Overdraft Problems

Oxid3

Hi,

As it stands I have a flexi loan with HSBC with £1891 left on it, with £40 a month fixed repayments which is fine.

I also, however, have a £1000 overdraft with HSBC which I am struggling to reduce due to it not having a fixed repayment. I have tried to take out loans with different banks to try and have a fixed payment schedule with a much lower APR but none of them will appear to touch me!

According to my credit score - its not terrible so I am guessing they think I am over committed, which I probably am.

All of the loans i've applied for, i've done online - would I have better luck doing it in branch?

I can easily cut back on how much i'm spending but its too easy to go over it. Ideally I would like to get rid of my overdraft and moved onto a loan and then remove the overdraft facility on my account all together.

Any ideas on what I can do?

Tixy

How about instead moving to a new bank account elsewhere with no overdraft and having your income /dds etc get paid out of there instead. Then you could set up a standing order to pay a regular amount off your overdraft each month.

I guess the other alternative would be to go in branch and ask them to take your overdraft away and up your flexi loan to £2.8k, I would imagine they won't credit check you for this as you won't actually get any more credit from them, obviously your repayments would only increase to £60 but you can always pay off more when you like. Although its still easy to be tempted to move money back when things are tight.

stevieb1

try getting them to reduce the overdraft monthly by a set amount for example £100 a month reduction.
This was the route i was going down before i ended up being off work for a year, which scuppered that plan.

clang_uk

I agree with stevieb1, it's the easiest option, set your self a limit of £50 pm or what ever you can afford and then phone them and ask to reduce it. You would have to stick to it as you get £25 fines with some banks for going over, so don't cut it more than you can afford to save each month!