i need help!!

berniemac_2

i've gone into my overdraft in my bank account - £1500 worth of an overdraft. every time my monthly wage gets paid in it doesn't help the situation cause i have things to pay and i ends up being back at -£1500. i've tried to apply for a credit card/loan to sort this but obviously my credit rating is now very poor - any help??!

AFK_Matrix

I would post up an SOA so the good folk here can comment on where you can make some savings.

Look at the top of this section as there is a sticky for the SOA.

ShALLaX

Cut back on your spending, pay off your overdraft gradually. There must be things you can go without. Mobile phone bill? Cable/ satellite TV? Fancy food? Eating out? Fancy clothing? Walk instead of driving or taking the bus? Even if you only save £10 a month, it all helps.

There are rarely quick-wins in situations like yours (unless you happen to know this week's lottery numbers), so don't expect a magical solution to suddenly fix the issue. It'll take time, planning, perseverance and dedication.

Good luck.

foxgloves

It can feel more complicated trying to budget while running an overdraft....it's that feeling of seeing all your wages disappear straight into a black hole. However, speaking from experience (tho' am now reformed character!), borrowing more money to sort out a debt rarely works the way we hope it will. It's not possible to suggest whether you can make obvious cutbacks in what you're spending without knowing more information, but if you are not able to up your hours/wages (& that's difficult at the moment with the economy so depressed), then your only option is to do what many thousands of people are having to do at the moment & cut back your expenses so that they are within the amount you earn. It may well be that you can only knock a little bit each month off your overdraft, but if you trim your outgoings wherever possible (think 'needs', not 'wants') and work out a strict budget every payday, then your overdraft ought to slowly fall. Borrowing to pay it off will only give you another debt elsewhere. You are also likely to be tempted to borrow more if you get a credit card....and that's the slippery slope.

tulip28

Get a new bank account and switch your wages to that - visit your bank with the overdraft and agree a repayment plan - little steps!

shortyslk

What about contacting your bank and asking them to reduce your overdraft by say £20-£30 each month - that way its getting paid off little at a time and if you find in a few months you can afford more then you could make extra payments towards it.

To pay off my overdraft i done it this way and yes it took longer but i stuck to it and its now paid off

tulip28

Try not to borrow more - re structure what you already owe in your favour. Post your monthly budget we can help - x

raq

our overdraft is quite large but the last month I have been paying money in at the end of the week and asking the staff to reduce again and so forth every week. Even if its a tenner it really makes you feel good.

Good luck