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Originally Posted by handyman
I raised my overdraft to £1200 before I had any troubles. Then when I did get into bother the bank decided that they should reduce the overdraft down to 0 by £75 each month. Of course this just made the situation worse as I moved to a lower paid job as well.
Even now depite the fact that my current account has been clear and ran well for a year they refuse to allow me a over draft such that when I made a mistake thinking I'd paid for something with my joint account switch when I'd used my current account switch I went overdrawn and was getting charged £8.00 per day. I kicked off and got the charges removed, after all my joint account was well in credit.
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handyman, as strange as it might seem, are you sure its not more to do with the fact your
credit file has
defaults on it?, infact, have you ever even seen a copy of your credit file ?.
after reading through the bank charges sections of the
www.consumeractiongroup.co.uk ,it became clear that infact the longer term result of this unlawful charge, was that many , many people were finding out for the very first time that these false defaults the banks were adding were the real problem.
apparently a
Default is just as bad as having a CCJ on your file when it comes to anyone checking your credit file , as are getting many searches done on it in a given time, every one gets logged and entered there apparently.
you, and indeed all the readers here, should take a read of all this thread
Default hell!!
http://www.consumeractiongroup.co.uk...ault-hell.html
http://www.experian.co.uk/consumer/index.html
Frequently Asked Questions
http://www.insolvencyhelpline.co.uk/...pair-faq.htm#4
http://www.consumeractiongroup.co.uk...r-default.html
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Paying The Debt Off Is No Good
- Assume you have a default marked on your credit file and continue to miss payments. You are then summoned to court and have a CCJ against your name and this is also noted on your credit file BUT, before you appear in court you negotiate with the lender and either pay the debt in full or arrange a deal to pay off a percentage, perhaps 60%-80%
- In such a situation you would think the matter is closed. You were bad but made good in the end NO. Most people don't realise that though the Default will be noted as 'satisfied' on your credit file, the word 'default' WILL NOT DISAPPEAR and it will remain there fora minimum of 6 years
- If however you pay off the debt in full then you are strongly advised to write to the finance company in question and politely ask them to remove the default notice - there is no guarantee that this will work though
The word 'satisfied' looks good in your eyes but in the eyes of a possible lender (mortgage, credit card company etc) it is massively overshadowed by the word 'default'. Any lender will take one look at the fact that you haven't been good at managing your debts in the past (rightly or wrongly) and will likely
close the door on you and any future business.
Just How Bad Is A 'Default' Notice
Very bad and here's an example. You'll struggle to find a bank that will even issue you with a chequebook! Although, if you already have one with your current bank they won't take it away.
And as for mortgages (with decent interest rates), credit cards and cheap loans forget them all if you have the word 'default' anywhere on your credit file, and even as we've said above if it's marked as 'satisfied'."