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Bank Increases Overdraft Limit From £1K To £5K...

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...without me asking. They wrote to me explaining that my overdraft facility (I've never used) was due for renewal and my limit had been increased.

Anyone else had similar recently? I'm also getting credit card invitations in the post again.

Is this the return of predatory lending?

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Only got about 700 quid in Nationwide, have had more in the past, but the other month when I requested my overdraft be extended from £500 to £1000, they said, "Is 1k all you want? You can have up to 10-f4ckin-K." !!! :o

Edited by General Congreve

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When my GF lost her job last year she went from no overdraft to £1800 in 2 months. The same "national bank in the west" ;) also provided her credit card and within 3 months she went from £500 limit to £2000. She also received letters offering unsecured personal loans.

Funny that, you'd think it wouldn't be a good idea to offer money to someone who had obviously lost their job (monthly salary no longer going in).

Oh wait a minute..... :rolleyes:

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Only got about 700 quid in Nationwide, have had more in the past, but the other month when I requested my overdraft be extended from £500 to £1000, they said, "Is 1k all you want? You can have up to 10-f4ckin-K." !!! :o

I have a £10K overdraft facility, had it for years but never use it, it's a free facility though, so I'm happy to keep it. Also £10K limit on visa card, which I pay off in full each month by DD. Also a "Select" account I think it's called whereby I can draw £10K on it as a sort of pre approved loan, never used that either. So I could, one way or another, spend £30K more than I have, without even asking the bank.

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I set the overdrafts on both my current accounts at £500 each a few years ago. I really cannot see the point of dipping into them and they are only set to that to prevent bank charges if I misjudge billing or overdraw accidentally.

I really really really cannot see how people get tied into living off their overdrafts. Understandable with the loss of an income how it could spiral, but families on a good income who live in the negative really flumox me.

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Had a current account which I stopped using when I got an offset mortgage, converted to a basic account so didn't get any charges etc, but they have kept the overdraft at ?3k despite me only using to cash cheques as my main account is Internet or post only. 3 credit cards with combined limits of about £40k, no doubt I could get more, max em out and leave the country, but don't really fancy a life on the run.

It's nice to get those letters offering a loan at 8% apr when they are paying sweet f a on my savings though.

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Lot's of offers for CC and keep getting phone calls about claiming refunds for any loan insurance or cc charges I might have paid in the past.

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...without me asking. They wrote to me explaining that my overdraft facility (I've never used) was due for renewal and my limit had been increased.

Anyone else had similar recently? I'm also getting credit card invitations in the post again.

Is this the return of predatory lending?

...you will probably find the IR on an agreed OD facility is now as high if not higher than a credit card issued by the same organisation ....this is the hen laying golden eggs ....time the Business Secretary Vince Cable killed it ....these guys are scammers when base is 0.5%.... :rolleyes:

Edited by South Lorne

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The key point is that lenders are increasing loan facilities for the people/businesses that are least likely to need/use them. It means the banks meet their QE imposed lending obligations and can scream blue murder that they 'are' lending despite the obvious drought.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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