Bank Screwed

Elixir

Ooh that link is a diamond Lynz!

Thank you

lynzpower

Elixir wrote:

Yeah I knew that meaning, thats why I was wondering. Exactly how nice to my creditors do I need to be????

:rotfl: :rotfl: :rotfl: Im surprised Southern Scousers never put us in the picture with this before :rotfl:

Elixir

He probably invented it!

tesuhoha

I was just thinking what you could do to get rid of the overdraft. If your credit rating is good you could apply for an Egg account, then do a SBT out of your bank account to clear the overdraft. The balance outstanding then would be on the Egg account. However, you will probably have to pay a BT fee but it will probably be better than keeping the overdraft. Then, as I dont think Egg is a 0% account any more (it would be great if it was), apply for a second card, this time a 0% with the longest 0% term you can find. Look on Martin's main site for this and take his advice. Then transfer the £900 balance from Egg onto the 0% card and you will be able to pay off your debt interest free for however long the introductory term is. After this expires, take out another card at 0% and repay it till it runs out, meanwhile cancelling the other cc. It is by the way, probably best to keep the Egg account open because it has an anniversary offer each year 0% for 5 months, so you could work your debt in with this as well. That is what I do to pay the cards off but it all depends if you have a good credit score. Good luck.

lynzpower

Elixir wrote:

He probably invented it!

ahahaaha I sense you will fit in very well around here

tawnyowls

msmicawber wrote:

Do you have any business expenses that you're earmarking the £300 for, or are you setting aside money for tax? If not, I don't really understand why you don't use the money to reduce your overdraft as I'm sure that you won't be earning anything like the interest that you're paying on your overdraft.

Especially as you say you're getting charged for going over your overdraft. Put the £300 towards your most expensive debt. It may seem nice to have the money there for emergencies or whatever, but if it's costing you £12 out of every £15 you put into that loan in charges, it's pointless.

Elixir wrote:

Income: 141 a fortnight jobseekers allowance, soon to change to working tax credit at the end of the month.
Also there is money sporadically going into my business account (I teach dog training classes)

Out goings:
Electric : £20 a month
Loan : £42 a month
Natwest : £15 a month So your total is £845. Wha's the APR on this? You say you're getting charged for going over your O/D. Would suggest either paying your savings in here to stop this happening, or, if the other loans have higher APR, popping into your branch and agreeing a higher O/D (which obviously you will not treat as extra money) - this should give you a lower interest and no £12 charges every time, so you'd pay your O/D off in a fifth of the time (because you're currently paying out four-fifths of your payment in charges).
Water: was £30 a month but should be having a meter fitted soon. OK, but in the meantime, you need to reduce it. Is this an estimated bill, or have they taken meter readings? Is it a budget account, and are you sure you won't be landed with a whacking bill at some point? Or better still, might they owe you?
Dial Up Internet : £14 a month As you have the internet, why not try doing some online surveys etc to earn money? Not a huge amount, but in your case, every little should help. I am assuming here that you're on a standard charge a month, so it's not going to cost you any more to stay online for longer. Out of interest, would you not consider broadband? It'll cost you 99p extra at most, and probably a good deal less, depending on the package you get, and would be so much faster and might open up opportunities for you to work from home
Catalogue : £10 a month. OK, so you're going to pay this off, but in the meantime, it's a debt and you should really have it here in total, with the APR, otherwise we're just guessing about how expensive each of your debts is. It might be that this is the one you pay off before your O/D
Phone : was about £20 a month but switching companies a bit later today Presumably you have read Martin's article and you're not going to go frying pan into fire?
Princes Trust loan: £20 a month Would be good if you could ask them to suspend this so you can pay off stuff that's costing you money, assuming that there isn't interest on this - is there?

Re the food etc, you do need to work out a total for this too. Even though you say it isn't much, your income is so low that a small amount of money = a whacking great percentage of that income.

Speaking of income, I agree with tine - unless it will cause problems with your tax credits, you really need to be looking at generating more income. Is it possible to leave those dogs of yours alone for any length of time? Could you do supermarket shifts, mystery shopping, Avon? Are you qualified with anything? You obviously know how to use a PC and the internet, so that's a good start. Could you do any sort of temping? Any possiblity of you doing any sort of computer work from home if you can't work outside it?

tesuhoha

BTW the reason I said the Egg account was because they can do SBTs which means they can transfer money into a current account but there are probably others that do it too. Thats not how I paid off my overdraft by the way, just how I pay off my debts by moving from 0% to 0%, but if I was in your position I would do that SBT to a credit card.

tesuhoha

Erm, apologies, ive just looked through the post and am not sure of your credit rating to open ccs. Apologies . I always manage to put my foot in it!