clearing my overdraft

babyroo

I'm hoping someone might be able to give some advice for clearing down my overdraft.

Every month i'm upto my overdraft which is £1200, and my wages are only £930 amonth as soon as i've got paid i'm already into my overdraft by £270.

THe money i make on ebay does help, but alot of my outgoings are things that are long term like a loan and a credit card.


Would be grateful for any tips and advice.

damo101

I;m in the same boat, but thinking of reducing it by £50 a month. Fairly sure all it'll take a letter around payday.

K9cuddles

I think you need to post on the debt free wannabe section.. they will be able to offer you lots of advice!

mintymoneysaver

I've managed to get mine down from £700, I hope it will be nearer £200 by the end of this month.
I've done it by ebay, quidco ( some of the bingo and betting sites will cost you £10, but you will get more back.)
and basically just trying to spend less, which is the hard bit.
The other thing I have done is changed my current account to A and L who are offering a 0% overdraft so no interest to pay.They will match your overdraft if you can provide proof of it as well.
Also they are offering a refer a friend incentive when you join.If you go to the referrers board you will find people who are willing to give you up to £45 of their £50, plus your own £50 so you can get up to £95.
Hope that helps.

Gordon_the_Moron

Firstly make sure you aren't paying more interest on your overdraft than you need to (0% for a year then 5.9% with A&L is the market leader) then worry about your loans. See if you can transfer your credit cards to one or more 0% cards then only make the minimum repayment.

Doing that you should be able to pay absolutely no interest on your overdraft or cards, once the loans are paid off (quicker, racking up less interest) you can worry about your other debts. Watch the 0% credit cards though as they tend to go sky high at the end of the introductory offer. If you can't be bothered switching all the time look for the cheapest life of balance card.

Also try and earn as much as you can on Ebay and spend as little as you can, think about it every time you buy something, do I need this? Can I get it cheaper somewhere else? If you do that you'll soon be able to throw more at cutting debts and once their cleared you'll actually have £930 per month to spend. Bottom line, don't spend more than you earn (don't consider paying off one debt, either by creating another or with cash as spending though, swapping debts around can save a swage of interest)

Yours
1 debt free clever !!!!!!