Paying off an Overdraft

Yetanothersmithsfan

Hi there. I'm a student living at home. Due to abject stupidity a couple of years ago I signed up to a £1600 overdraft with Lloyds TSB. Unfortunately, I maxed it out about a year ago and I've been struggling to keep on top of it since.

Has anybody got any tips on paying off an overdraft? (interest and charges seem to make this very difficult indeed)

I am unable to work because of a medical condition and my student loan is needed for other things as my course comes at great personal expense.

DarkConvict

Is this a student account overdraft, should it not be interest free or did you break the terms of the agreement? If you did break it i can understand why you are getting charged as you must not exceed it and must keep on funding the account usually atleast every 3 months.

If your still a student can you not apply for a new student account, transfer the overdraft across and close the old account, you must close it as your only allowed 1 account.

The main tip is basically stop spending money on the account and cut back on spending elsewhere in order to bring the balance of the debt down. Most people recommend having 1 current account and 1 account with an overdraft so you can make regular payments towards the overdraft debt without being in the account and spending on it.