Starting to overdraw on my account, worried

T

theoneill

Registered User
Messages
365
Basically before August this year I have never had to use the overdraft facility on my current account. However my son has started playschool which costs us about e200 extra per month. Normally we like everybody else would get to odd month of high bills and so on but now the little cushion has been taken away from us. I have found my self in the third month of overdrawing my account and I’m now concerned that this will affect my credit rating or something. At the moment this overdraft is cleared every month, should I be concerned?
 
There used to be a condition that you should be in credit for at least part of the year e.g. a month. It wasn't intended to be a permanent feature (i.e. always overdrawn) - more of a buffer, the way you were using it originally. Dunno if that condition's still there...
 
30 days in the term of the overdraft, typically 12 months.

If you are recognising the warning signs, that's a good start. You have the opportunity to make some changes to accomodate the childcare costs, before the effect of today's Budget kicks in.

It would be worse if you just ignored them as being a temporary blip.
 
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