Guest Nufc4Life Posted March 4, 2009 Share Posted March 4, 2009 Right i've got a £750 overdraft with my bank, with only working part time i only usually get around £500 a month, so basically i live within my overdraft, which isnt a problem. However just recently ive heard stories of how the bank at any time can ask for the whole overdraft to be repayed. So i've been absolutely shitting it lately that they might just do this to mine and i'll have no money at all. My balance now is like -750. when i get paid it'll be at -250. So it never, ever goes into the positve with my wage, i never saw this as a problem until now. So is it lilely they'll just decide one day they want it back? Or does there have to be exceptional circumstances? Link to post Share on other sites More sharing options...
Lenny Posted March 4, 2009 Share Posted March 4, 2009 As far as I know they've always reserved the right to claim it all back at any time. Very highly unlikely that they ever would though. Link to post Share on other sites More sharing options...
Guest Nufc4Life Posted March 4, 2009 Share Posted March 4, 2009 As far as I know they've always reserved the right to claim it all back at any time. Very highly unlikely that they ever would though. Aye thats the thing, i was reading about all that how they have the right to reclaim it back at any time, been shitting it that they might suddenly decide they want it back and im fucked like If i lost my job i could see why they'd want it back but with regular money going in there hopefully it'll be fine, just worries me a bit im never in the positive sort of thing. Link to post Share on other sites More sharing options...
Neil Posted March 4, 2009 Share Posted March 4, 2009 I've got a 500 one and aye I guess it could happen, but I'd estimate it to be very unlikely. Link to post Share on other sites More sharing options...
Adam Posted March 4, 2009 Share Posted March 4, 2009 Well if it happens, it is out of your control so just don't worry about it and get on with life. Link to post Share on other sites More sharing options...
Guest toonlass Posted March 4, 2009 Share Posted March 4, 2009 They way the banks are at the moment though, they are more likely to call in overdrafts than ever. I would try to cut back on anything and everything for a month or so and get it closer to the black. Then you wont be as worried. Link to post Share on other sites More sharing options...
AyeDubbleYoo Posted March 4, 2009 Share Posted March 4, 2009 You should definitely make a massive effort to get back into the black. Even if you manage to save £50 a month it won't take too long to do it. I don't think they will ask for it to be repaid, but just for your peace of mind it would be a good idea. Link to post Share on other sites More sharing options...
Lenny Posted March 4, 2009 Share Posted March 4, 2009 I have an overdraft which I pretty much go to every month, and it doesnt really bother me as the interest i pay on it a month is about 50p or something stupid. I do clear mine every payday though as my overdraft was roughly half of my income. Very true though about it potentially being more likely than ever that they would claim it back, however I think its just more of a statement to cover their own backs more than anything though. Link to post Share on other sites More sharing options...
Guest toonlass Posted March 4, 2009 Share Posted March 4, 2009 Best piece of advice I ever got to clear debts/overdrafts. Ditch the plastic and use cash. Go to the cashpoint once a month (or 2 consectutive days if there is a limit on how much you can take out) on payday. Take out a set amount for the month. In your case I would say £400, NUFC4life. Then don't use your card again. Give it to your mam/dad/someone you can trust if you don't trust yourself not to use it. If you don't trust anyone with your card, put it in a tupperware box of water and stick it in the freezer. Means that to use it you have to defrost it and wait a couple of hours, gives you time to think whether you really need what it is you want. Until the next payday when you do the same. You then pay for everything from that £400. You have nearly £15 a day to play with. Pay your rent/keep first, then use what you have left over the next month. Buy only in cash. As Alexander the Meerkat would say "Simplez!" Link to post Share on other sites More sharing options...
Gash Posted March 4, 2009 Share Posted March 4, 2009 I have an Overdraft, a student one with my account that thankfully, in the T+C's said that i dont have to pay it back untill a year after my graduation from uni. Would be in the shit if they recalled it now! Link to post Share on other sites More sharing options...
