Ignorance isn't bliss

sean-manfa

This is a desperate new step in the positive direction for me. I can't seem to be able to clear my overdraft of £3,500 with Natwest. Just when I think that my money situation is improving a financial catastrophe happens and puts me right back to the overdraft limit. I've just been hit with a £50 charge for a number of direct debits taking the balance over the overdraft limit, thats not including the £38 charge for the pleasure of having the overdraft. I've been ignorant to my finances for years but my eyes have just been opened and I have had enough, hence why I'm here.
I have a loan of £10,000 spread over 5 years with 2.5 years left to pay. Even though we don't drink or smoke our monthly costs are high mainly due to my family's keep (four of us, 2 kids under 10 years), food and fuel (I commute 70 miles a day).
I think I should start with the overdraft but what is the best way? I never seem to have any money at the end of the month to make any additional payments to some kind of scheme/plan.

JAMIEDODGER

i would open a second current account, have all the income paid in to that, and all dd etc out. allocate a set amount to send the old bank account each month and you will gradually see the overdraft dissapearing.

Tashja

Have you looked too see which bank charges you can claim back ??

I am sure there is a thread on here somewhere but being quite new I dont know where !!

Maybe some one can help !!

T xx

davegib20

I know what you mean about overdraft never seeming to shrink so im in a similar boat.

I have just opened anew current account @ Alliance and Leicester (premier Current Account) which gives an interest free overdraft for 12 months and if you know someone else who wants one I think you can still get a £50 bonus for recommendation Its a place to start. There is a minimum of £500 pcm to be paid into the acc tho.

Chekc out the bets current accounts here.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1109610116,88950

and here is the link to claim back bank charges. Hope it helps

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632

CLAPTON

why dont you post your Statement of Accounts (soA) here, showing income, spending debts etc and i'm sure people will be able to suggest ways of saving.

format is shown here:
http://forums.moneysavingexpert.com/showthread.html?t=107280&page=1

amosworks

Hey matey, your SoA would definitely help as I'm sure there's something you could cut back on you never realised.

What do you do for work? Commuting 70miles is quite a distance. Has the idea of "telecommuting" (that's not a Star Trek-esque transporter which will save on your fuel costs , it means working from home via the Internet and stuff) occured to you, maybe even for a day a week to save petrol?