Barclays Overdraft

Jo3y83

Hi :wave:

I have a £1,000 overdraft with Barclays.
Can I ask if anyone knows the best way to pay it off?

ceecee31

Ask them to reduce it, month by month, say £50 a month until you're done.

lilangel_2

How about decreasing the Overdraft every month so its kinda a repayment plan phone and ask Barclays if they would be willing to automatically to do this for you so every month depending on how much you are willing to pay say £25 for example. On the 1st working day of everymonth the overdraft would decrease by that amount. so it would go down to £975 in october £950 in november and so on and so forth.

R_P_W

The best way to pay off a £1000 overdraft is to deposit £1000 into the account and then not spend it.....but being serious the two answers above are a little more realistic

Boris_Allen

Not sure why asking them to reduce the limit will help. All that will happen is if you stick to your old habits and continue to spend, you'll be hit by unauthorised overdraft usage fees and interest rates.

Seriously, just be strict and tone down your spending. It may take you a while, but as long as you deposit more than you spend, you'll pay it off. As long as you are crediting and not going over your limit, Barclay's will not bother you and it won't affect your credit rating or anything like that.

Lensman_2

It's OK to say just reduce your spending, but most of us are here because we can't. Or didn't.

The monthly reducing limit worked for me. It was tough at the time and I had to realise (an live like) I had an extra £50 bill to pay every month.

But work it did and I manged to avoid exceeding the new limit.