What is the best way to whittle this down?

mboro

Hi all, I am posting on behalf of my Dad. (I have been on here for years....lurking, as you do)

My Dad has an overdraft of £650 and he is being charged £1 per day for being over drawn.

He has realised he needs to get to grips with his cash flow and wants to start tonight (better laste than never)....we are off to the bank tomorrow to have a chat about the £1 charges and how to pay of this overdraft on a weekly or monthly basis (if at all possible)

Please can you point me in the direction of a user friendly printable SOA for him to fill in and is an SOA the best place to start.

Thank you so much I will post his SOA in due course.

[Deleted User]

Well, here's the SOA Calculator. Make sure you format for MSE.

How to whittle it down will depend on how much spare cash he has (or can raise - hence the SOA), each month.

£650 isn't exactly a fortune, so it shouldn't, hopefully, take that long to clear it down.

forgotmyname

SOA is good if you need suggestions on where you can save money.

But the overall picture is you need to cut the outgoings to the bare minimum.

The Halifax do this £1 a day thing and since then i have taken even more care to make sure it never goes overdrawn.

Have good hard look to see where you can cut the outgoings.

mboro

Thank you so much for the link, looks like were off to do the SOA!

I know Dad needs to look at his finances, but I have offered to pay off his overdraft and he repay me instead of the bank.... is this a good plan?

[Deleted User]

It depends if this is the result of a one off, reckless spend.

However, if he is living continually beyond his means, then, unless he changes his ways, he will soon be overdrawn again.

Might be better to help him to pay it off himself.