Overdraft + credit card - help!

david_hellier

Hi and welcome to the site.

Firstly do not be bullied by the bank. This is an old trick and their loans sales people target dorment accounts with od balances. Do not consolidate. Better to make a monthly SO into the account until you start work. That should shut them up. (see below)

According to my figures you have £147.77 per week to spend on food or anything else. I suggest you write this amount in a spending diary (ebay) and keep a note of what you spend by decuction. If you have any left at the end of the week use it to pay off more to the CC.

I'm not sure if you are sharing income with your partner but it will be necessary to get him/her to transfer £75 per month into your account and to use the book. Do not make any more purchases using a credit card. If you use this method you will stop overspend.

The figures are as follows, good luck:

income weekly monthly
self 0.00
partner 2000.00
ben






total 0.00 2000.00 divide by 4.33
£461.54

£461.54 total weekly income

spend weekly monthly
rent/mortgage 830.00
council tax 90.00
elec 25.00
gas 25.00
water 40.00
secured loans 0.00
TV licence 11.00
fines 0.00
phone internet 40.00
tvl 11.00
car ins 31.67
petrol 40.00
bus 32.00
pet ins 10.00
halifax cc 30.00
hsbc 24.00
eggloan 45.00
od payoff 75.00














total 0.00 1359.67 divide by 4.33
£313.77

£313.77 total weekly spend

Start= income - spend = £147.77 per week

olivetrees

there is another post a bit further back about HSBC you should have a look at. They have started bullying people into taking out loans which are generally not in their best interests as interest isn't frozen as is sometimes possible - you also end up paying bak HUGE amounts.

In the previous post I believe that the CCCS said is wasn't in the persons best interests to take the loan.

But everyones circumstances are different so it maybe best for you.

tigermax

Thanks David, that's fantastic. I have just been on the phone to CCCS who advised me NOT to agree to the managed loan. They said to write to the bank, say I will be declining the loan they have offered and will continue to make repayments by standing order. The bank will either then decline or accept my offer and I shall take it from there!

Thanks for your reply, much appreciated.