Could I have some advice plse?

Twinkles08

I have no idea,what hubby pays in interest with his account but I know that we pay the max £5 for our joint account A n L.I pay £3 to my barclays which allows me to have the first £300 of my overdraft interest free.I normally end up paying another £1.50ish on top of the £3 fee.The prob is that we are so heavily in to the od(s) and we both get paid weekly we never ever go out of the overdrafts?Which is v dangerous me thinks!It goes in then generally is used straight away on billd,dds,groceries etc.That's a cunning plan with the move the money around idea though,I think I could work that with some serious planning.Think I might ring my bank and see if there is a min that has to be paid in monthly as I wasn't aware of it.Then again I've had this account for years and years.

RAS

Just ask for the copy of the terms and conditions.

By the sounds of it you have very little lee-way but have you looked at the Boost your income thread?

Think about

Any charges on these accounts for late paymentsd

Any PPI on any account over the last six years?

What can you sell on e-bay, amazon or at a car boot sale?

Are you signed up for https://www.quidco.com or for https://www.freecycle,org?

all little things that might earn you £20-30 per month or save you £20-30 per month, which could be the difference between getting out of the ODs and never getting out of them

VanillaDelia

I would get all money paid to your joint account with the lower overdraft, in that case if they take it from you which I doubt they will if money is going there and your not going over the overdraft. I would then try hard to keep £50 of your money in there each month till repaid, which with what you have left should be doable. I would also put £20 into each of the others to help them lower and enough for interest charges.

If the other 2 banks do wip the overdrafts from you because of lack of money, then they will start charging you daily fees so that would need to be set up as an agreement with themselves to pay them a set amount which I would offer the £20 to each a month.

Or the other option is if you are not bothered about having these accounts anymore then open a basic account each or joint as you said and get wages etc paid into that then you are safe but make sure its not with any of your current banks as they may take money from the new account to pay the overdrafts back.

debrag

Twinkles08 wrote: »

Hi debrag,do you mind me asking who your with?We're with virgin (no phone calls abroad)but hubby insists on xlrge internet package-he won't budge!He's meant to be taking his driving test nxt month so fingers crossed.So expensive!I have started to use food leftovers in a bid to cut groceries down and it seems to be working bit by bit.We were spending £60 a week before x-mas which I felt was excessive

I'm with tiscali but that is only 8mb unlimited download.

How can you afford a car?

Twinkles08

Thanks for your advice everybody,I'm v grateful!
I did a car boot last week and made £45 woo hoo.I also sold a phone on ebay.I'm currently in the process of trying to claim back ppi on my halifax loan but I have only just began (just got my first letter back).I am trying to open up my options and increase our income but like you say we don't have much room to move.We are so stretched 'cos of our low income and debts that our credit rating at the mo is pants so we can't shuffle etc.But hey at least we're trying!Ta everybody

Twinkles08

Well it's going to be a real push to start off but my in laws have given us their old car.As our b'day and x-mas pressies (mine and hubbys)for the nxt few yrs they're going to pay for the insurance and the tax.They said it was to help us out as they know how we've struggled to repay debts in the last 4 yrs (we never ask for help).I hope that doesn't make us seem really spoilt?We are v grateful to them.Then we planned to put the £84 from driving lessons into petrol fund and a bit aside each month for mot.I'm prob being naive but we don't plan to use it too much as we are quite prepared to walk too (hubby loves walking!)It's more for the weekly food shop as it's a killer walking form town with buggy and toddler loaded down.

littlemissmoney

Twinkles08 wrote: »

It's more for the weekly food shop as it's a killer walking form town with buggy and toddler loaded down.

Doing your weekly food shopp online would be a lot cheaper than running a car!! (even getting a taxi would be a lot cheaper).

looby-loo_2

Looking at your sig. I think you have done really well managing your debts.

Twinkles08

Thanks Looby-loo.I was so chuffed with your comment bout my sig,it's been a long old slog so far,we've been battling down the debts for a good few yrs now (normally I'm positive 'bout it,but it's hard when friends and family are spend spend spend!:o).
I love the thrifty old style board and discovered it just after x-mas-it's fab and a work in progress for us :rolleyes:

angeldiva

Twinkles08 wrote: »

Hi angeldiva!If I get my money paid into a new account will my old bank start going nuts cos there's no money running through anymore or do you think they will be pacified if I lower the od limit each month and try to pay back?Presume I have to use a different bank as if I open a new acc in the same branch I imagine they could transgfer funds to pay off debt??Not sure on this one

Yeah you would have to go to a totally different bank which is not connected with any of your other banks and then start putting a little in each account every month to help them get paid off.

I agree your signature is fantastic!