Moving from BOI -> PTSB - Overdraft???

zacharius

Hi

I currently run my current account with an overdraft of approx 1k. It gets cleared each month, but usually ends up at 1k again by end of month.

I would like to sweitch to PTSB to get away from the crazy BOI charging, plus in my hour of need they weren't forthcoming at all despite 20+ years business.

My question is, does anyone know would PTSB take me with the overdraft history etc?

ircoha

Changing banks is no longer a problem per se
see http://www.ibf.ie/media/releases/250606.shtml

however your OD is a credit decision for PTSB and before you leap be brutally honest as to why the "crazy BOI charging" and ensure that the same or worse charges will not occur with PTSB.


The hour of need issue is not new, particularly with the credit process now gone out of branches and you are dealing with "newbies" at the coal face.

On that point is the OD in effect a fluctuating term loan?

I dont need u to answer these questions online-look in the mirror

Preset No.3

Sounds like me about 3 years ago. I was with BOI. I have been a customer since I was 12, almost 20 years. I had an overdraft of about 3k. Then when things got bad, I asked them to bail me out and help with re-structuring paymets but no! I moved to PTSB, and they were most helpful. Took the overdraft and all, and helped me reduce everything until I was back in credit. This short term debt is a real bastard to deal with. Its like a noose has been taken off the neck when your free of it. Talk to PTSB and explain things, you will find them easy to deal with.

shoegirl

zacharius wrote:

I would like to sweitch to PTSB to get away from the crazy BOI charging, plus in my hour of need they weren't forthcoming at all despite 20+ years business.

My question is, does anyone know would PTSB take me with the overdraft history etc?

Hmm. BOI really like to kick a dog when its down (had a similar experience myself with them some years back and have sinced closed all accounts, mostly simply because they closed them for me or because there was much cheaper services elsewhere).

PTSB will base your overdraft on what you ask for as long as your borrowing isn't sky high and you don't have a poor credit history (i.e. arrears).

A friend just opened an account with them and they gave her a 2k overdraft without her even requesting it! Nice!

However if you're consistently overdrawn I'd suggest you try to get rid of the overdraft. I did this myself after my own BOI experience as it was costing me 25 euros a month just to service the overdraft. Most banks will still charge a very high rate on overdrafts so would suggest you try to reduce it say over 10 months and then get rid of it. It worked for me, anyway.

Anyway to get back to my BOI story, after 12 years of being a customer, I ran into some trouble and they told me to apply for a loan even though I was technically out of work at the time. Looking back its the worst financial advice I was ever given. Also even though I had been making repayments on my overdrawn current account, they eventually closed it without even telling me and sent it off to a debt collector.

It took the biscuit when I discovered that dealing with the debt collector was far easier than dealing with BOI.

The story didn't end there. Even though my overdarft and bank loan was repaid in full within 2 years for 3 years I continued to find it virtually impossible to get credit anywhere (except bizarrely, with NIB).

I found out why.

BOI stopped updating my credit record about 6 months before the loan was paid off, leaving the impression on my credit record that the loan was never repaid. I complained to them and they eventually corrected this, stating that the loan was repaid on the date of the final payment.

As if by magic, lenders who didn't want to know me were suddenly happy to lend me anything I wanted at good rates.

Lesson learned is to be very careful of BOI, they are not good to bank with if you are in difficulty.