beast way of clearing a overdraft

shop-to-drop

Don't want to put anyone off their plans for dealing with their debt but just wondering. Is it really the best idea to withdraw all the months spending money on payday? Surely you will pay much more interest on the overdraft then. Happy for someone to explain otherwise to me. Goodluck.

Sarahlou_2

Any advice to people like me who get paid every 4 weeks? My wage goes in at different times each month and I'm finding it really hard to budget..... :-(

changestolife

sammie383 wrote: »

Good Morning CTL,

I hope you manage to get some of your overdraft cleared this month,

It really does feel good to finally have control of it again, because it can be difficult to define between the banks money ( Overdraft ) and your own, once you get into a spiral.

I wish you the best of luck

Sammie x

Hi Sammie

Yup i managed to pay £80 this month, my sister owes me £172 so that will go towards it aswell

I know what you mean the feeling of no worries in your bank is a grate feeling and i can't wait to have it back.

Well done with your progress

ali_p_4

Sarahlou wrote: »

Any advice to people like me who get paid every 4 weeks? My wage goes in at different times each month and I'm finding it really hard to budget..... :-(

i was having problems around that especially with direct debits and too much month left athe end of the money. the way i got round it was to change my problem direct debit to a standing order and pay half of it every 2 weeks so it fell in line with my 4 weekly pay.

Natti_A

I am currently reducing my Graduate Overdraft, it maybe 0%, but i keep using it and i need to start living consistantly within my means! I can no longer blame my financial ignorance on being a student!

I personally use the multiple current account system, and i highly recommend it. 1 Bills Account, 1 Spending Account and then my Overdraft Account. I sort everything out on the morning of the 28th (when i get paid) as the t&cs of my grad account make me pay in my salary, so i take it straight out and pay the months money into each account as needed.

I do not take the Debit Card related to my overdraft out unless its a planned (and hopefully budgeted for) expense.

Good Luck!

sar050680

Very interesting reading this thread guys, I have recently paid of my £800 o/d by actively going into my bank when I got paid (monthly) and puting my o/d down by £50 a month or more if I could afford it...

Anyway I now have no overdraft, I am always in credit (not much mind) and it really does feel great knowing that I managed it, if I can do it anyone can, best of luck to all of you...

GrammarGirl

Natti_A wrote: »

I am currently reducing my Graduate Overdraft, it maybe 0%, but i keep using it and i need to start living consistantly within my means! I can no longer blame my financial ignorance on being a student!

I personally use the multiple current account system, and i highly recommend it. 1 Bills Account, 1 Spending Account and then my Overdraft Account. I sort everything out on the morning of the 28th (when i get paid) as the t&cs of my grad account make me pay in my salary, so i take it straight out and pay the months money into each account as needed.

I do not take the Debit Card related to my overdraft out unless its a planned (and hopefully budgeted for) expense.

Good Luck!

I do exactly the same! My graduate overdraft is 0% but who knows how long that will last... better to clear it while it's cheap than have it maxed out when they stick the interest on!

As for reducing your OD limit as you go along... HSBC charged me £25 to up my limit, then charged another £25 to go back down. Not sure this is right (can you really be charged for reducing your limit?! They call it an 'arrangement fee') but in any case, I'll wait until I've paid it all off, then cancel it and pay the £25 arrangement fee!!

Natti_A

RBS havent mentioned anything about charges to me... I was told to write into my branch to request the changes to my od level as i go along. I will call and check though before i send the letter though, i do not want to be charged!

changestolife

Well my plan has totally been a waste of time for the next for months anyway (this month not included) my partner came home on Friday to tell me that he's been made redundant and the whole business has gone bust. Think its a very good time for me to start budgeting. All my wage has got to go straight to the bills and we are going to have to leave on his benefits until he gets a job. This month will be okay as we both have been paid but March will be interesting. He has to pay £50 a week for his child which he doesn't want to tell his ex he can't pay because of the hassle so thats coming out of my savings.

Wish my luck everyone

changestolife

MORPH3US wrote: »

@ changestolife....

Might be worth you doing an SOA and posting it up on here if you haven't already to see if you could cut back in other areas and pay even more money off your overdraft.

Sorry to be thick but what does SOA mean?