My circle of death!

N1coz

Hey guys, first post, hope you can help!

First of all I should state that I have two bank accounts. A current account with Barclays and a graduate account with natwest. The graduate account is fully maxed out in the minus and I hardly touch it but to keep it 'active'.

I should also state that I am self employed and freelance. Meaning my pay is not always paid on the same day each week. The main bank account is my Barclays current which has all of my bills paid out of which I don't have a problem with. The only thing is that occasionally because my payday isn't always the same, direct debits etc go through taking me into minus. Resulting in a £22 charge for every 5 days I am minus.

My logic is that if I had an overdraft on that Barclays account (even a small one I.e £100) then I would not have an issue. But they won't touch me with a barge pole because I keep going into minus.
But I can't stop going into minus because I don't have the means to stop it!
I also thought maybe I could get a credit card and use that to pay for things when money is short then when the wages clears, pay it off. Also meaning i could build a little good credit? Barclays told me I could apply for one but there's a good chance it would decline. So I don't want to that to affect my credit. It also puts me off applying for credit cards from other companies until I can sort this out.

So what do I do to get of of this vicious circle?

Any advice is much appreciated!

opinions4u

Build up some savings in the good times.

Dip into them in the bad times.

Always save a bit more than you are ever likely to need to dip into.

iluvsaving

Barclays need to see that you are managing your account well by having a minumum of £50 in your account at any time. You are more of a risk to Barclays if you keep going into an unarranged overdraft therefore implying that you are unable to manage your finances effectively.

Also, remember an overdraft is there for "just in case" situations and not something to live out of.

zjokorllof

I ordered a new debit card due to damage . after 5 days waiting i got a call from their fraud department that someone has been spending my wages on the card that never arived . i am on an extremely low income and now i am recieving letters from them about guranteed payment charges and overdrawn charges . Their fraud department seems to be based in India and one needs a miracle to get through to them even on a good day, i ve already spent £60 outside my monthly mobile allowance calling them -- -
when will i get my money back?
will the charges be cancelled ?
will i ever get an explanation from barclays ?
what do i do i loosing my mind?

opinions4u

zjokorllof wrote: »

I ordered a new debit card due to damage . after 5 days waiting i got a call from their fraud department that someone has been spending my wages on the card that never arived . i am on an extremely low income and now i am recieving letters from them about guranteed payment charges and overdrawn charges . Their fraud department seems to be based in India and one needs a miracle to get through to them even on a good day, i ve already spent £60 outside my monthly mobile allowance calling them -- -
when will i get my money back?
will the charges be cancelled ?
will i ever get an explanation from barclays ?
what do i do i loosing my mind?

You need to set aside the time to talk to Barclays.

But you should start your own thread rather than hijacking another one. And I'd recommend using the standard font.