Redundancy + Debt (should I tell the bank?)

plunge

Hello,

After being dealt the rather pooey end of the stick in 2009- redundancy then new employer terminated my contract as they 'no longer required my services' just before Christmas. Before this they had promised me the world in 2010- permanent position, full time, fanstastic bonuses. To say I got my hopes up would be an underestimate. _pale_



I had been overdraft free since the redundancy as I could feel it was looming (company cutting costs- cheaper loo roll being one of the noticeable ones!) and I sorted my finances out beforehand and sold a few things to pay off the overdraft I had at the time. I also have a £200 loan each month which I was able to pay for the following months.

Now unfortunately i'm back in the overdraft.UH-OH! I'm worried about my bank pulling the overdraft or not being able to pay the loan and them thinking..crikey chaps.. we need to get our money back.. I have been moving money around from one account to another and also had small amount going in from ebay as I know if I left the accounts without payments going in, the bank might start to get suspicious?

How do I go about telling them, if at all? Should I wait until I start getting demanding letters telling me to pay off the overdraft by a certain date?


I'm just not sure where to go from here really. Should I tell or not tell and wait until I start to get letters about overdraft etc?


I had been hoping to get back into work by the end of January but the weather has been terrible and i'm not feeling massively motivated at the moment which I need to work on!



- plunge

Moneymaker

I would certainly discuss it with my bank. They don't like surprises. What can you do to earn a little money in the meantime? You have to "show willing". Have a look here for some ideas: http://www.marketingtips.uk.com