Overdraft

Micklfc9

Hi all
I have an overdraft of £400 which I have used and an interest rate of 19.9% I shall only have around £960 a month going into my bank which are wages but with a house, kid and bills to pay I virtually have no money left to pay up the £400 overdraft which is just going to get bigger with interest. I thought that with being with Abbey I would have ha 0% interest for 12 months but you need a minimum of £1000 paying in to your bank a month. I was going to pay off the £400 with a loan and change my bank to Allaince & Leicster which do offer 0% for 12months but unfortuantly you have to be 21 and being 20 im unable too.If anyone has any adivce or information I would really appreciate your help.
Thanks

spartan59

Alliance and leicester are part of Abbey now ( well Santander) so be careful as the terms of the A & L account might change soon, def by the time your 21

BeautyandtheBeast_3

i still waiting for a call back from Abbey - not holding my breath - not impressed ith them

Micklfc9

So can someone please confirm If I have an overdraft of around £400 and used the amount allocated at 19.9% interest will I be paying around £8 a month or more?

josephine82

I think the best bet would be to open another current account, not linked to Santander, and then make arrangements out of your current wages to pay pay the £400 on a month by month basis as you can afford.

Have you posted your SOA up here to see if people can help you save money anywhere?

Josephine

savingforarainyday

This will sound like a really silly question, but if you were to withdraw £100 on payday and then pay it back in later in the month, would that not take you over the £1000 payin limit.

sleepless_saver

Are you getting any benefits e.g. child benefit which you could get paid into that account?