Advice re over my od limit/credit score impact?

hairbrain05

I moved my account recently to A&L & it took me ages to discover why I always seemed broke with new account. My direct debits were previously set up to be staggered throughout the month, as I receive regular weekly payments. However new account has them all coming off at once & I spend the rest of the month playing catch up.

I've amended them for next month - but realised I'm going to be £23 over my limit on Monday. I've asked them to increase my od limit even for a wk or a day - but they've refused. I've asked if they'll return my dd on Monday & am waiting for reply. I'm desperately trying to avoid any impact to my credit score so really really hoping they won't return it. Is there anything else I can do?

SarahNeedle1872

Can u cancel one of the DDs that due to go out, then phone up and get it re-instated for a couple of days later..... u could also phone the company the DD is going to and let them know that it'll be a couple of days late due to changing banks etc.

Scribble

A bit of a rush as it's friday!

Presuming you can't get anyone to do anything over the weekend...

If you have a credit card, you could transfer just enough to your current account to cover it and hope it goes in. Any cash you can get, deposit it in the bank today, as soon as you can, and then pay this off when you get the cash in.

You don't say how long you expect to be over your limit for, but the bank may not report it straight away, only after x number of days. It's skin-of-your-teeth but might be ok if you can get some money in. you've implied you'll have some money going in over the next 7 days.

If the person receiving the DD can delay payment until next week, then that's ace... I don't know if they can delay a direct debit from that side though, as I've never tried, but as DDs can differ month to month or be 0 if you owe 0, I imagine they can.

[EDIT] good point about cancelling, SarahNeedle19872. The DD will come out probably earlier than your last opportunity to pay on the bill[/EDIT]

hairbrain05

Unfortunately I've absolutely no spare cash or resources to throw at it - and as less than 2 working days I can't cancel! I know it's coming off on Mon as is listed on my online banking.. So frustrating as a payment will be made to the acc the very next day which will put me well in credit! Guess am at the mercy of the bank..

SarahNeedle1872

hairbrain05 wrote: »

Unfortunately I've absolutely no spare cash or resources to throw at it - and as less than 2 working days I can't cancel! I know it's coming off on Mon as is listed on my online banking.. So frustrating as a payment will be made to the acc the very next day which will put me well in credit! Guess am at the mercy of the bank..

I've cancelled a DD with less than two days to go, and it wasn't taken...... u could give it atry anyway....

hairbrain05

Thanks muchly - I will !!

Donedoingdebt

I have gone over my limit a couple of times over the last few years with Abbey Bank. There's never been any info recorded on my credit files although I've always paid in the amount within a day or 2. However, you may incur hideous bank charges & high interest charge on the amount owing.