Paying off an overdraft

Lucy1982_2

I was a student with a £2000 overdraft. I took out a loan to cover this (a very stupid thing to do!), as I headed straight back into it!

Once my petrol money goes out, it'll stand at about £460. It's current limit is £500. It's really hard to pay off and soul destroying when you half your wages are eaten by it! But little by little I will pay it off. But as I have other debts keeping my head above water is really important at the moment.

We'll get there!!

affordmylife

Hi again - thats why i decided to open a second current account for my wages so at least the account is in credit and my wages not swallowed whole by my overdraft.
Obviously the overdraft still has to be paid off but I can choose to pay £50 (or any other amount i can afford) from my in credit wages account to my old overdrawn account. I still have monthly expenses to pay out of my wages but it felt terrible to be paying them from an overdrawn account even after wages had gone in. This way feel like I have earned the money - it has gone into my account - i pay all my monthly bills - whats left i pay into the overdrawn account. Its great i feel in control of my money again.

emptypocketz

Thank you all - its so easy to just "up" your overdraft - considered paying it off via other means of credit but I thought that was plain silly as (a) I would be paying more interest and (b) I will probably, most likely, get back into the OD. I just had seeing the minus sign all the time.

southern_chick

hi epmtypocketz

i have been overdrawn for longer than i care to mention by about £1100 each month (i only earn £600 a month!!) just after christmas i decided i had to start sorting it out. i looked really hard at what i spent and worked out a realistic budget, i draw the cash out at the begining of the month that i'll need for food shopping, petrol money, DD's pocket money etc and then i don't touch the account for the rest of the month, i never draw money out of the cashpoint now and don't use my debit card to shop. i have so much more control over my money now and at long last i am in credit, it feels great

good luck and let us know how you get on

SC XX