bank manager

[stephen2504]

my bank manager called me in today because i have an overdraft of 5000 pounds and they want it back my overdraft limit is 11000 they took my visa card off me and replaced with a normal cash card and he told me to remortgage the house to find the money what is the best way forward for me now any ideas would be appreciated thanks

[Didwot]

The best way forward would be to agree to repay the bank over a period of time at a rate that they will accept, and that you can afford.

[jennyp]

Try http:www.consumeractiongroup.co.uk. There are forums on all the banks on there.
I would have thought they would have had to given you some warning - seems very harsh.

[jennyp]

Sorry link is
http://www.consumeractiongroup.co.uk

[WendyS]

Perhaps your bank manager knows something that you don't, i.e. that your company is about to announce a big redundancy programme that mean you won't be able to replay your debts. He may also possibly be worried that your can't fund your current lifestyle, although immediate withdrawal of the facility seems harsh. I think you need to try and negotiate with them to repay it monthly at a rate you can afford. Alternatively, do you have any valuables you can sell, or a car which you can trade down to raise some of the money? And cut right back now on any proposed expenditure for Christmas. As long as you still have a roof over your head, all the other expensive trimmings are nice, but not essential. Remortgaging your house will mean you are living with this debt for years. Perhaps the bank manager is doing you a favour by withdrawing your credit card if the discipline of living within your income is something that has eluded you in the past.