Overdraft, Big Problem!

Nigey-B

I have a NatWest Current account and my overdraft if £4,000.

I get charged interest on a monthly basis. The interest seems to be increasing each month, by around £15/month.

Is this how overdrafts work ? they increase the interest each month ? I am always -£4000 by the end of the month until my wages come in.

Any help would be much appreciated as its really getting me down lately
Thanks

Lemon_Tree

i would think that the only way it would continue increasing is if your interest rate is increasing each month, or if you are getting to the limit earlier each month.

I used to do one transfer each month on the day after payday which took me to my limit, now i do 4 through the month and it has reduced the interest i've been paying by half. :j
I'm sure someone else will be able to come along with some more advice soon

Nigey-B

Thanks for the advice i shall try something along those lines

RAS

Hi

If you post an SOA, we can find ways of reducing that OD over time so that you pay less each month as well.

MrsTinks

http://www.makesenseofcards.com/soacalc.html link to do your SOA