Help

L_J_4

Hi

I apologise in advance as I’m not totally sure if I’ve posted this in the right section?

My sister is having some debt problems and is getting charged from Halifax £35 a day for being over her overdraft limit. (£1000)

Is there any way of transferring the overdraft to another account or a credit card with a cheaper rate?

Any information would be greatly appreciated.

Regards

L_J

Little_Vics

others will be able to give better advice, but I'll just 'bump' this post for you...

L_J_4

Thanks!

WASHER

Hi and welcome to MSE.

Firstly, could you get your sister to post an SOA (a list of incomings and outgoings) to see if we can reduce your outgoings in order for your sister to start repaying her overdraft.

Secondly, does she work/or she is on benefits, either way (and we don't judge anyone on this board) could your sister get another bank account set up in order for her money not be swallowed up by the overdraft, or could she phone her bank and arrange an increase on the overdraft just to prevent charges, this will not solve your sisters problems in the long term, but it could prevent charges and give her a bit of breathing space.

Thirdly, get your sister to put in a claim for the bank charges, I know the test case is on hold, but you can put in a claim for any charges in the past six years.

I will try and go and get links for the soa and bank charges thread, I'm on a daft laptop and some times it won't play ball.

WASHER.x.

WASHER

http://forums.moneysavingexpert.com/showthread.html?t=107280

SOA templete for your sister.

Tixy

Hi LJ

What is your sisters credit rating like? In theory she could get a super balance transfer card which allows you to transfer money from a credit card to the current account. Some of these SBT cards have 0%promotional rates for around 12months, after that they revert to a high interest charge. You can usually transfer 90% of the card limit.

However before she does this I would advise her write a detailed income & expenditure to work out how she went over her overdraft limit and to ensure that she is not spending more each month that she has coming in - if she is then just shifting the debt will not be an answer to her problem. Instead she needs to either increase her income, reduce her outgoings or if neither is possible then speak to an advisor from one of the free debt charities.
Recommend this link to her which will help her complete a detailed financial statement
http://www.makesenseofcards.com/soacalc.html

This is the free debt advisors
http://www.moneysavingexpert.com/loans/debt-help-plan#help

and this is a list of SBT cards
http://www.stoozing.com/sbt.php

She also may want to start a reclaim for bank charges - lots of guidance and template letters can be found on this website.

WASHER

http://www.moneysavingexpert.com/reclaim/bank-charges

Bank charges, and how to reclaim, including templete letters.

L_J_4

Wow thanks for all that info, she's coming round to mine tonight so i'll make sure she brings with her all the details and i'll post them here for you.

Thank you all so much!!