Can Someone Give Me Some Constructive Guidance Regarding My Increasing Debt?

jigga2004

Guys, thank you so much for all your help so far... Hopefully more to come The utility bills are split between me and my father, who I live with.

The ideas of snowballing buzzing around my head today are allowing me to see the positives- a way out.

On another note, one of my concerns above all is my overdraft. i have 2 accounts. On my main account the overdraft is £3,700 of which I nearly use each month, because of all my outgoings/loan repayments.

On my second account it is £600.

Halifax charge me £62 a month for using nearly all of the £3,700 overdraft.

What would you suggest in regards to taking myself out of my overdraft ?

TUS

jigga2004 wrote: »

Guys, thank you so much for all your help so far... Hopefully more to come The utility bills are split between me and my father, who I live with.

The ideas of snowballing buzzing around my head today are allowing me to see the positives- a way out.

On another note, one of my concerns above all is my overdraft. i have 2 accounts. On my main account the overdraft is £3,700 of which I nearly use each month, because of all my outgoings/loan repayments.

On my second account it is £600.

Halifax charge me £62 a month for using nearly all of the £3,700 overdraft.

What would you suggest in regards to taking myself out of my overdraft ?

Again, avoid thinking along the lines of borrowing to clear it. I would recommend opening a basic bank account with another bank (e.g. Post Office) and transferring all of your incoming/outgoing direct debits and standing orders to that. That account must not have an overdraft facility. This means you can ensure you are managing each month without borrowing any more - as you simply cannot!

Then treat your two overdrafts as "loans" - and repay as much as you can each month on them. Ideally more than the interest charges you are being charged from Lloyds.

It will be a long slog - but you if you have a plan to work to, it is light at the end of the tunnel.

As you can see from my signature, I am in a similar boat to you and won't be debt free for years to come yet. But knowing that date (thanks to snowballing) is driving me forward.

Best of luck!