A very panicky Thriftkitten

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

Sambucus_Nigra

Why did the bank change it to an unauthorised overdraft? Can you make an appointment and go see them and ask them to reconsider with a reduction plan of £50 per month? Have you spoken to anyone there?

Thriftkitten

Sambucus_Nigra wrote: »

Why did the bank change it to an unauthorised overdraft? Can you make an appointment and go see them and ask them to reconsider with a reduction plan of £50 per month? Have you spoken to anyone there?

We dont have a branch of rbs in our town, the nearest one is about 30 miles away as I have had the account for about 20 yrs now opened when we lived in the midlands.
I would need to take a day out of college or work as I am at college mon-wed and work thurs and fri.
Do you think I would be able to contact them via telephone for this or should I go to the bank instead.
Not sure but I think when i opened a different basic bank account so that my direct debits wouldnt mess up they decided there was no income going in and the little deposits I was making were not enough.

falldown7timesgetup8

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

I assume you have already tried to speak to your bank to no avail?
When i was a student (not long ago) the overdraft I held with the Natwest was interest free. Could you open a student account with an interest free overdraft, and transfer the debt across to avoid the £6 a day charge? Then slowly work to pay it off?

Thriftkitten

falldown7timesgetup8 wrote: »

I assume you have already tried to speak to your bank to no avail?
When i was a student (not long ago) the overdraft I held with the Natwest was interest free. Could you open a student account with an interest free overdraft, and transfer the debt across to avoid the £6 a day charge? Then slowly work to pay it off?

Oh that sounds like a better idea, not sure if thats possible, as I said Im 3 days in colege and 2 days working, so I do have a small amount of income to contribute.
I am hoping at the end of the college debt to go on to do my degree(3 yrs) at uni, but aswell as the stress of the homework assignments, im worrying that i will be too financially destitute to consider uni.....am in a right pickle!:mad: and angry with myself for getting in this sort of situation when i have such a clear picture of my academic goals! Not off to a good start eh!

Sambucus_Nigra

Thriftkitten wrote: »

We dont have a branch of rbs in our town, the nearest one is about 30 miles away as I have had the account for about 20 yrs now opened when we lived in the midlands.
I would need to take a day out of college or work as I am at college mon-wed and work thurs and fri.
Do you think I would be able to contact them via telephone for this or should I go to the bank instead.
Not sure but I think when i opened a different basic bank account so that my direct debits wouldnt mess up they decided there was no income going in and the little deposits I was making were not enough.

Well, I'd contact them by phone in the first instance - try now as it's after 9am.

You need to get that £6 a day stopped so if they won't, you need to consider a student account pronto. And not with RBS or any associated bank.

falldown7timesgetup8

Someone else will be able to tell you better - but im sure I read on here somewhere that the banks can't remove the entire overdraft allowance in one go? - have you tried speaking to the bank? They are sometimes more reasonable than you expect that they will be.
When i was a student, i was working as well - it makes no difference to a student account if you have income or not.
Stick with your academic goal - i was destitute at uni, but it was totally worth it coming out the other side

allydowd

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

Phone the RBS on 08457242424 and ask to be out through to the Financial Difficulties or the Triage Team.

Lensman_2

From
http://www.consumeractiongroup.co.uk/forum/content.php?827-Examples-of-unfair-treament

Unexplained peremptory withdrawal of overdraft facilities - once again, the length of time that the account or overdraft has been in place is highly relevant - especially in respect of small businesses

Is unfair under BCOBS. You should ask them to re-instate your OD limit, withdraw the charges and reduce the limit by £50 a month.

Thriftkitten

Sorry for the late update, been at work and then school open evening.
I called RBS this morning and aired all my dirty laundry whilst walking down the road to work!!!!!
I was put through to the lending and then financial difficulties dept, the lady went through all my incomes and outgoings and then agree that I should make an appointment with CAB, she also put an agreement in place where I pay £5o per month into that account, nothing else comes in or goes out, just the arrangement, if I do that then I will only be liable for the £40 interst charge per month ahemmm!!! so Im paying in £50 and only £10 is coming off the balance of about £2600.
my original overdraft was £2500 so by this time next year i should be only just under my overdraft limit grrr!!! she has agreed to wave any further charges which was aparently another £130 again this month!!
and said if I stick to the arrangement there will be no more charges only the 40 quid interest!
I did ask her why I couldnt change the account to a student account as I was a full time student only working 1-2 days and I have forgotten what she said the reason was now lol!!! but aparently i cant!

falldown7timesgetup8

If you can get the balance down further, then obviously the interest will start to come down each month - is there any likelihood of picking up an extra shift (not sure what job you do) or do some ebaying?