HSBC overdraft increasing each month

lozzyc_2

Hi guys im a bit of a hole and i dont know what to do im a HSBC Customer have been since i was 11 now 24 im a HSBC plus Customer i pay a fee for my account each month

my overdraft has been increasing over the last 6 months i have an agreed limit with them of £1500 and over the last 6 months HSBC have alowed me to get even further in to it i recvied my statement this morning and to find my Account £1939 over drawn i almost passed out now i admit due my immaturity when i was offered credit on a plate and now im paying for it.

My out goings have been the same for the last 3 years and with the cost of living rising my belt is getting very tight now i was making progress with it and started repaying it back up got it to being -1000 when my wages went in and the my luck turned got made redundant 2 years ago and had no wage in my account this really crippled me financially and i have been stuck in this whole

for the Last year i have been going over my over draft and when i make progrress i have a bad month (car breaks ) i get wacked with charges £75 last Month £150, £75 this month now i have cut my social life down i sit in most weekends got an xbox excellent money saver to try and balance the books but its not working

what can i do? im desperatly trying to get out of the over draft but each month its getting worse

thanks

izools

The only way out of this is strict budgeting and considering a change of circumstances.

You've cut entertainment / going out, normally one of the most expensive slices of the pie. What are your top expenses? Rent? Consider sub-letting or moving somewhere cheaper. Car? Consider downsizing or exchanging for something more economic and lower emissions (yeah... diesel).

The only way out of the hole is to find out what got you there in the first place and change it

I myself am going to be faced with a tough time ahead, as of today I am supporting my flat by myself. I only work part time and had to claim housing benefits at the council today... I know... and even with that I have no room in my budget for clothes / car / holiday / travel outside town / etc. Just the circumstances I'm in at the moment so I have to cut back. Simples

Have you drawn up a detailed budget?

lozzyc_2

Ive done my self a budget sheet my out going are about 940PM and the little bit left i was suing to try and climb out of my over draft but the charges are bringing me down further in to it plus my credit card has gone from 16.9% to 26.9%!

i have a bangernomics diesel car my commute is 400miles pw i was using a lexus the fuel was rediculous this also added to the problem but cant really change my job so im stuck as there is nothing local to apply for that will pay the same as to what im earning

what i can understand is why they have let me get this far over my over draft an extra £100 may be but i thought they would at least start refusing the transactions at £500 over when they notify me of my charges its going to at least make me £100 extra further in debt theres no winning

Lokolo

http://www.makesenseofcards.com/soacalc.html

Fill this in, post the results.

Inactive

lozzyc wrote: »

what i can understand is why they have let me get this far over my over draft an extra £100 may be but i thought they would at least start refusing the transactions at £500 over when they notify me of my charges its going to at least make me £100 extra further in debt theres no winning

They didn't force you to spend the money, that really is down to your own self control.

You could save some money straight away by downgrading your HSBC Account to a free one.:)

vaporate

I disagree.

IT IS the banks fault for letting you go d over your OD.

IF a bank sets a OD limit of £1500 then it should be set at that limit, not allowing further money to fall through, whether you spent it or not.

A limit needs to be set in stone somewhere.

What if it were fraud? ect.

vaporate

Inactive wrote: »

They didn't force you to spend the money, that really is down to your own self control.

You could save some money straight away by downgrading your HSBC Account to a free one.:)

I strongly agree. Waste of money.

Tia_24

lozzyc wrote: »

Ive done my self a budget sheet my out going are about 940PM and the little bit left i was suing to try and climb out of my over draft but the charges are bringing me down further in to it plus my credit card has gone from 16.9% to 26.9%!

Consider changing your card to one that has 0% on balance transfers, at least you wont have to pay extortionate interest rates as well as paying back the balance.