.

RayWolfe

Great to see that the OP has got herself sorted. Good to see that banks can be very helpful institutions which some of us have been saying for some time.

Then I read:

Knightowl wrote: »

The SPIRIT of Martin's dream is fragile and its strength comes from the Heart of each individual who recognises their own plight in others and ONE for ALL and ALL for ONE comes into play, shame on those who forget.

Martin has had a truly great idea and pursues it with vigor, humor and A GREAT DEAL OF SHOUTING. ;-) He's an all round great guy, but .....
he is above all a business man; a very good one ... he is not doing this in the spirit of anything other than an excellent business proposition!
This is not to attack him, this is to remind all what he is doing and I'm pleased that he is doing so well.