Overdraft charges

Qualabear

I took out a student overdraft of 2000 which I maxed out around 4 years ago. It was then changed to a graduate account and I am now being charged interest on 1000 of it. I am on benefits and very slowly trying to pay it off but only managing 10 a month. The charges total around 20 a month which includes the interest and usage fee.

I am very short as it is and very soon I will be charged full interest on the whole lot which is currently at 1940.

Is there anything I can do?

DCFC79

Hows the job hunting going ?

If it were me id get any job to pay it off.

Qualabear

DCFC79 wrote: »

Hows the job hunting going ?

If it were me id get any job to pay it off.

Yes obviously I am job hunting, although being a single mother it's quite difficult to find work that fits in with my preschooler. Of course I am still looking.

Any other ideas in the meantime?

YorkshireBoy

Qualabear wrote: »

Any other ideas in the meantime?

There are generally only options:

1. Earn more
2. Spend less
3. Restructure the debt

1. You're doing all you can here...aren't you?
2. Can you?
3. Unlikely to be an option at the moment, being as you can only afford £10 a month debt servicing costs

It doesn't look good does it? Can someone childmind whilst you take a job?...any job?

Qualabear

Yes I can try and find a childminder to pay to look after her. The problem I'm having is that many jobs I've been applying for are low-medium skilled and require flexbility time-wise which is not something I can offer as I will be relying on structured childcare. It's very difficult to find any sort of childminder willing to change plans at the last minute. A nanny could do that but nannies are very expensive. My experience is hospitality and this requires many late evenings, night shifts, early mornings. It wouldn't work around my daughters routine.

No I can't spend any less than I do. I scrape by.

Thanks anyway

YorkshireBoy

Qualabear wrote: »

Yes I can try and find a childminder to pay to look after her.

Sorry for not being clear, but I meant family.

If they're not close by, consider moving...assuming they'd be willing to help obviously.

Qualabear

YorkshireBoy wrote: »

Sorry for not being clear, but I meant family.

If they're not close by, consider moving...assuming they'd be willing to help obviously.

I am near most of my family but they all work full-time demanding jobs so unfortunately no as they do shift work.

I'm sure I will find something eventually

RuthnJasper

Qualabear - I think the best thing in the immediate future is to sit down with your bank and have a good honest chat about the situation and see if they are able to offer you any help with reduced repayments or a payment break.

I'm sorry I can't really offer any more advice than that really, as my situation isn't the same as yours.

But I wish you happier days in the future. Hope all turns out well. x

happycamel_2

You have a degree, why are you looking at low skilled jobs? Can you chase for child maintenance? Could you child mind?

brokebuthappy

I was in exactly the same boat as you. Maxed out my £2000 student overdraft from HSBC, was switched to a graduate account and was then at some stage sent a letter saying that my overdraft facility was being reduced to £600 as I was being switched to their standard bank account. Had a degree but no job and had to raise the money in the space of around 6 months. I was able to pay it all off by selling practically everything I owned on ebay- clothes, shoes, beauty products, jewellery, dvds and putting books on amazon. ANYTHING I could think of. I reasoned that when I got a job down the line I could replace the things I sold, but in the end I didn't even miss anything that much.

iolanthe07

Aren't you getting any help from the child's father? Child minding is as much his responsibility as it is yours.