Over Draft Nightmare

R_P_W

But Santander dont 'take' anything do they? You are overdrawn, you get paid it clears it and then you spend back into your overdraft again.

Only way out is to earn more or spend less (ideally both).

JuicyJesus

the_snatcher wrote: »

So when my wage goes in and SANTANDER takes my o/d it leaves me with just enough money to live on, not treat myself..

If SANTANDER did not take the full amount then I could clear it gradually..

I do not have savings as I am in debt and do not wish to add to that debt....

It's not Santander's fault. It's how overdrafts work. It's how overdrafts have always worked. What you are saying is "if my overdraft wasn't an overdraft then I wouldn't have an overdraft."

Your options are to either reduce the limit each month or to take out a personal loan, and/or to make further cutbacks on your outgoings or increase your income. There are literally no other options, and you cannot blame Santander for operating an overdraft facility in the correct way.

lolavix

I'm pretty shocked that you find the concept of an overdraft confusing - its really not rocket science. That's how they work, end of, Santander have done nothing wrong.

You need to spend less, that's then only answer. You could look at a loan but the interest will prob be higher.

robpw2

i think you need to get a bank account without an overdraft and then start clearing your santander one for good

dalesrider

the_snatcher wrote: »

I have a £1450 o/d and get a wage of £1750 and outgoings of £1350 that is bills and debt....

The remainder I buy food, diesel, gas and electric which are pre paid which eats into my left over wage..

If SANTANDER did not take the full amount then I could clear it gradually..

NO. Outgoings are the total of what you spend.....

Santander DO NOT take any money (other than o/d charges)..... That money is taken by the companies you pay your outgoings too.....

antrobus

the_snatcher wrote: »

I am with SANTANDER and currently have a £1450 overdraft facility which I reach the limit every month... ....

That's because you're spending 100% of your income. There isn't really any need to read anymore.

the_snatcher wrote: »

... I have contacted SANTANDER for help to put me on a debt recovery plan...

There is no magic 'debt recovery plan'.

the_snatcher wrote: »

...
I am no fool and anticipate that the advice I would be given is to do a budget and spend less than I earn this is true and I am already doing this....

You're right, that's exactly the advice you'll be given. But you're not 'already doing this'. You've clearly addressed it sufficiently to prevent yourself getting into more debt - that £1,450 overdraft plus credit card debt came from somewhere - but not enough to actually reduce the debt that you have. Otherwise you wouldn't be reaching your overdraft limit every month.

As previously advised, post the details of your income and expenditure on the Debt Free Wannabee board and see what advice you're given about tackling your spending.

daviecol

Hi well the good news is you have a job and whilst you find your debt annoying it's not out of control..yet......

You must have over spent quite considerably to be overdrawn almost a months wage plus have credit card debt. So contrary to what you think you do spend more than you earn otherwise you wouldn't be where you are now.

Santander won't help you because they are a bank, they lend money to people and charge them for it. That's what banks do. They will only start ringing you and sending you letters if you lose your job and your wages stop going in to your account.

Do you pay for this overdraft? If so how much? Would it be cheaper to take out a loan to pay the overdraft off then cancel the overdraft facility on the account?
If not then it's simply a case of spending less each month until the overdraft is gone, it's that simple. If you can't do this your living beyond your means.

Ask yourself,

Do I have an iphone? Do I need an iphone?
Do I have a big car? Do I need a big car?
Do I smoke? Can I afford to smoke?
Do I buy takeaways? Can I afford takeaways?
Do I go to the pub? can I afford to go to the pub?

Basically it's time to face the fact you can't afford all the things you currently spend your money on.

Good luck!

daveyjp

You can manage the od limit online. Reduce it every pay day by £100 and live with what is left, that way Santander are in effect taking it back little by little.