Can i get a 'free' overdraft anywhere for a few months?

longwalks1

Earn well, good credit history just loads to pay out this month in particular (car insurance, new tyres, MOT, tax, and on my car and gf's car too). Have got agree overdraft with my main bank lloydstsb, just wondered if theres any other accounts i could open and use the overdraft facility (cheeky i know), til im straight?

Thanks in advance

Nichelette

http://www.alliance-leicester.co.uk/current-accounts/premier-current-account.aspx

You would have to pay at least £500 a month into it & switch direct debits though... depends how much you want it I guess.

zppp

Have you asked Lloyds?

Mischa8

Do you mean *free* as in no interest charges or in *free* as in no additional costs for O/D?

Lloyds should be pretty good in extending the O/D for 2-3 months but then ENSURE you get it reduced back to what it was.

In another post you say your flatmate/housemate has moved out but 1 month you go without rent. You should really ensure there is no overlap etc and maybe draw up tenancy agreement as opposed to lodger one (unsure if you can do this for lodgers if that's the situation it is).
My brother's fiancee does this in her flat (shared with brother, and another housemate). There is a 2 month overlap until her brother's girlfriend moves in with them (in September) and the current housemate leaves at end of this month (ie today). She has moved in a short-let tenant for 2 months over the summer, a foreign student who needs to work here for 2 months to earn money/learn English. This may be an option you could consider in future.

Also, really, it is ESSENTIAL to have some savings behind you in times like these. Do you not have savings accounts, ISA, unit trust or something? Something which could be topped up when you're more flush with cash.

Could work give you a short-term loan to be paid back?

I'd suggest for the future that you really think about a good easy access savings account and save 3 months savings into it (this is the recommended *rainy day minimum limit* - for in case you're made redundant, lose your job, have other hard months (like these 2 months).

opinions4u

britishboy wrote: »

just wondered if theres any other accounts i could open and use the overdraft facility (cheeky i know), til im straight?

Could you get a 0% on purchases credit card to pay for some of these things? Alternatively, increase you LTSB overdraft and pay interest on it for the short term only.

Earn well, good credit history just loads to pay out this month in particular (car insurance, new tyres, MOT, tax, and on my car and gf's car too).

If you earn well, has the concept of saving crossed your mind? I would guess most of your car expenses come at around the same time every year.

Time to start setting money aside every month to cover known expenses (things like Christmas, holidays, car expenses) and a little bit more for those unknown expenses that always grab you at the wrong time (plumber, puncture, insurance excess etc).

On top of that, try to build up a decent reserve of cash to fall back on if you lose your job or suffer a reduced income through illness.

Life then becomes so much easier!

Take a look at www.moneyfacts.co.uk/savings and look at cash ISA, easy access accounts and regular saver accounts.

Mischa8

opinions4u wrote: »

Could you get a 0% on purchases credit card to pay for some of these things? Alternatively, increase you LTSB overdraft and pay interest on it for the short term only.

If you earn well, has the concept of saving crossed your mind? I would guess most of your car expenses come at around the same time every year.

Time to start setting money aside every month to cover known expenses (things like Christmas, holidays, car expenses) and a little bit more for those unknown expenses that always grab you at the wrong time (plumber, puncture, insurance excess etc).

On top of that, try to build up a decent reserve of cash to fall back on if you lose your job or suffer a reduced income through illness.

Life then becomes so much easier!

Take a look at www.moneyfacts.co.uk/savings and look at cash ISA, easy access accounts and regular saver accounts.

My advice exactly. I hardly used to save at all until I was quite literally forced into managing my finances better when I changed from a permanent job to temping jobs. I had to manage my money weekly and quite literally watch every penny.

Quite easy to draw up a spreadsheet detailing exactly where your money goes every week/month. What staggered me was how much I could spend per week for example in Pret A Manger, if I factored it in say once or twice a week (treat) that was ok but it was a lot cheaper to make my own lunch every day.

But my point is, if you do factor in, say extra travel costs (I used to buy a train ticket (weekly/monthly) from where I live to London Victoria and walk the 10-15 minutes to my office in Westminster. If I'd got a travelcard (covering buses/tubes) I'd have paid more and I didn't really need it, I could easily pay by Oyster card balances and pay single/return tube journey when I needed it) etc then you can really save. Amazing how a latte from Starbucks at say £1.50 a day adds up to £7.50 a week which is over £30 when you add that up for a month which adds up to approx £360 a year. That's enough for a spa break (more than enough), the cost of a new work suit/shoes etc... that's OVER the cost of a Wii Bundle including Wii Fit package.

And once I got paid weekly I found it very easy to transfer up to £70 a week (depending on wages/outgoings etc) into a savings account, pretty soon I had over £500 saved and at no real hardship to myself. i could still factor in nights out, the odd new top (clothes), the odd Pret sandwich, Starbucks latte.

I plan to do exactly the same once I get paid monthly again.

And also, banks make mistakes so even though it's a pain - I don't recommend doing what I did, going through your receipts every month with a bank book (this can get really wearing) but if you check your statement thoroughly then you can see where banks do make mistakes.

It's also a real wakeup call to view a statement online and you can SEE where you've overspent on larger purchases or withdrawn a lot of money every week.

I wish I had done this years ago rather than burying my head in the sand like I used to do. And now my favourite sites are moneysavingexpert.com and the others (hotukdeals etc) and I always do a price comparison before making a larger purchase!