Overdraft question??

searching_me

Im trying to find the best way to get rid of my overdraft as im pregnant and i would like to get rid of it hopefully before he or she is born... so my question can i reduce my overdraft each month by say £100 or would they just say for me to come back when ive built up enough for them to bother with? if i can at least get rid of half of it by the time it comes i'll be happy x

MyLastFiver

Just reduce it monthly by what you can afford. Remember, the overdraft is just an extension to your bank balance so you don't actively make a payment to it. If you want to reduce your overdraft, just leave money in your account at the end of the month.

blackrunningbird

Hi, yes you could reduce your overdraft gradually by making £100 monthly payments, although depending on your account it is unlikely to be reduced by this as there is interest and possible fee's each month. Depending on your credit rating it may be possible for you to open a credit card account with an interest free period to pay off the overdraft then pay your £100 into that account each month thereby removing the interest and fee's. If not then maybe a conversation with your bank manager would help you to decide the best way to clear it up.

searching_me

my credit rating is fair ... i was thinking of every time i get paid (every 4 weeks) reducing it by £100 ... does that seem ok? x