Help with Overdrafts and Credit cards

warren100uk_2

Hi all,

Looking for advise about my overdrafts and credit cards.

Like alot of people, me and my girlfriend have found money tight over the last few years, my girlfriend got made redundant and the bank gave us an overdraft to help, worse thing we ever did, they took it off after 6 months and we didnt have the money to pay it back. So was always overdrawn and bills were not being paid and they were charging us £150 on the 3 accounts we had each month. We nearly lost our house, but got a new mortgage with Natwest which saved us abit. In total we owed HSBC £4000 on overdrafts,we managed to get £2000 of our parents to clear the bills accounts and swapped our account to Natwest. We also used credit cards while we were in trouble and maxed them out, again not the best thing we ever did.

Now we owe HSBC about £1800, we dont use the accounts anymore and have transfered all DD's. I went to see them to see if we could pay back alittle each month, but the said we had to do a Debt managment plan with them, which must include a loan we have with them, We just want to start clearing the amount but they want all of it at once, they are phoning 10+ times aday and its really getting to us.

Also we have 4 credit cards, Egg, HSBC,M&S and Barclays, we are paying £70 a month on 3 and £10 on 1.

Anyone got any suggestions for a better way to save money on the credit cards, we have tried for a small loan with Natwest but the declined it.

Also any advise on the HSBC problem.

We have done everything to recude our outgoings, such as saving £220 per month by giving our car back, we just dont seem to be clearing the credits cards and the HSBC thing is really affecting my girlfriend.

Any advise would be great.

Thanks

Mark and Jo

david_hellier

Hi and Welcome,

I'm sure your situation is manageable. However for us to help could you please let us have a look at a Statement of Affairs (SOA). List all incomes, outgoings and loan/cc payments APRs and balances. Remember to included your new bank balance as well. See the Newbie sticky on the Forum front page.

Good luck.

tyllwyd

Are you saying that HSBC are pushing you to get a managed loan with them? There have been a few threads about that (and it never seems to be a good deal that they offer!) so I wouldn't rush to sign up without getting people's opinions here first.

If you do a budget/SOA as DH has suggested above, that would help get things in perspective and give a starting point.