help please overdraft

bobthedambuilder

You can only close the account by paying it off. 18.9% is pretty savage. In theory you could get a loan at a lesser interest rate than that to pay off the overdraft, but you said earlier that you had "below awful" credit rating so that might be a tall order. Worth looking though. Best of luck.

backinbusiness

OP

Might still be worth posting up an SOA to see where your money is going - then you can work out how much you can afford to reduce the overdraft by every month.

Like a previous poster, I suspect that once the bank gets wind of you struggling, they might pull the rug from under you - they do do this all the time.

As soon as you have been paid, reduce the o/d by the amount you've calculated you can afford. £100 - £200 whatever. As the o/d comes down, so will the interest.

Slowly and steadily does it.

You might have to live frugally for a few months - but it'll be worth it in the end.

In the grand scheme of things your o/d is not too bad.

bib

chris2707

Have tried that one its just this overdraft I think now and can I say something stupid without getting mocked too badly but with Apr do I get charged that rate at the end of the year I know its bad but still

bobthedambuilder

chris2707 wrote: »

Have tried that one its just this overdraft I think now and can I say something stupid without getting mocked too badly but with Apr do I get charged that rate at the end of the year I know its bad but still

No. The APR figure is just a way of comparing different loans in a standardised way. You will be charged at a daily or monthly interest rate on whatever the outstanding balance is at that date. If you get a monthly statement you'll see that interest, which will then become part of the outstanding balance (along with any overdraft fees, less any amounts paid off). There won't be any more interest to come at the end of the year - if I understood you correctly to be asking that??:o

GeorgeUK

The only way you could pay that amount off in a hurry is if you get a loan as mentioned, but for such a small amount, the APR will be higher than 'normal' loan rates and debt conolidation is usually not advised anyway.

Do you have any old credit cards that you no longer use - are they still listed as open on your credit file?

Check and confirm your meter readings to see if you are owed any money back from the utility companies and also see if you are getting a good deal via the price comparison sites.

chris2707

Thanks for the help will transfer all dds and payments to my other account in the morning then go from there will try and get an soa up but think its just a case of being disciplined and controlling my spending but it can't hurt for someone else to have a look

chris2707

just a message to say thanks to everyone for their help I've moved my wages to my other account and I'm gonna use tax credits for all my d.ds from my current account then just drop my over draft by what's left at end of month will put an soa up soon see if anyone else can think of anything but for now It's just nice to be getting things sorted :-) thanks again