Taken too much on?

Nebulous

Hi,

I have two loans, one in the form of a HSBC FlexiLoan (£2k, £1925 remaining) and a £850 authorised overdraft, which as of today I am £950 into.

This has scared me, as my overdraft is getting bigger rather then smaller as it has no fixed monthly repayments.

Is there a way to transfer it to another card/ loan and get monthly repayments on it? whats the easiest way out?!

Any advice would be recomended greatly.

Regards.

d3mon4ngel

One idea would be to see if you could open another bank account with no overdraft on, have all your wages etc paid into the new one, and just make a payment across to the overdraft to get it paid off that way and to make sure you don't use it more.

Nebulous

Thats not a bad idea, I do have two current accounts anyway - its just a pain to get it all moved over.

Nebulous

I earn about 1600 a month if that helps with any options?

BigCraigJohn

Use it online, most do instant transfers, takes about 2 minutes once you have the initial payment template
set up.

d3mon4ngel

If you can get a statement of affairs (SOA) posted, I'm sure that people would be able to help out to see where you can cut back to get the money to pay the loan / overdraft.

Here's the link: http://www.makesenseofcards.com/soacalc.html

Make sure you include the APR's too.

Tixy

Whatever option you take (and a seperate bank account is often a good idea) you are still going to need to look at why your debts are increasing each month and where you can make some savings, ultimately that willl be the only way your debts will start to come down.

If you are not sure what you are spending all your money on then maybe start a spending diary for a couple of months where you write down everything you spend (even down to 50p on a drink etc).

And as d3mon says doing a statement of affairs should help you and us identify where you can make savings.

foxgloves

I had a Flexiloan & as you'll know (if it's still the same), a fixed payment goes into it every month from your current account. What they didn't tell me was that I could have a paying-in book for my Flexiloan. I asked for one and as well as my fixed monthly payment, I started paying in every little extra payment possible to get rid of it. Even things like bags of coins from my coin jar, odd bits & pieces of cheques such as from selling things on ebay, etc, only relatively small payments but it got rid of it faster meaning that I paid less interest & got my monthly repayment freed up earlier to go into something else. They looked so surprised when I asked about making extra payments, but when you think about it, they make maximum interest by stretching the loan out as long as possible, so not in their interest to tell you. If you get a strict budget worked out, you might find you can do something similar.