Rock and a hard place

pennypinch123

Hi.
I wondered if anyone could help me ?
I have an overdraft with Lloyds of 2750 which is close to the limit, in fact it went over and I spoke to Lloyds and they removed the charges as it was the first time.
I am on a low wage and my outgoings exceed my incomings.
I have read other threads about how to cut down and claim benefits etc and that has all been done . I am living on the line with no extras at all. only bills.
Problem is the interest on the overdraft takes me beyond the limit and I will go over limit again next month.
I talked to the bank and they said they can't help with the interest side of it ....put me through to a debt charity co Step Change while I was still in the bank.....they said as this was my only debt they couldn't really help.
The bank said as I am still within the limit it wouldn't be passed on to collections dept yet.
I only earn £100 per week .My partner earns £220 a week and has his own problems so can't help.
We get £45 Tax credit per week. Not entitled to housing benefit or council tax benefit.
Am I just supposed to wait for the bank to get in a real mess before anyone will help me or is there something else I can do?
Any help appreciated.

beanielou

Best advice I can give you is to open a new basic bank account away from Llloyds & basically start again if you see what I mean?
You would then pay Llloyds back a set amout every week to pay of the OD.Do not agree to more than you can afford.
I hope this helps.

Niv

The main advise I think you will get here is to reassess your costs and see if you can get a second job / overtime in your existing job.

The details you have provided are not complete so completing an SOA may help as you may think that you have cut back fully (i.e. think yuor paying a reasonable amount for this bill and that bill) but others may know of cheaper alternatives.

Niv

beanielou

Oh & is there any way that you can increase your income at all?
What is your shortfall overy week?

pennypinch123

Thanks for your replies. Trying to get more work. Look every day, been to all the local places asking for work...live in a small town and nothing happening job wise ..if I go further afield I will not benefit much due to petrol costs but still looking.
Only have a handful of bills. Rent, Council tax, Electricity via meter.Cheapest phone/internet around. Car expenses.Food. no ther bills
Don't go out, don't drink, don't buy clothes. can't afford it.miserable existance really.

Niv

pennypinch123 wrote: »

Thanks for your replies. Trying to get more work. Look every day, been to all the local places asking for work...live in a small town and nothing happening job wise ..if I go further afield I will not benefit much due to petrol costs but still looking.
Only have a handful of bills. Rent, Council tax, Electricity via meter.Cheapest phone/internet around. Car expenses.Food. no ther bills
Don't go out, don't drink, don't buy clothes. can't afford it.miserable existance really.

I do feel for you (and others in this situation). You mention a partner, do you live together? I know you say he has his own problems, but there may be something that you can do together that you are unable to achieve alone. Without knowing details of his issues etc its hard to say but it was just a thought. For example, you say one of your bills is rent, if you live together and you earn 1/3 of the household income are you only paying 1/3 of the rent? Do you buy food for both of you? Where does his contribution come in? etc.

Niv

Lensman_2

You have 2 choices.

1. Battle on and find some way of keeping your overdraft in limit every month.

2. Give up and enter a debt management plan.

If you want to try 1, then fill out a SOA and post it up for advice.

If you have had enough and want to go for 2 - then see post #2. And give a debt charity a call. And say goodbye to your credit worthiness for 6 years.

To be honest, saying goodbye to your credit worthiness isn't such a bad thing. It did me a favour (although it didn't feel like it at the time). Life will be tough while you adjust - but you do adjust when you have no choice.

please-let-me-be-lucky

I agree with lensman.

However, on top of this, have a look at the 'up your income' board and the 'make £10 a day' thread on this board for ideas on how to make extra. Surveys that pay out in vouchers towards your food bills etc will then free up a little extra of your cash to pay towards the debts. There may be many more ideas you feel you could do rather than relying on jobs in your area.

sistafromanothermista

You could do surveys online, join Avon, Betterware etc anything to get some extra cash....

beanielou

I dont think OP can enter DMP with one debt?