Huge monthly interest bills on overdraft

wench90

Hi,

I was hoping someone may point me in the right direction. I currently hold a graduate account with barclays bank. Unfortunately for me my overdraft is pretty high and so each month i get charged around £18-20 worth of interest. I'm trying really hard to moneysave and so have 0% credit cards etc but i just dont have any idea what to do about this. I dont know where i stand i relation to switching my overdraft facility because it's so high and i have a graduate account at present. I know some bank offer 0% deals on overdrafts but really, who's gonna let me switch with an overdraft topping £3000!!I cant really afford to super balance transfer at present because i already pay a lot of £ out per month. If anybody knows of a way i can decrease this interest, that would be really helpful.

Cheers
wench90

JCL

Well I've switched from HSBC to Alliance & Leicester who are offering 0% overdraft for 12 months.

My HSBC overdraft was £1,500. A&L gave me £700 so I've paid cheque for £600 (want to leave a buffer) from that account into HSBC.

By cutting back elsewhere I've managed to clear the rest. That would at least reduce the amount of interest you're paying. Far better account aswell.

I would give further thought to SBT's - you wouldn't be increasing your expenditure by that much (usual £5 or small % of outstanding balance) and you could use what you're saving by not paying overdraft interest to reduce the outstanding balances.

Hope that helps.

grumbler

JCL wrote:

Well I've switched from HSBC to Alliance & Leicester who are offering 0% overdraft for 12 months...

I believe that A&L offer free overdraft only for Premier Plus Current Account than needs at least £1000 monthly credit.

I also believe that this thread belongs to 'Debt-Free Wannabe' board.

JCL

You seem to believe a hell of a lot. Just living up to your username I guess?

Why not offer some help to the guy rather than complaining about what forum this has been posted in??

Tony_H_3

As this is about Banking and Overdrafts I think this is the most appropriate thread at this time. Advice can be given regarding reducing the interest charges using whatever method be it switching bank accounts or negotiating a better rate.

firrybabe

what's the apr on your overdraft ? you may not be able to switch to a 0% deal with another bank, but you may be able to get a better rate elsewhere which is a good start to trimming costs

Have you been in for a banking review to talk things over, you may be able to get some good advice from your bank and a feel for if they are willing to do something to keep your business

grumbler

JCL wrote:

You seem to believe a hell of a lot. Just living up to your username I guess?

Why not offer some help to the guy rather than complaining about what forum this has been posted in??

Why so rude?
I am not complaining. I do believe that 'the guy' will get more help and advice on the other board. Have you ever visited that board before jumping to conclusions? And the fact that 'the guy' have not got any advice here (becides yours) since 1.21pm proves that I was right.