overdraft debt

n4sty

Hi

I left university 3 years ago. I went overboard and opend 3 bank accounts with overdrafts. The interest free overdrafts have now finished and i am being charged £1 per day from halifax with whom i am in an overdraft of £600, similar charge with Natwest with whom i am in overdraft of £1000, and hsbc with whom i have an overdraft of £1000.
The charges month on month, day by day are crippling me.

Anyone have any idea of the best way of me reducing these debts? would it be best to take out a 0% balance transfer card and switch all the debt over??if so will the credit card company allow me to put on the debt for overdrafts from 3 different banks??
Or is there another i can shift these overdrafts without incurring these ridiculous charges?? I can afford to pay off at least £250 per month.

thanks an plssssssssssss help..

mr.ton

Halifax are the worst bank in this country.
Simple solution - open a basic account elsewhere, tell Halifax to get stuffed & report them to the authorities - hopefully with an aim to getting these criminal charges refunded

n4sty

thanks mr tom, but that doesnt really help me with my natwest n hsbc overdrafts for which i am also being charged for being in overdraft.....anyone else with any advice plz?

mr.ton

The same applies to your others as well....open a basic account with someone like the Co - operative, then go about making complaints/getting a refund etc...

CLAPTON

post up your financial details... impossible to advice without the facts

http://www.makesenseofcards.com/soacalc.html

amiehall

Okay, I have overdraft debt that (luckily!) has another 6 months of 0% graduate rate to run and I'm making a big push to pay it down before then. The only way I've managed to make inroads is to open a new account. Considering how many accounts you have now, you might want to consider making this a basic account. Any money that comes in goes into this account, you pay your bills and everything out this account and any money you don't need for day to day living, you use to pay off your overdrafts one at a time like loans. After 2 years of getting nowhere with mine, this has helped me get within £500 of clearing it.

n4sty

this is going to sound like a stupid question but what do u mean by my financial details?

n4sty

income after tax £1500 p/month, expenditure about the same, is why i am finding it difficult to pay off the overdrats even though i am paying about £100 maybe more into each a/c each month......but i am being charged at least £30 per month on each................

Callisto

CLAPTON wrote: »

post up your financial details... impossible to advice without the facts

http://www.makesenseofcards.com/soacalc.html

n4sty wrote: »

income after tax £1500 p/month, expenditure about the same, is why i am finding it difficult to pay off the overdrats even though i am paying about £100 maybe more into each a/c each month......but i am being charged at least £30 per month on each................

Refer to the link that Clapton posted (I have quoted it above.) To give you suggestions we need to know your expenses in detail and the debts in total. There may be ways you can cut back to find the extra money and cover the shortfall (eg if you buy lunch at work every day at £5, you could make your own lunches for a couple of pounds, and use the money saved to pay the debts down quicker.)

DVardysShadow

n4sty wrote: »

Or is there another i can shift these overdrafts without incurring these ridiculous charges?? I can afford to pay off at least £250 per month.

It does not take Einstein. Put your 250 to Halifax each month. After the second month, you will only need to find another 100 to pay them off. Then you will have 280 to throw at debt.

Alternatively, it may be worth shifting all your debt to Halifax - if it is £3000, your fees will be 365 fixed which might be cheaper.

But you need to put up a Statement of Affairs to get the right advice.

katsu

n4sty wrote: »

income after tax £1500 p/month, expenditure about the same

n4sty wrote: »

I can afford to pay off at least £250 per month.

A statement of affairs will help you work out your real expenditure, get advice on how to reduce it and then how much you can pay off your debts each month.