Help! Need some help, like everyone who wants to be DFW!

blairrowland

Hi,

I am new to the forum and have debts like everyone on here and would appreciate some advice from somebody please! I have an overdraft with lloyds and would like to get rid of it as i am constantly overdrawn! Is it a good idea if i opened a new current account with a new bank to have my pay put into that and then pay off a certain amount each month to lloyds to pay my overdraft off? I also have other debts too and feel like i am going in circles. I think if i open a new account and i have my wages paid into that (with another bank) then i know where i am once i've paid off my bills and then can pay extra off my overdraft and other debts? Would this be a good idea?
Thanks to those who have replied!!
Any more advise is much appeciated. I dont know if i'm even on the right section of the site for this type of advise????..................
Thanks.
S.G.

BeautyandtheBeast_3

i have an old student account which i do the same as you suggest. I have wages go into one account and then a set amount comes out each month to reduce the OD. However my OD showed up on a Credit report as i had not made ANY payments into to for a rather long time - so thats when i started this process. Good Luck

blairrowland

Thanks for that! Yes its not just the overdaft from that account but i would like to pay off all debts which i am slowly but surely working through now. But if i move them to a new account at least i should know where i'll be, ithink!!
S.G.
:T

Mozette

For me it was getting married. Well, more the fact we split up very quickly, I was determined to go on holiday, couldn't pay off my card so got a 0% one, then we kept trying to work things out, which entailed going on holiday at lot, all on 0% and to be fair between us we had a decent income. Then we moved house, and the final holiday of course before we split for good. I went ahead doing up the house - all on 0% - and still had the debt from the other cards.
blah blah blah debt, depression, allsorts.
Got to the point where paying the minimum was a struggle and realised that I had to change things. Anyway, fast forward 5 years and I now have only £1500 remaining on the cards and that should be gone by next April/May (assuming no more urgent house maintenance required).

And I will never be so bloody silly again!

talana

blairrowland wrote: »

Hi,
I am new to the forum and would appreciate some advice from somebody please! I have an overdraft with lloyds and would like to get rid ofd it as i am constantly overdrawn! Is it a good idea if i opened a new current account with a new bank to have my pay put itno that and then pay off a certain amount each month to lloyds to pay my overdraft off.
THanks.
S.G.

There's nothing wrong with that plan as such, but you'll be paying less interest if you just keep your salary going into the Lloyds account (there'll be part of the month when you're not overdrawn, or overdrawn to a lesser extent). Budgeting is the key, and if you get that right, then no need to open a new account.

blairrowland

Thanks all for your advise and input
I just feel if i get my overdraft clear, i would hope i know where i am with paying off my other debts! But i feel like i'm going in circles...............
HELP!!:o

rayday2

If you do get a new account make sure it is not related to Lloyds and make sure you write to lloyds and tell them how you intend to pay it back. They are not the best bank in the world to deal with so try to make sure you deal in writing so that you can prove you have made contact with them.

blairrowland

Thanks for that, i feel this is not going to be easy especially the way banks are at the moment!!