Halifax Bank Charges - Can't sleep - HELP!

sinbin_72

I have a Halifax bank account which is near it's £1500 overdraft. I am always in the red and have started to be charged the £1 per day charge. I am finding it very difficult to keep paying this charge but I have no means of getting out of the situation so I am looking for some advice.

I have a credit card on zero interest until december with a credit limit of £1250 but there is only 250 in credit on there.

I was wondering what the best way to approach this is? My financial situation will change for the worse in a month or so and I will likely have to go onto beenfits. The £30 per month charge will then be impossible.

What would happen if I opened another bank account. Would Halifax be willing to freeze the charges? I am so mixed up. Please help.

Fitzer2000

Transfer the debt to the 0% card a.s.a.p. Then focus on reducing whats left on the Halifax. This should reduce the daily charges as there would only be 250 on the Halifax card.

wolveslass

I had the same happen to me. If you can get a Virgin Credit Card. You can transfer money into your current account from here on 0% for 13 months. This is what I did. I now have no overdraft and the debt is at 0% on the card. The minimum payment on virgin is always £25 per month so just make sure you can pay this. Good luck.

wolveslass

By the way as you probably know, unless you transfer the entire debt to 0% you'll still be charged £1 a day, as it doesn't matter how overdrawn you are at halifax, just how many days.

sinbin_72

Thanks for advice. I can only transfer £230 at present even if it was possible. Unfortunately I cant think of how I would transfer even the 250 should I want to. I will look into the Virgin card(does it have a special name?) but I may not get it as I have only just been accepted a credit card with my bank after years of paying off a large debt. I am worried because pretty soon my income will fall again and I am trying to prepare but these charges are starting to strnagle me.

sinbin_72

Could anyone provide a link to this 13 months interest free virgin card that allows you to transfer into a current account? Thanks

DarkConvict

Your lookign for one of these super balence transfer cards - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

As to the problem the OP has, i would seek advice from CCCS/National debtline.

You will most likely need to start a new bank account say the Co-Op CashMinder or Barclays CashCard and have your income paid into that, and treat the old account as a normal debt.