Ive just paid off my overdraft!

shandypants

Dear Belle. Firstly congratulations xxx

Just a word of warning, I too once paid off my overdraft (many moons ago!) then instead of deleting the overdraft managed after time to get myself in the same position. If I was you please think about getting rid of the overdraft completely. Then you wont be tempted to treat it as a "buffer" like me and end up in the same position later on........

rising_from_the_ashes

headoutthesand wrote: »

I think clearing one debt makes you feel so good that it makes you more determind to clear more. It's like rush lol.

Personally, I do not and never have, used my OD properly. I am constantly in it and live off it. Mine is only £300 but I plan to clear it to nothing and remove it from my account for this reason. It's just bad money management from me

You sound like me! I'm exactly the same (wish it was only £300 'tho) - it really only helps the 1st couple of months until you max it out and then that's it. I actually live (and have done for a long time) within my monthly pay but don't make any headway with the OD.

This year it will go!


Bella - huge congratulations! (Even more impressive if you've been on mat pay)!

bella121984

shandypants wrote: »

Dear Belle. Firstly congratulations xxx

Just a word of warning, I too once paid off my overdraft (many moons ago!) then instead of deleting the overdraft managed after time to get myself in the same position. If I was you please think about getting rid of the overdraft completely. Then you wont be tempted to treat it as a "buffer" like me and end up in the same position later on........

Youre right, I should just delete it totally, ive reduced it right down though "just in case", but really if I just delete it totally in theory I wont have any other choice but to only spend what we have if that makes sense...!

bottleofred

Hi Bella,

Well done on clearing the overdraft.

Good Luck

Red

ixia

Well done to you!

misskaytee

Thats great, Well done.

My goal at the moment is to clear my £1600 overdraft, much like others have, i have lived at the bottom end of my overdraft for far to long!

Im planning to reduce mine in £500 chunks and get it reduced as i go.

glittermonster

Well done!!

ixwood

Well done.

DVardysShadow

bella121984 wrote: »

... DH has been on at me ever since then to pay off the overdraft on our joint account, which is almost £1500, but I wanted to keep that money so I could spend it and not feel guilty about getting into more debt...im not quite sure I get the logic anymore! ...

That change in your thinking is, IMO, an even bigger landmark than clearing the OD

stqueen

Congratulations Bella! It's such a feeling of elation when you are finally back in the black!

I echo the thoughts of shandypants though, it was far too tempting for me to keep the o/d facility on the account, so I got rid of it - £2000 o/d over a 5 month period. What outraged me most about this was, when I tried to reduce it each time, Natwest would tell me they had to run a credit check each time, as there systems couldn't distinguish between an o/d increase or o/d decrease!

My response went along the lines of 'So I'm calling you up to get myself OUT of debt, and you are telling me you will run a credit search each time I reduce the money I owe YOU, which could affect my credit score?' Insane, no wonder so many people are in debt.

I took the risk and did it anyway, knowing I won't be applying for credit in the near future, but such a barmy logic, it really got my goat!