Help with bank account and credit card debt required

hjl_2

Hi All

I'm in a sticky situation and trying to find away out of it. I have been having money problems for years, but it is at the point now that my bank account is causing problems which is pushing me further in to debt. I have an overdraft which is overdrawn and the amount of money coming in to my account means that a few days after my salary comes in I'm maxed on the overdraft and to try and prevent charges I'm taking money off of one of my two credit cards to put money in my cuurent account. Both my credit cards have just under 5k on them. Because it is difficult to keep an eye on my current account (partly through denial I'd admit) I'm getting charges from my bank of around £150 a month for unpaid items etc. I know I need to probably change my bank and I guess try and move my crdit card debts onto another card of 0% (when I've done this before I couldn't pay off in the 0% time scale) Can anyone offer any advice of how and where to start please. My credit rating is likely to be rubbish so I just fear the rejection of trying to sort this. Any suggestions greatfully received.

tbourner

i'd advise against getting more cards as you'll probably just end up doing the same thing with them and have even more debt you can't afford!!

Have a look here to start with.

If you can get a relatively accurate SOA written up then people here can give you more advise.
The most likely course of action will be to close your accounts and open a new bank account, then treat the old account and cards as fixed debt amounts to be paid off. Once it's closed and you know how much money is coming out each month from the new account, you can make sure you ONLY use what's left over to pay off the debts.

[Deleted User]

I had the same problem, but now I feel in control, my debts reduced a lot and I'm happy.

I approached my account provider to freeze the OD charges and fees, this also included stopping unpaid fees and so on...

I then just paid anything and everything that I could to all debts. I also did the same with the credit card and had interest frozen.

What I would say is, if you will honestly use a 0% card correctly, then you musy apply before you tell the bank about the problems and or you miss any further payments. Once you move bank and start repayment plan with O/D then clearly it will be visible on your credit report.

But as I said, I managed a very good start without a bank change Wishing you lots of luck!