Overdraft Withdrawn

Hi
Got a letter from AIB that my overdraft facility was up for review. First time in 5 years that this has happened normally automatically approved (thank you anglo) Anyway my circumstances have changed in the past number of years - have become self employed and now have 2 kids. So I got a further letter to say that they are withdrawing the facility. My limit is €3K which I am currently at. What is the procedure now -do they expect me to pay it back immediately? If i had the money I wouldn't be overdrawn or will they put it on a loan? If so, over what term and at what rate?

Tks

Bobbi70 said:

What is the procedure now -do they expect me to pay it back immediately? If i had the money I wouldn't be overdrawn or will they put it on a loan? If so, over what term and at what rate?

Tks

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I think only your bank can give you these details, maybe contact them directly.

They will want the money to be paid back now but from other people I know this happened to they organised a loan to pay back the overdraft. Be careful of Direct Debits as they will go back unpaid with no overdraft. The banks seem to be taking pleasure in screwing all the smaller people and especially the self employed.

Also be carefull if you deposit money into the account. It will just go to clearing the overdraft, so you will not be able to access it.

Same happened to me. Tried to get them to reduce the overdraft on a phased basis as it coincided with my wife being out of work. No joy but they did roll it into a new loan (1500 @ 146.57 pm over twelve months). Not what I needed as I was on quite a rigid repayment schedule arranged through MABS last year which was already under pressure with less money coming in. End result, I'm back on a waiting list with MABS to start back at square one and try again. AIB will take their repayments over any others obviously. Always had a good relationship with my branch and got the impression this was the new procedure from higher up.