Need help with my budgetting/

psychic_teabag

Mummy_Sarah wrote: »

Interest on overdraft is £20 a month
£120 to mum in law a month due to her helping out paying for a new car when ours broke down last year. It was only a cheap one and Ill be finished next year.

With which bank is the overdraft ? Is the interest a percentage of the amount, borrowed, or a daily fee. Is 1500 the limit, the average amount overdrawn, or the max amount you tend to go overdrawn ?

I know nothing of your relationship with your MIL, but if it's good, could you get the "overdraft" from her instead : say you borrow £2000 from her for £10/month, you win because you can stop paying £20 to the bank. She probably wins because 6% p.a. is a lot better than she can get from a savings account. Anyway, just throwing it out there...

Mummy_Sarah

psychic_teabag wrote: »

With which bank is the overdraft ? Is the interest a percentage of the amount, borrowed, or a daily fee. Is 1500 the limit, the average amount overdrawn, or the max amount you tend to go overdrawn ?

I know nothing of your relationship with your MIL, but if it's good, could you get the "overdraft" from her instead : say you borrow £2000 from her for £10/month, you win because you can stop paying £20 to the bank. She probably wins because 6% p.a. is a lot better than she can get from a savings account. Anyway, just throwing it out there...

Hi we have a 1500 overdraft with Barclays. Other half have had it since we met and we are constantly in it trying to get it down at the moment is impossible. We have a good relationship but I know they are struggling themselves at the moment (not as much as us) and know they would find it hard to come up with the 2000. They helped us out last year as they (is it called) an endowment on their mortgage of 6000. Thank you for the suggest xxx