Help

Jackw

Hi, Im 19 and am stuck in a £900 iverdraft, Im paying £30 a month in fees.. Whats the best thing to do.

19lottie82

Hi OP, I think you know what the best thing you can do is.......pay it off! But for us to work out the best way to do this, fill out an SOA (statement of affairs) using the template below, then copy and paste it on here.

This will show us everything you have coming in and out, and then we can advise you how you can cut back and use the extra cash to clear your OD - good luck!

http://www.makesenseofcards.com/soacalc.html

happycamel_2

You need to cut your expenditure and/or raise your income. Without meaning to sound patronising, dealing with money never gets more complicated than basic arithmetic.

So you need to find £900 plus the fees to get back in the black.

Ideas:
1) sell stuff, eBay stuff you don't need
2) get a job, get a better paid job or increase your hours
3) get a second job eg cleaning, ironing, gardening etc to make a bit more cash
4) reduce expenditure, make food from scratch, don't eat out, downgrade your phone tariff, get rid of unnecessary costs

Without knowing more about your circumstances it's hard to be specific.

cc4rhu

Talk to the bank. They may agree a 6 month or so reprieve. Or even better they may cancel your OD and you can pay it off at an agreed amount.

Jackw

Thanks for the advice, Isit possible to switch the balence to another bank with lower fees

19lottie82

Jackw wrote: »

Thanks for the advice, Isit possible to switch the balence to another bank with lower fees

I can't think of any banks that would give you a £900 overdraft for much less.

But I really think you should concentrate on paying it off, rather than worrying about switching it to another bank. Plus there is always the chance you will end up running up BOTH overdrafts, and be even more trouble.

Complete the SOA I posted in my first reply so we can help you. Without that, we can't do a lot.