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Letter from AIB re: overdraft

  • 27-09-2010 10:32pm
    #1
    EllieB
    Registered Users, Registered Users 2 Posts: 56 ✭✭


    Hi all,

    Just wondering if anyone has had anything similar. I have an overdraft with AIB of €1800. I get paid weekly, and due to some financial stickiness lately (seperation from husband, covering mortgage/household bills myself) I'm constantly at, if not over, my OD limit because the bank still allow my DDs to go out even if the funds aren't there. I get charged a €5 fee every time I go over the limit.

    Anyway, i've received a letter from AIB to contact them to discuss my overdraft. I'm afraid that they will want to withdraw the facility which would basically leave me in major bother as I really don't have any available funds to clear the overdraft at the moment. Would they want to turn it into a loan to be repaid over 12/24 months?

    If anyone else has had a similar situation with their bank, I'd be grateful to hear about it.

    Thanks
    Ellie


Comments

  • #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    No way to know until you contact them, it could be anything at all. Worst thing you can do is ignore it, or not contact them. They could decide to stop your direct debits, then your mortgage goes unpaid, and you get in a lot more trouble.

    Make an appointment to see them immediately.


  • #3
    EllieB
    Registered Users, Registered Users 2 Posts: 56 ✭✭EllieB


    Thanks jor el,

    I've already made an appointment to meet with someone in the bank. Was just hoping to have an idea of what they're going to do before I go in. Well, I guess I'll soon find out!


  • #4
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Dont worry, the bank wont just withdraw the overdraft facility. It would neither benifit you or the bank. They will look at long term options to see how they can help get you back in the black. A loan would work out cheaper in the long run and would help get your finances back in order.


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