Overdraft troubles

Thriftkitten

Hi I am looking for some advice, I have gotten myself into a pickle with my overdraft and now owe 2500 which has changed to an un arranged overdraft, the bank are adding £6 per day, I dont know what to do about this as I dont have a spare 2.5k to pay if off in one go!
Could anyone pease advise me on what I can do, I could manage £50 a month toward paying it off but I know this would be swallowed up in charges leaving me in the same situation.
I am a student working 2 days per week and on my own with 2 children.
I keep burying my head in the sand but the worry in starting to consume me.
Thanks

BugsyBrowne

Going by your profile picture if I had 2.5k spare think I would just give it to you.

opinions4u

I'd head pretty rapidly to the Debt-free Wannabe part of the forum and repost.

Well done for facing into this. The guys over on DFW will help you big time.

At the same time open a new basic bank account elsewhere, get your income paid in to it and move your direct debits over too. Separate your income from your debt. Avoid Nat West, Santander and Ulster Bank.

The website https://www.makesenseofcards.co.uk can help you work out where your money is going. Complete a statement of affairs (SOA) and post it on the DFW board.

You will need to work out what spending needs to cease. Mobile phones, digital television etc can often be big monthly spends that can free if you choose alternatives.

A bottle of Evian or can of Coke bought in a shop can be replaced with (almost) free tap water. Eating out is expensive, even if it's only a meal deal lunch at Boots. Home made sandwich is cheap.

My family saved £100 a month when we stopped buying crisps, biscuits and anything by Mr Kipling.

Good luck!

CKhalvashi

Thriftkitten wrote: »

Hi I am looking for some advice, I have gotten myself into a pickle with my overdraft and now owe 2500 which has changed to an un arranged overdraft, the bank are adding £6 per day, I dont know what to do about this as I dont have a spare 2.5k to pay if off in one go!
Could anyone pease advise me on what I can do, I could manage £50 a month toward paying it off but I know this would be swallowed up in charges leaving me in the same situation.
I am a student working 2 days per week and on my own with 2 children.
I keep burying my head in the sand but the worry in starting to consume me.
Thanks

It should just about cover the interest from quick calculations.

Speak to the bank, I can't tell you what they'll say.

CK

Thriftkitten

BugsyBrowne wrote: »

Going by your profile picture if I had 2.5k spare think I would just give it to you.

Hahahaha that has cheered me up no end thankyou :j
However the grey cloud still looms!!! off to see how many years old the profile pic is hehehe!!!

Thriftkitten

I did open another bank account with barclays and silly me chose to pay 19 per month for the pleasure....... will cancel that first thing this morning as need to nip to the bank today anyway.
I do try to be as thrifty as possible regarding buying things, I always make sarnies and take my own coffee to work/college.
The majority of my money goes on things for the home, ie sky £50 per month ouch! covers broadband, phone and kids package, home and life insurance, direct debits for store cards etc., I don't know how to change these as they are also the minimum payments allowed and still in contract with them so no chance of cancelling.
I did balance transfer a card a year or so back and that along with my other cc is about a 100 payment per month also. think i will head over to the forum you mentioned
Also to add to that i have a 140 car payment per month, about a year and half into a 4 yr finance

MoneySaverLog

opinions4u wrote: »

My family saved £100 a month when we stopped buying crisps, biscuits and anything by Mr Kipling.

Mr Kipling does make exceedingly good cakes though :D:D