No light...want to crawl under a rock

kboother

I feel like my debt is getting worse and not better!

I was finally starting to see some light with my loan coming to an end in August this year. It would mean that I would have an extra £660 a month to try and clear off some of the other debt that I have

AND THEN

Halifax withdrew my overdraft facility of £1200 and decided that they wanted to withdraw my credit card of £6400 - both of which I owe nearly the full amount on.

The credit card have advised that they will continue to take payments but that I just can't spend on it - fair enough

The overdraft want the £1200 paid back immediately and for every month there is any balance I will inccur £28 of charges plus interest.

I have no spare cash and they have said that they would accept a payment plan.

I feel like a huge stone has just squashed all my excitement of finally having money soon to now thinking I wish the world would just swallow me up.

Soooooooooooooo down in the dumps and don't know what to do

MissShoes

Don't panic- if you owe £1200 on the overdraft, only 2 months worth of your extra money from not paying the loan will clear it. I'm feeling exactly the same as you...so down...don't think I'm making progress...definitely don't want to do anything other than crawl back into bed.

Be positive, you'll get there. Just think how well you've done with the loan...

Love Miss Shoes xx

kboother

Halifax won't wait until August for me to pay it off - they want the money now. If they could wait then I would be laughing but if they also wack on interest and £28 a month charges then by August I will have inccurred around another £400!!!

RAS

Hi

You need to open a new bank account immediately- go for a basic one which needs no credit check. Get this months money paid into there and then treat the old bank account just like another debt.

Pay enough in to cover the CC payments and a small reduction in the OD.

You can reclaim the charges.

jennyo

k.boother & miss shoes, try not to get too down, I know its easier said than done, I've been there, well i'm not quite out yet. You are both making progress, you are on here and you are trying to sort things, its a long hard struggle, don't let them grind you down, and take the shine off what you are trying to do.

debttornado

Don't panic.

Have you got another bank account that you can get your wages paid into? If not set one up, a basic one is fine. Get your wages paid into the new account, and start organising your bills to come from there as well. Cancel all outgoing payments from the Halifax account. Then make an arrangement to pay what you can afford to bring down the OD.

At the moment they can demand that you pay whatever amount as your pay goes into that account and they can get to it first. I had a payment plan with Abbey years ago to clear an OD, they took £60 a week from my pay, but added nearly £40 a week in charges and wanted to increase the amount I paid them by £10 a week. Once I set up a different account it was much easier as I knew I would have enough to live on.

Good luck

kboother

Have set up another account with Natwest and my wages are being paid into there so that they cannot swallow up the money before I pay my bills.

I can't believe how arrogant the people on the end of the phone are!

RAS

Start reclaiming any charges on these accounts, particularly after today's news.