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Trying to get out of debt...

searching_me
Posts: 18,414 Forumite
first if im in the wrong place im sorry ...........im trying to sort out my money and way to let myself build myself out my overdraft but i was thinking of maybe looking in to getting one of those o2 pre paid card things you know the ones you load but then someone said i might as well just open a new bank account now im not sure .... so pre paid card or bank account what do you think??
x


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Comments
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Hi ya SM,
I dont have an answer for you, but just wanted to say that I am planning to do the same thing. I am already on a DMP, so the plan is when I get paid, I am going to place my allocated living money on that card and that is the one I will carry around with me.
The thing I particularrly like is the free notification text you get when you have bought something using the card. I am hoping with these notification I will be able to keep a track on my living money more accurately.
I have my card already so roll on payday.
Susanna0 -
Do you not get charged for a pre pay though?
I would have thought it is much better to get a new basic bank account that allows on line banking.
Then set up a standing order into your old account to pay off an amount of the overdraft each month and eventually clear it.
Use the online banking to check your account each night and keep a spending diary to keep track of your purchases etc.Total debt at LB Moment (Nov 2007) = £6583 £4649 20.03.09
£5060 Black horse Loan - £4114 as of 20.03.09
£940 o/d with hsbc - -£535 as of 20.03.090 -
no you dont get charged for it ...... went through it with a fine tooth comb in the small print im not ready to shift my DD to another bank account so i would use this card or account for food,spending cash (what little i have of it) and stuff for for the kids x
Still searching .....:)
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4littleone,
according to the o2 site, whilst you already have an 02 account, the whole thing is free, the only fees are for international transactions. I dont think you can use it for DD etc, it is just for day to day spending.
There are actually 2 different cards Cash Manager and Load & Go, I cant remember which one I have got.
Susanna0
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