Lloyds Current account, overdraft HELP!

kayleighj_2

I have been off work, I'm not sure what wages i will get but for the past 4 months work havent paid my wages on time, resulting in going over my overdraft, ive been to the bank today to see my options, the only options she said was to;

a) get a loan for £2000, at 24.9% over 36months
b) take out a platnium account at £25pm for the account, to have a loan at 7.9% to pay off the overdraft, and to get me through the next 2 months of bills to pay

She thinks i can pay more off per month to reduce the term and interest, problem being i dont have the money to pay the loan back else i wouldnt be in the over draft in the first place! all she was interested in was commision obviously, either way i should be able to get sorted within 2months, of being paid £700 wages, so i dont really want to get a loan to pay off my overdraft..
any ideas?!

Thanks

Lokolo

If you can't afford to pay back the loan say that you can't. Theres no point saying yes to either one of those options if you can't afford them.

Start to budget reallly severly so you can cope with this. Just keep below your limit.

Are they saying they want to take the overdraft away from you or did you go in and ask for a solution to your problem?

moneysavingallday

Your wages are £700 a week, or £700 a month?

kayleighj_2

no i went in to see if they could help, eg temp increase my overdraft, i did tell her i cant afford a loan and that i wasnt doing that, she said thats my only option! well it cant be! im not taking out a loan for 24.9% or paying £25 just to get a loan for 7.9%, thats stupid, esp when i need a loan to pay off my car finance
well having just worked out my wages i dont even get £700pm, im onl £7900pa, salaried, which works out at £5,05 ph, i work 30hours a week, but am looking for a new job! despirately!!

moneysavingallday

What on earth? Why were they offering you a loan if you're on £7900? Why is your salary so low??

kayleighj_2

you tell me! she wasnt helpful in the slightest! i maybe stupid but im not that stupid!
my wages are low cause i work for a charity ran gymnastics club, and they only pay that much! i want an admin job but cant seem to have any luck! any job would be better tbh! can get £9ph as a dinner lady!

jonesMUFCforever

Take the loan at 7.9% and next month cancel the £25 account.

kayleighj_2

can you do that?

Kavanne

kayleighj wrote: »

can you do that?

If it's the fixed rate loan then the APR would be fixed at the time of application so if you cancel the plat account the day after you draw down the loan then the APR shouldn't change.

Beware you will probably have to find the time to go into the branch or send a letter recorded delivery to cancel the account.

moneysavingallday

No you can cancel the Platinum over the phone. I did this myself. Told them to ram it up their a-r-s-e

maman

I have heard of companies having to help out if people go overdrawn because wages not paid on time e.g. paying the bank charges. Any chance this could help you?