whats the best plan of action????

ValHaller

smithy81 wrote: »

I have now added my Overdraft to my signature, I had left it off before as didnt see a way of paying it off, as you can see from my signature I have been making extra payments to Argos and paid off my cc with a ppi payment, I am currently paying £50 a month in fees for this overdraft which is driving me mad!!

Don't put the extra to Argos, put it to clearing your overdraft

• We have seen on this forum cases of people who have had their overdrafts taken away - this changes the situation form being just able to bump along to defaulting on other credit when your payments are bounced - or perhaps an arrangement to pay for clearing the overdraft
• The £50 in overdraft fees means the overdraft is on a highish APR
• Keeping the current account in credit is a good way of keeping on top of your current spending and separating that from your historic debt.

smithy81_2

Thank you all for your input unfortunately we can't take a payment holiday as only just started paying this back this month! So do you think I should use the joint account and then pay the extra payments to the overdraft I owe in HSBC also if I change my wages over to this account will HSBC be likely to cancel the overdraft as I am not paying in??

fatbelly

I suspect if you pay £530 to the inlaws, your overdrafts will increase, whatever you juggle.

You will effectively be paying off a 0% debt with high-interest borrowing.