bank account overdraft?

misshopson

hi guys,

need advice here please. Ever since christmas i have been stuck and seems like am living on my overdraft money. Although I stick to my means and payb bills every month I have never quite come off the overdraft. It sucks when i recieve my bank statement and view that all of my balances are based on Dr none are Cr.. I have a £2500 overdratf. How do I get out of this? How else could I toughen myself up into NOT using unnecessery money and rather save to pay off overdraft? would you think its safer to save money into another account untill i reach my pay off target? I dont want another loan. I got myself into this mess now I want to learn the hard core way.. any ideas guys! Hubby cant help, hes just as bad as me x

opinions4u

misshopson wrote: »

hi guys,

need advice here please. Ever since christmas i have been stuck and seems like am living on my overdraft money. Although I stick to my means and payb bills every month I have never quite come off the overdraft. It sucks when i recieve my bank statement and view that all of my balances are based on Dr none are Cr.. I have a £2500 overdratf. How do I get out of this? How else could I toughen myself up into NOT using unnecessery money and rather save to pay off overdraft? would you think its safer to save money into another account untill i reach my pay off target? I dont want another loan. I got myself into this mess now I want to learn the hard core way.. any ideas guys! Hubby cant help, hes just as bad as me x

Time to get strict with yourselves.

1) Visit the Debt-free Wannabe part of this forum. The help will be a positive benefit on both your lives.

2) Do this with hubby - then you can support each other with the help of DFW.

Ultimately you need to spend less and/or earn more. And get yourselves really disciplined about it - you can succeed.

Pantera_Fan

The best way to pay off an overdraft is to arrange for the bank to automatically reduce it each month. I paid off my old student overdraft this way (£2000) by initially reducing it to £1500 and then automatically reducing by £100 a month. This way its feels like any other direct debit or regular payment. LTSB will only do it for a year and then remove the overdraft completely (not sure about other banks) so you need to be sure you can pay it off in that time.

Alternatively, every month or so call up the bank and ask them to reduce it. This way you can vary the amouth the overdraft limit is reduced by which can help with cash flow.