Halifax have put me in an awkward position

Dan0956

eschation.... saving £500 a month for 6 months, gives me £3000, my current debt should be £4800, so thats £1800 left, i get paid £2k a month, so ok your right i`ll be clear for 2 days !! ok so forget 6 months, call it 8 months !!

neil9313

Dan0956 wrote: »

eschation.... saving £500 a month for 6 months, gives me £3000, my current debt should be £4800, so thats £1800 left, i get paid £2k a month, so ok your right i`ll be clear for 2 days !! ok so forget 6 months, call it 8 months !!

Right Dan,

put each loan amount and the APR from the highest to the lowest

Dan0956

neil

are you asking me to do that here?

I dont have ANY Loans, just overdrafts which i use. Barclays works out at rought £15 p/m for the privaledge of being £2000k Overdrawn

Halifax will cost me £1 a day for both accounts, So £60/£61 a month.

but with me using my 1k savings and £500 extra od in one of them i can clear off one of the accounts, so just leaving me £30 halifax each month as oppose to the current £60

Dan0956

IVE JUST DONE IT... DONE THE BUSINESS. Use my savings to help pay off one of my OD, feel abit sick, all the money just gone, but i guess it wasnt mine anyway, it was the banks. so now.......

halifax account 1 = -2450
halifax account 2 = 0
barclays acc 1 = - 2000

i know im still 4500 overdrawn like i was before, but at least now ive saved £30 a month charges, time to start paying this off

jambosans

Dan0956 wrote: »

unfortunately credit rating is not good based on.

1) in a new job (3 months)
2) in a new flat (renting for 18 months now)
3) never ever had a credit/store card

Have you considered applying for a personal loan with the Halifax?

If you have a £2000 available overdraft limit on a current account, this suggests you must have a decent/ good internal score with HBOS. Borrowing your way out of this debt may be the lesser of two evils. Overdrafts are short term forms of borrowing, Halifax and Barclays could technically call in those debts at any point. A loan to consolidate all your overdrafts set over a fixed timescale, monthly amount and interest rate will allow you to budget better. You're currently paying £75 per month in interest, depending on the rate you get, a loan may be cheaper.

Just to add to what I've already said, Halifax are offering (existing customers only) a typical rate of 12.4% for Personal Loans of £7000 to £25000. So, to give you an example, if you borrow £7000 over 3 years, you would pay £41.93 per month in interest (12.4% typical rate) (monthly payment: £236.36, total repayable: £8509.60). Take a look, there's a loan calculator on the link provided. If you apply for a loan, pick a monthly repayment amount you can afford, and if you're having a good month, put some money away in a savings account, which may allow you to pay it off sooner.

Mikeyorks

jambosans wrote: »

Have you considered applying for a personal loan with the Halifax?

From his 1st (or was it the 2nd) thread on this subject!

http://forums.moneysavingexpert.com/showpost.html?p=28435225&postcount=5

.... he's now on the 3rd and beginning to enjoy it I suspect?

jambosans

Mikeyorks wrote: »

From his 1st (or was it the 2nd) thread on this subject!

http://forums.moneysavingexpert.com/showpost.html?p=28435225&postcount=5

.... he's now on the 3rd and beginning to enjoy it I suspect?

I had a feeling someone must have mentioned this to the OP. Three threads makes helpful posts like yours easy to miss.

Beginning to enjoy it, and I also suspect avoiding facing up to the reality of this debt preferring to discuss hair brain solutions.

onlypaddy

i give up now...

Paul_Herring

This time next month (providing i go ahead with plan i`ll be......

Keep up with what I understand the situation to be... however.. and taking this slighty OT...

I'm going to be nosey here... feel free to ignore this post and please don't feel the need to defend it publicly (or reply by PM,)....

---

How come you have two Halifax accounts with (to me given what you've posted so far) such large overdrafts, and why are they extending credit rather than demanding repayment?

The question is purely to satisfy my curiosity, and probably won't help the discussion here any. (Nor will it probably result in any new revelations on my part beyond what I've already posted on this thread.)

Dan0956

HI paul

I will pm you