cant get up the courage

vintagegirl

to remove the overdraft.
I have a £1000 overdraft but i am in credit.
I did slip back in to it this month as had to pay £300 for my car repairs. but my payday is this week so that will pay it off again.

Its one of those Halifax ones where you pay £1 a day for anything over £300. I know i should reduce it to £300 from the £1000 but im scared i'll need it.
what should i do x

mildredalien

Bite the bullet and do it!

Have you worked out a budget for each month so you know your incomings/outgoings, and have some put by for emergencies? That might help you feel more confident that you can manage each month.

FireWyrm

Bite the bullet. Do it. It's a bit like removing a sticking plaster...you don't want to, you know it'll hurt, so get it over with in one rip.

The overdraft is your crutch and you need to remove it if you are in a position where you don't actuall need it. I did something similar. I moved debt onto a 0% card and knew I couldn't be trusted with more money so I deliberately didn't memorise the pin. I can't use the card to buy things...same difference as not having it and it serves the purpose it was intended for.

sharpy2010

Leave it there and use it responsibly, is that so difficult?

vintagegirl

to be honest, i dont really trust myself not to use it but i hate paying their stupid fees, so i havent paid any for 3 months, i might leave it and take it off £100 at a time

sharronej

If I were you I'd take £250 off each month for the next four months at least then you are moving in the right direction and it will limit the damage you can do over Christmas....provided you are making an informed judgement that is!

Monkeynut

Are you in a financial position month to month normally (ie, when there are no unforeseen/planned expenses such as the car) to be able to gradually build up some savings.
If so, maybe you should have a separate account open for savings, and say for every £100 you manage to squirrel away, you reduce the overdraft by the same amount. That way you have access to the same amount of money for emergencies, but will never have to pay to use it.