a little help please :)

bn291287

hello everyone!

pleased to announce i have had my LBM! i am a 23 year old, dating a lovely girl and soon enough we should be doing adult stuff like mortgages etc the past few years ive been very silly - i have an overdraft of 3100 (and it is always at -3100) and i owe a catalogue 2000

these debts were due to naivety; i rang the catalogue and have set up a payment plan of 95 a month for 6 months which will knock it down by 25% i am also waiting on a tax rebate of at least 400 which will go straight to the catalogue, i have also started selling stuff on ebay and matched betting and all of this money is going to the catalogue as the interest is a staggering 39.9%

an interesting thing happened when i set up the payment plan; they asked why i was asking for help despite ordering 100 worth of goods only a few days before - at this point i broke now and admitted i had a problem, an addiction

anyway, i feel i have learned a lot these past few months and am glad i have done before i landed in any major trouble.

my question is, i have poor credit history, yet is there any way i can transfer my overdraft balance? people have suggested using a building society rather than a CC
any help would be greatly appreciated

brokeinlondon

I'm not really sure about the overdraft, but congrats on having your LBM! Good luck with your journey to being debt free

Hopefully someone will come along soon and will be able to advise on transferring your overdraft

tealady

Hi
I wouldn't transfer your overdraft but would suggest that you open a new bank account that doesn't have one. That way you have more control over paying it back as banks can stop overdrafts suddenly which can cause people problems.
If you post your SOA as well perhaps we can help get that pesky debt under control for you.

curlytop12

hi,well done on LBM

first,i hope you sent the £100 catalogue order straight back?
you probably eed to open a BASIC bank account e.g. co-op ashminder, with NO overdraft facility.all your incomings go into this account.All your direct debits and bills go out.your old bank account with the overdraft is then treated as another debt which you can then budget for monthly until paid off.
please do a SOA,more help will follow!

Nicky321

I agree with the others, post an SOA. Then you will have a clearer picture on your financial status and people will be able to advise accordingly. What charges are you paying on your O/D? I know halifax charge £1 - £2 daily and therefore your paying £31 - £62 each month before tackling any payment off the actual debt.