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Baffled by borrowing? Read our guide to financial obligation – the nice, the bad while the unsightly

Baffled by borrowing? Read our guide to financial obligation – the nice, the bad while the unsightly

Why financial obligation is not all bad – and just how to handle it

and obtain methods for remaining on top of it

General information on overdrafts

An overdraft limitation is just a borrowing facility makes it possible for you to definitely borrow cash throughout your present account.

There are two main kinds of overdraft – arranged and unarranged.

An arranged overdraft is a limit that is pre-agreed which allows you to save money money than you have got in your check these guys out present account. It may be a security internet to pay for short-term outgoings, such as a bill that is unexpected. It’s not ideal for longer-term borrowing. We ask you for for virtually any time of this thirty days you go beyond any interest free limit you may have that you use your arranged overdraft where.

An unarranged overdraft is whenever spent more cash in advance or you have exceeded an existing arranged borrowing facility than you have in your current account and you have not agreed an arranged overdraft limit with us.

You are able to just make re re re payments from your own account when you yourself have sufficient money into your account or through an arranged overdraft to pay for them. Barclays will always make an effort to return any deal that may bring your account into an overdraft position that is unarranged. (more…)