Help, in deep debt!

Mr_Debt

Just had a look at quidco, and it looks very interesting, I am going to pop into a couple of local banks and enquie about transferring of overdrafts. As i said I am interested in who is more likely to provide this overdraft as I don't want to apply for an account then get the overdraft declined and then have to try another bank.

Cheers! I'm feeling better already, I am going to work on a more concise budget and money saving plan over the weekend.

Thank god I found this site!

bonnie_2

are you sure £30 a week for food is enough long term for 3 of you, once baby is eating solids etc. It dosen't sound enough. The government guidelines for food would be £80 a week, plus £15 for clothes between you.

OberonSH

My daughter was brought up DFW way - I used resusable nappies - bit of a pain if you go out but if Mrs Bob is staying at home they'll be really easy - just don;t skimp on them, you need lots! Plus they hold their value for resale on ebay.

Start a spending diary - note EVERYTHING you spend to find out where everything goes. Have you looked at tarting to a 0% balance if you can? That way 100% of the payment's going on the balance.

Join Pigsback, money for nothing (well, clicking) and you can earn Boots vouchers - great for baby stuff! I earnt my first one in less than a month.

Is Mrs Bob breastfeeding? Again, cheaper than buying high priced smelly formula, and better for baby.

Charity shop for baby clothes, also check ebay for some baby clothes lots, you get plenty in a bundle and I've never been disappointed

Ebay/amazon/green metropolis anything not nailed down. Car boot any tiddly bits, get big stuff in the small ads. Time to pare down that lifestyle, plus more stuff is more stuff to dust.

And most importantly - DON'T PANIC!! It'll be right in the end, it's a journey, but you'll learn some great things, and meet some cracking people.

plumduff-2

If you need assisitance in repaying the debts - ie - you need to reduce your payments plans, then you should consider phoning CCCS..

They will go through your income and expenditure and can negotiae lower repaymetn plans with all the creditors...

Mr_Debt

I think I am going to sign up to the bank through quidco, look at transferring my overdraft and then chasing my charges, then taking on the rest of my debts in an intelligent rather than haphazard manner.

Mr_Debt

*Update*

Just an update, thanks for all the advice and suggestions. I have been fortunate in that my year wages have been increased by £3000 per annum, I have also had a portion of this backdated and will most likely wipe my overdraft out.

My next step is to find out how much I have paid in bank charges and go about chasing that (without the worry of my overdraft being suddenly claimed back). What would be the best step to take after this, i forsee somewhere near a £1500 in bank charges that could be reclaimed. Should I use this to clear some of my bank card or some of my loan?

I've also done my first mystery shopper assignment and used an online service to get cash back for my old mobile phone.

misspoppy

Hi

I think this is the experience you are looking for regarding an overdraft.

My bank cancelled my overdraft and due to a move I found out with days to spare. I told them I couldn't pay and they were very nice, they gave me my wages that month (i belive this is a legal requirement) and we agreed a payment plan, there was no pressure on me to pay more than necessary and I made a fair offer. It wasn't too bad really although I had trouble getting another bank account and ended up with a basic one but it does the trick.

My advice would be to open a new account WITHOUT an overdraft and tell the bank of your circumstances and ask if they can freeze the account and you pay them a regular amount. Don't rely on the charges to cover the overdraft it might take months to get the money back.

I hope this helps

Mr_Debt

misspoppy wrote:

Hi

I think this is the experience you are looking for regarding an overdraft.

My bank cancelled my overdraft and due to a move I found out with days to spare. I told them I couldn't pay and they were very nice, they gave me my wages that month (i belive this is a legal requirement) and we agreed a payment plan, there was no pressure on me to pay more than necessary and I made a fair offer. It wasn't too bad really although I had trouble getting another bank account and ended up with a basic one but it does the trick.

My advice would be to open a new account WITHOUT an overdraft and tell the bank of your circumstances and ask if they can freeze the account and you pay them a regular amount. Don't rely on the charges to cover the overdraft it might take months to get the money back.

I hope this helps

Thanks for sharing your experience, although it now seems my back pay should clear my the majority of my overdraft if not all. The bank charges are merely a bonus and will be used to clear other debts.

Mr_Debt

Just another quick update, I have received a significant pay increase and back pay. I am going to use this windfall to clear my OD.

I am thinking of taking a loan, to refinance my current high interest loan and wipe out my credit car debt, the main aim to be to pay less interest and not to lower monthly payments, just to pay it off quicker! I know it is always not recommended to borrow to ge out of debt, but I am trying to be more intelligent with my borrowing.

With loans can I overpay at my convenience? Or are there different loans