Reduced my Overdraft Limit!!!!!

sparklystar_2

well done for making a positive start. it is a good feeling. paid off my OD last year a bit at a time and now i love being in credit in my account. still have OD with OH on our joint account so some way to go to being totally OD free!

allybee101

That's fantastic, well done!
My limit is a long way off the £1000 mark but inspirational to see that others succeed in reducing their overdraft!

Sharon87

I know the feeling. I reduced mine by £50 in January when I got paid. I have never reduced it before and now the temptation is less. I'm with HSBC so can't reduce it often as they charge £25 every 2 times you do it! So my plan is to try and shift the balance elsewhere that will let me reduce my limit!

Good luck OP with the rest of your debt free journey!

stclair

I think its great what you are doing but bare in mind some banks may credit score you to reduce your overdraft.

Angel84

I've just checked and they do do a credit check and it could lead them refusing to lower it if they do too many and the credit score comes back bad (apparently!). Wow.....I thought they'd be pleased I was paying back what I owe...why do companies make it so hard to get debt free? I know they like the interest I'm paying....
Saw on an old post on this site that it's all about having the willpower to just reduce the overdraft but I'm one of those people who needs to actually see it reducing! I am very much motivated if I can see the end result happening!

MrsTinks

Well done you!
I used to live to the max of my overdraft and I got out of it eventually - I still have the overdraft facility but I am proud to say that bar using it to move some money around between accounts once I haven't been in it for 5 years! I still have it because my brain struggles with the lack of safetynets which I know is silly because I don't NEED it Daft huh?

Angel84

I'm glad I'm not the only one who classes my overdraft as a safety net though! I would love to be in the black but unfortunately i'm mostly in the red. I'm hoping to get it down as much as possible this year. Determination......:T

Deep_In_Debt

Hey! Well done you!

It's a step in the right direction so keep the motivation going.