Best way out of debt?

suzwalker1

Hi, im looking for some advice on the best way out of my debt,
i currently have 3 credit cards (all with around £300 credit limit and all maxed) along with a 3000 overdraft which bank of scotland take £40 a month from my account for as interest.
As i recently graduated I have a very low paid job and am completely supporting myself on what i do earn, i think i should be paying around £120 a month in repayments but most of the time i just cant afford this so end up missing payments and repetedly getting charged even more for late payments and being over my credit limits. It seems like an ongoing cycle and even tho i have really tried to get on top of it i just cant afford to!!
As my debt is mainly my overdraft with the bank would this beable to be included in some kind of consolodation plan??
any advice is much appreciated!
thanks,
s

never-in-doubt

suzwalker1 wrote: »

Hi, im looking for some advice on the best way out of my debt,
i currently have 3 credit cards (all with around £300 credit limit and all maxed) along with a 3000 overdraft which bank of scotland take £40 a month from my account for as interest.
As i recently graduated I have a very low paid job and am completely supporting myself on what i do earn, i think i should be paying around £120 a month in repayments but most of the time i just cant afford this so end up missing payments and repetedly getting charged even more for late payments and being over my credit limits. It seems like an ongoing cycle and even tho i have really tried to get on top of it i just cant afford to!!
As my debt is mainly my overdraft with the bank would this beable to be included in some kind of consolodation plan??
any advice is much appreciated!
thanks,
s

Have you considered a personal loan to clear all the above or even a DMP (debt managed plan) with your bank?

Speaking to HBOS would be where i'd start as they can see what help they can offer you.

thriftymomma

I would try eith your own bank for a loan to consolidate. Good luck.

lewpster

Nationwide sent me a letter last July giving me 3 weeks notice of reducing my overdraft from £2,500 to £1,000 which got me so upset & there was no way I could do it. Letter arrived on a friday too so I had all weekend worrying!

I called them and arranged to pay back £100 a month. My overdraft is now at £1,400 and I have not even hardly noticed it going down and I am really pleased as this time next year it will almost be gone : )

Have you tried applying for a new card maybe to move some of the debt over even if just for 6 months on a 0% balance transfer to help you get back on your feet?

Good luck x