Finally paid off overdraft!!!

craig4657

Hi there,

I've finally managed to pay off my £1,400 overdraft which accrued from my student days (graduated 2007). This was the only debt I had as I don't have any loans or credit cards.

A little about me - I'm 27 years old, live alone in rented accomodation and I am have been in full time employment since 2008. I had my LBM in March 2011 when things were getting out of control in terms of £1 a day fees. I used to also be so lax in controlling my outgoings so never managed to save much or anything at all to put towards reducing this overdraft.

This overdraft is still available on my current account. Is it worth me reducing this?

I now know the error of my ways and believe I have finally begun to control my finances alot better. Since my LBM I've been using budgeting spreadsheets and I wish I came across them much earlier!

I won't stop here, I'll continue to use them to build up an emergency fund / deposit for a house.

Keep up the good work people, I couldn't have done it if it wasn't for this website and the people on these forums pointing me in the right direction. :T:T:T

Ciao for now, Craig.

HappyMJ

craig4657 wrote: »

This overdraft is still available on my current account. Is it worth me reducing this?

No...It's worth keeping for emergencies....As long as it is a real emergency and not just for a night out.

sprite1508

Well done for paying it off, im in the same position now too...............no debts apart from my mortage of 117k in a 160k house so pretty chuffed with mysef.
As far as your OD goes id reduce it to like £500, IMO 1400 is too much of a temptation just sitting there

curlytop12

hi,well done you!

i'd def reduce it to £500 as the above poster said,good to have until you build up your savings / emergency fund,then cancel it.

i've still got £1800 debt to beat yet,can't wait!