ONE DAY LEFT to add your questions before the Forum 'Ask An Expert: Energy' event ends. Our expert MSE Andrew will answer some from Wed afternoon

How to get rid of a large overdraft

Hi, I've never posted before. I just wanted some advice on how to go about getting rid of a £4000 overdraft. We have a poor credit rating due to missing loan repayments and having an interest only mortgage just now. Can't get and don't really want anymore credit. Every month we are going over the £4000 and are getting around £80 to £90 in charges. Spoke to our bank, the Bank of Scotland, but they were no help whatsoever. Actually they looked down their noses at us for getting in this mess. Any advice would be helpful. Thanks.


  • Tixy
    Tixy Forumite Posts: 31,455 Forumite
    If you go into the OD by the same amount each month then you are currently spending everything you have coming in. The only way you can reduce it is by increasing income or reducing outgoings.

    You really need to draw up a monthly budget and see what funds you have left to reduce the overdraft each month.

    You might want to post up a statement of affairs on the debt free wannabe section of the forum - and people there will be able to help make suggestions as to possible changes you can make to get things cheaper / make cutbacks etc.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • marymarbles
    marymarbles Forumite Posts: 3 Newbie
    Have just drawn up a monthly budget and are now trying to save on food shopping and reducing gas payments. Have stopped paying for extras such as kids music lessons, etc. I'm going to cycle to work and save on the parking. Will do the statement of affairs on the debt free wannabee section. Thanks for your advice.
  • jamesd
    jamesd Forumite Posts: 25,833
    Part of the Furniture 10,000 Posts Name Dropper
    The good news is that as you get on top of the debts and reduce them, you'll end up having more money each month because you won't be paying so much interest. Will take a while to get there but it does get easier.
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 171K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards