Barclays bank overdrawn

vikki2k1

Hi
my current account is overdrawn by a lot of money, as i am on benefits the bank said if i write down all my incoming and outgoing money they will give me a loan to pay everything off and pay them back so much per month.
i am wondering if there would be a better company who i could get an unsercured loan from with a smaller interest rate?
i know i will be paying quite a sum on top of the actual loan amount but i am only 19 and i have some very large debts and to clear them and stop the worry of where the next £5 to pay the credit card bill is coming from!
thanks in advance guys

dizzy_blonde_2

What rate of interest are they offering you?

vikki2k1

they havent said yet, i was told to work out my incomings and outgoings and call them back and they will see if they can sort out a loan.
will it be for all of my debts or just to pay off the bank overdraft?

vikki2k1

have just called the bank and been told that they cant even offer me a loan to clear all the debts because i have not got money coming in to pay the loan, but if i had got the loan i would have more money to spare as i wouldnt have so much to pay out!
does any one know of any cheap consolidation loans? unsercured!

AJolly

Ive just done the exact same things with barclays, by some stupid mistake barclays cleared a cheque then it bounced how that can happen i do not know. I had used the money to pay some bills off so the cheque bounced and sent my account £1800 overdrawn so i had to take a loan and im paying £45 a month at about 9% interest. I would advice going with Barclays on this they are quite understanable, and there prices are resonible. You may be able to find a lower APR somewhere else though, but it has to be sorted asap as Barclays will charge you every month its overdrawn. They were charing me £18 interest a month for the overdrawn account plus a further £75 a month for the priviledge, of course these charges iam now claiming back.

EDIT
and their loan is only for what you have gone overdrawn, they will also ask for all your cards, and cheque books. They will also take away all your overdraft if you have one.

vikki2k1

well they have told me that the cant even offer me a loan to pay the amount over the overdraft off (£500) because of my monthly outgoings being more than my incomings. but before they cleared a cheque which i asked to be cancelled and charged me for it and piled interest and further charges on top, i was managing perfectly with the overdraft and paying all my outgoings.

i now need to find a loan to pay off everything as without that overdraft being there i cant manage to pay all of my outgoings!

abitrubbish

If your outgoings are more than your incomings then getting another loan really won't help you - you need to fix the problem first.

I suggest you go over to the Debt Free Wanabee board where they can help you reduce your outgoings and pay off your debt completely, rather than just moving it around.

Perhaps if you can reduce your outgoings and give an amended SOA to the bank they might reconsider your overdraft facility?