Overdrafts and Credit Card

kyle2603

Hi,

I'm currently £600 into my overdraft and also owe £350 on my credit card. I'm struggling to pay this off and wondered if anyone had any suggestions and helpful advice. I want to clear all this so I don't have to worry anymore and can finally cancel this overdraft. I get paid £450 every two weeks.

My outgoings are;

RENT - £410pm
Mobile Phone - £45pm
BT Phone - £35pm
Car Insurance - £50pm
Oil Heating - £20pw

Any help would be greatly appreciated!

CLAPTON

best to work out a proper budget and see where all your money goes
http://www.makesenseofcards.com/soacalc.html

can you increase your income.. maybe parttime job?

Tixy

As clapton says you need to look at all your outgoings to see where all your money is going and what can be reduced. From the current info you have £974 income per month and £577 outgoings. But presuambly you are also spending on petrol, car tax, car maintenance, food etc.
Draw up a full budget and then you should see whether you have enough surplus to pay off the debts or what costs you might be able to reduce.

kyle2603

Hi,

Yes that would be right, I have the tax and MOT both coming up in the next couple of months. I would like something part time to contribute but the problem is that jobs in my area are scarce.

I don't live in the clouds or anything like that, my lifestyle is really showing in relation to my salary. I haven't been on nights ut for months etc as it has been getting steadily worse.

I also tried asking the bank for help but all they seem to do is offer me more products and exstentions rather than help me clear the balances.

I'm not overly fussed about the credit card as I always manage to pay that off and they have uses when needed. However I feel that the overdraft is a priority as when I'm paid my bank balance doesn't even go into the green.

ironlady2022

Your BT bill seems very high? My friend did not drive his car for one month because his insurance and tax was due at the same time, so he did this to delay it. Maybe you can get public transport and try and delay this? The bank cannot really help you as you owe money to them. I knowjobs are scarce but you need to be looking at every opportunity, even is it is a cleaning job that you can do during the evenings in the week (when you are staying in). This would only be temporary til you cleared your credit card/overdraft.