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    • Mat176
    • By Mat176 10th Nov 18, 3:33 PM
    • 2Posts
    • 0Thanks
    Mat176
    Halifax Overdraft
    • #1
    • 10th Nov 18, 3:33 PM
    Halifax Overdraft 10th Nov 18 at 3:33 PM
    Hi

    im stuck in a halifax overdraft of 1680 which is making my life hard as they take overdraft fees out each day. The amount has doubled from the old system they used which was a monthly fee and made it much easier to managed.

    Anyway I've tried to get credit card and switch my account but been rejected...

    I've been reducing the overdraft each month by 10-20 but this will take years.

    Now I'm justing thinking i will open another current account and get my bills and wages set up there and just leave this account afloat with this overdraft and chip away at it.

    Does anyone what Halifax will do if I'm not paying my wages into this account anymore or will nothing happen?

    many thanks

    Matt
Page 1
    • jonnygee2
    • By jonnygee2 10th Nov 18, 3:46 PM
    • 444 Posts
    • 443 Thanks
    jonnygee2
    • #2
    • 10th Nov 18, 3:46 PM
    • #2
    • 10th Nov 18, 3:46 PM
    Have you spoken to them about this? I feel they should be able to offer you a solution, helping you to turn the overdraft into a more manageable long term loan product.

    Overdrafts are for short term borrowing. They aren't suitable for long term borrowing. I feel you are being treated unfairly by being left with an overdraft long term, incurring excessive fees and interest, when clearly more suitable products for your situation exist.

    Now I'm justing thinking i will open another current account and get my bills and wages set up there and just leave this account afloat with this overdraft and chip away at it.
    I would ask them first. Phone them. Then write to them stating that you are unable to pay back your overdraft and need help making the payments manageable.
    • Carrot007
    • By Carrot007 10th Nov 18, 3:53 PM
    • 1,703 Posts
    • 1,447 Thanks
    Carrot007
    • #3
    • 10th Nov 18, 3:53 PM
    • #3
    • 10th Nov 18, 3:53 PM
    I you are going to stop paying your wages into I I guess it will attract more interest being the new way is on the balance (I love the new method and pay much less as am usually not overdrawn or not by much a penny charge is much better than a pound would be under the old scheme).


    Also paying in is probably part of the T&C's for having and overdraft so if you completely stop using it they will more than likely close the account and default you. (Letting the outstanding double before that, though it should stop there.)


    Do think about this before doing it and maybe contact them to find out any options.
    • Dobbibill
    • By Dobbibill 11th Nov 18, 12:31 PM
    • 3,396 Posts
    • 4,370 Thanks
    Dobbibill
    • #4
    • 11th Nov 18, 12:31 PM
    • #4
    • 11th Nov 18, 12:31 PM
    Hi Welcome to the forum,

    Are you coming out of your overdraft at all during the month? For a few days when you get paid for example?
    If the answer above is yes, consider changing the dates of your bills coming out, the later in the month they leave, the less OD you use meaning the less OD fees you are charged.

    I would give them a ring first and see if there is any help they can offer you.

    All the best.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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