Can't afford to keep up with my reducing overdraft.
Options
Samuel_
Posts: 114 Forumite
Any help would be much appreciated!
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Comments
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Talk to Nationwide. That is your only option.
If they are aware of your situation they will be able to help. Maybe even to the point of freezing any charges. So long as you stay within your limits.Never ASSUME anything its makes a>>> A55 of U & ME <<<0 -
You've 3 options:
Increase your income and pay more off
Move to a new basic account, default on this and agree a repayment plan
Negotiate with them to stop adding interest even if its for 3 moths at a time. Going over your limit with them will get you no goodwill at all, you need to make a budget and stick to it.0 -
Have you rang your phone contract provider and tried to drop the monthly cost of that? You may need to sacrifice minutes etc, but it will free up some extra cash.0
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What are you spending your money on?
You have an income of £220 per month.
Your expenses are:
- Interest, at £40
- Phone, at £20
So a total of £60.
You've then got £160 remaining. Some of this will go on food and other essential expenses. Where does the rest go though?
With an income of £55 per week and no housing/utility expenses, you should be able to get this overdraft down.0 -
Going to Uni absolutely !!!!!!ed my finances up!0
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You've 3 options:
Increase your income and pay more off
Move to a new basic account, default on this and agree a repayment plan
Negotiate with them to stop adding interest even if its for 3 moths at a time. Going over your limit with them will get you no goodwill at all, you need to make a budget and stick to it.
I have a basic account set up, and have switched my JSA for next week to go into it.
It does look like I'll have to default- How do I do that?
They made it clear on the phone they won't stop the interest. I think I may have screwed up the very first time the repayment plan was set up on the phone in regards to understanding my options, as I was nervous and probably wasn't paying attention properly:mad: Also they screwed me over 1 month by reducing it too much which cost me to lose around £30 on another loan. Basically I can't be bothered now:beer:0 -
What are you spending your money on?
You have an income of £220 per month.
Your expenses are:
- Interest, at £40
- Phone, at £20
So a total of £60.
You've then got £160 remaining. Some of this will go on food and other essential expenses. Where does the rest go though?
With an income of £55 per week and no housing/utility expenses, you should be able to get this overdraft down.
Plus the £40 to reduce the overdraft... so that's £100 in expenses.
Then I spend about £30 food and £30 a month on travel.
I'm actually at a loss to where the else goes:o0 -
Plus the £40 to reduce the overdraft... so that's £100 in expenses.
Then I spend about £30 food and £30 a month on travel.
I'm actually at a loss to where the else goes:o
Sounds like you need to get a small notebook and write down everything that you spend.
In your previous post, you said £40 a month on food and £40 on travel. Whilst there may not be much difference between the two, when you are living on such small amounts of money it's essential that you know what you have, and what you are spending. You need to understand exactly[i/] how much you're spending here.
Once you have a week's spending written down in front of you, it should become easier to see exactly where this £55 is going each week. You should be able to identify areas where you can cut back.
Defaulting is a real last resort. It'll make it near-impossible for you to get any form of credit (including renewing your mobile contract, getting a bank account, etc) for the next six years.0 -
Sounds like you need to get a small notebook and write down everything that you spend.
In your previous post, you said £40 a month on food and £40 on travel. Whilst there may not be much difference between the two, when you are living on such small amounts of money it's essential that you know what you have, and what you are spending. You need to understand exactly[i/] how much you're spending here.
Once you have a week's spending written down in front of you, it should become easier to see exactly where this £55 is going each week. You should be able to identify areas where you can cut back.
Defaulting is a real last resort. It'll make it near-impossible for you to get any form of credit (including renewing your mobile contract, getting a bank account, etc) for the next six years.
I spend £60 on food (lol) and between £40-50 on travel. I think I just kinda guessed b4 :rotfl:0
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