Hi there, I really need help :(

xdannyboyx

Hi there, I've recently lost my job and it's happened at the worst time (whilst i'm into overdrafts on both bank accounts)

I have the following

Halifax Ultimate Reward Current Account with an overdraft of £1000 and i'm £980 into it. It's costing me £12.50 a month to have the account and £1.00 per day for being into the overdraft.

Alliance and Leicester Current Account with an overdraft of £200 and i'm not into an unarranged overdraft of £400 (they are charging me a whopping £100 a month because i went 10 into an unarranged overdraft)

I have two phone bills of £35 per month each.


I don't even know where to start to stop this getting more out of control than it already is.

What are my options? What can I do to help this?

opinions4u

First of all, good luck.

Secondly, go to this site, start reading and complete a statement of affairs.

Then post details on the Debt-free Wannabe part of the forum and seek help from there.

As for Halifax, do you need the insurances from the £12.50 a month? If not ring them today to change the account to one that doesn't charge £12.50. If A&L are going to charge you, have you asked them to waive the charges as a gesture of goodwill?

Oh, and stop sepnding on anything you don't need to spend on!

mcdaly

cancel the reward side of your halifax account now.
Go to a new bank and open a BASIC account - they wont like you for this and they will try and flog you a full account but just tell them you have a bad credit history and you need a BASIC account now use this as your main account from now on.
Contact both banks and inform them of your situation. Be open and honest and ask to set up a repayment scheme. It's going to affect your credit score but that is going to happen at this rate anyway.

xyz123

do you have any savings? depending on your work contract you may get tax free redundancy payment. which might help pay off debts..place your full Statement of Affairs for people to help you.

anselld

Cancel your mobile phone contracts. Until relatively recently it was possible to survive without a mobile.

DrSyn

A Basic Bank Account is free and will not allow you to overdraw. All the major bank I think have them but do not like to mention them as the do not make the bank much if any profit from them.

The Basic Account from the Co-op Bank for instance, is called "Cashminder", and can be run via the Post Office. Indeed you can get a leaflet from the Post Office (or type "post office banking" into google )and get a list of Basic Bank Accounts you can use there.

To reduce the cost of your overdraft you might like to look into joining a "Credit Union" if you can.
To do your research:- Type " Credit Union" into the search box on this site. Also try the "Association of British Credit Unions"(www.abcul.org)

I wish you good luck and a Happy Christmas

thatsean

Firstly, as others have said check out the DFW board. Do a full SOA so you know what you're dealing with then (in no real order other than how they pop into my head..)

- Open a basic bank account with a bank not connected to Santander or Lloyds baking group
- Arrange for future income to go here
- Check out what benefits you're entitled to
- Do you have a partner/relative who can assist in the short term?
- Are your housing payments up to date - Shelter's website can give you advice there
- Speak to both mobile providers, get the lines barred and payment plans set up (after the SAO and new income is sorted)
- What's the job situ, were you fired or redundant? If the former, are you able to look for work straight away, are there agencies that can assist you?

Sorry that this is a bit of a brain dump, there are many on here who will help where they can - remember, this is serious, but there's nothing in life that can't be fixed. Don't let it drive you mad.

Good luck.

S.

thatsean

Hey, How's it going OP?