AyeDubbleYoo Posted March 4, 2009 Share Posted March 4, 2009 Best piece of advice I ever got to clear debts/overdrafts. Ditch the plastic and use cash. Go to the cashpoint once a month (or 2 consectutive days if there is a limit on how much you can take out) on payday. Take out a set amount for the month. In your case I would say £400, NUFC4life. Then don't use your card again. Give it to your mam/dad/someone you can trust if you don't trust yourself not to use it. If you don't trust anyone with your card, put it in a tupperware box of water and stick it in the freezer. Means that to use it you have to defrost it and wait a couple of hours, gives you time to think whether you really need what it is you want. Until the next payday when you do the same. You then pay for everything from that £400. You have nearly £15 a day to play with. Pay your rent/keep first, then use what you have left over the next month. Buy only in cash. As Alexander the Meerkat would say "Simplez!" I've thought about doing that - paying for everything in cash. I might try it when I get paid next, sounds like a fun experiment anyway. Link to post Share on other sites More sharing options...
LiquidAK Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. Link to post Share on other sites More sharing options...
cp40 Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. worse, ridculous, penalty charges, and then its a one way trip to financial shit. Link to post Share on other sites More sharing options...
Northerngimp Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. They get to have sex with your lass. Link to post Share on other sites More sharing options...
Gash Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. They get to have sex with your lass. fair nuff Link to post Share on other sites More sharing options...
LiquidAK Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. They get to have sex with your lass. What if... you don't have a lass... Link to post Share on other sites More sharing options...
Northerngimp Posted March 4, 2009 Share Posted March 4, 2009 I'm incredibly stupid when it comes to stuff like this, but what actually happens when a bank calls in a loan you can't pay? I assume it's not like, finger breaking loansharks getting called. They get to have sex with your lass. What if... you don't have a lass... They get to have sex with you and you cant stop them as they have a court order. You have to lay their and let them make sweet, sweet love to you. Link to post Share on other sites More sharing options...
Guest Stephen927 Posted March 4, 2009 Share Posted March 4, 2009 As long as you keep chipping away at it I can't see them calling it in. I think they'd only do that if it was someone with a similar overdraft who just wasn't paying it off. Link to post Share on other sites More sharing options...
Munkey Posted March 4, 2009 Share Posted March 4, 2009 i can't imagine that the banks would call the overdraft as they always make money from them - monthly/ annual fees, penalty charges, overdraft renewal fees etc. so they're guaranteed an income from it Link to post Share on other sites More sharing options...
relámpago blanco Posted March 4, 2009 Share Posted March 4, 2009 My bank just reduced charges to 8 quid from 30. Very nice of them. Link to post Share on other sites More sharing options...
Neil Posted March 4, 2009 Share Posted March 4, 2009 How long you've had it would also be a factor in the likelihood of them calling it in. If it's not been reduced for ages or has indeed grown without any sign of it being reduced over a long period, I assume this would work against you. The overall likelihood of it would still be small though imo. Link to post Share on other sites More sharing options...
cp40 Posted March 4, 2009 Share Posted March 4, 2009 My bank just reduced charges to 8 quid from 30. Very nice of them. didnt fancy shagging you much did they. Link to post Share on other sites More sharing options...
relámpago blanco Posted March 4, 2009 Share Posted March 4, 2009 My bank just reduced charges to 8 quid from 30. Very nice of them. didnt fancy shagging you much did they. I mean't for missing DD's card payments etc. I actually used to date a lass from my bank. Your statement is bollocks and if you continue this hate campaign I will be forced to step into action. You have been issued an official warning. Link to post Share on other sites More sharing options...
cp40 Posted March 4, 2009 Share Posted March 4, 2009 My bank just reduced charges to 8 quid from 30. Very nice of them. didnt fancy shagging you much did they. I mean't for missing DD's card payments etc. I actually used to date a lass from my bank. Your statement is bollocks and if you continue this hate campaign I will be forced to step into action. You have been issued an official warning. WTF, is that about? Link to post Share on other sites More sharing options...
Fatwax Posted March 4, 2009 Share Posted March 4, 2009 My overdraft got recalled but it was because I just didn't pay into it and the bank got pissed off with me. What basically happens is it gets handed over to a collection agency and they set up a monthly payment scheme. My overdraft was something like £1200 or something similar and I just had to pay off £50 a month until it was back in the clear. No interest or finger breaking or other items being claimed to compensate. I imagine you'd have to be way down the line for that to kick in. I'd seriously consider listening to Toonlass though. The last thing you want is to be living in your overdraft permanently because you basically have no money and all your wages are paying you off for a month only to be in the same position 30 days later. Link to post Share on other sites More sharing options...
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