Overdraft to Loan - will banks give you more money?

B

Bobbi70

Registered User
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Hi

I am with A*B and they are taking away my overdraft as basically I haven't really been in credit for the last year or so. My o/d is 3,200. On our joint a/c we have an o/d of 2,500 and my husband has an o/d of 10,000. Only my o/d has been reviewed and withdrawn but I am sure that the other two won't be far behind. My o/d is being withdraw next week and I spoke to a very nice person in the bank and basically the option will be to convert to a loan. I want to look at our overall postition as I don't want to have to reassess when the other o/ds are withdrawn. We have 2 CU loans which total 13K but we have savings tied up of 8K in these which means we are paying interest on loans of 13K when it really should be 5K. Do you think the bank would give us the money to pay off the CU loans so that we are only making one repayment. We would therefore be looking at a loan of about 22K. We are currently making repayments of 863 per month. I haven't looked at all our outgoings yet but would hope to be able to make repayments of between 500 & 600 per month. Which would equate to around a 3 year term. Do you think the bank would be amenable?
 
I'm open to correction but I don't think many of the banks are taking on other banks loans at this time. My own bank refused to take on a CU loan earlier this year. Would you not ask the CU to take on the overdrafts from the bank? At least you are paying interest on a reducing balance and can pay off more money if you have a bit spare.

Definitely try to get rid of the overdrafts though, I know I certainly feel better logging onto my online account and seeing it in credit ..at least for part of the month! :)
 
it is a good idea to go to the CU instead to bank. if you try to explain them the situation as you did here, im sure they consider giving you the loan.

i was never refused loan from cu, even in 08-09. dont have very good saving history but none of my loans went to arears, all of them were paid on time, week after week.
cu is your friend :)
 
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