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Bank have cancelled my overdraft
BlueMonbee
Posts: 48 Forumite
Hi everyone I'm new and looking for some help.
I have some debt which I was paying off Over the minimum payment (totalling £90 a month) I was getting by My wages aren't great most of my money is accounted for as soon as i get it. Once these were paid (in dec) i was planning on starting on my overdraft.
Yearly my bank make me phone them other wise they cancell my over draft (student £2000 from a couple of years ago and i didn't get a full time job until last october).
When I phoned them they told me they wanted to reduce my overdraft by £160 a month (i'd still be paying interest as well) I told them it wasn;'t possible. They refused to wait until the new year and would not reinstate my account (which my wages go into in a couple of days) unless I agreed to at least £100 a month. I did try to offer them £50 a month but it wasn't good enough. They insisted they did a buget with me and state that the £95 left over is enough to live off. I don't have a life as it is I can't afford nights out. I limit my bus journeys. I rarely eat out. Switch off all electrics when I'm not in.
I cannot afford to make these payments but I had no choice as the wages are already processing and I would have lost all of it to the debt.
I'm now thinking some kind of debt consolidation is the way forward but I don't know much about it. (I also reached my credit card limit as my account has been frozen and I was doing well paying it off and not using it).
My ex recently moved out so its been an adjustment. I did sit down and plan ahead what I needed to pay each month. My figure came out with £200 left over after bills (I tried to overestimate just in case).
Oh and I work in a charity shop and my contract states I cannot sell on Ebay. So I can't make any money up there.
Sorry its been such a long post.
If anyone could offer any advice I'd be grateful.:(
I have some debt which I was paying off Over the minimum payment (totalling £90 a month) I was getting by My wages aren't great most of my money is accounted for as soon as i get it. Once these were paid (in dec) i was planning on starting on my overdraft.
Yearly my bank make me phone them other wise they cancell my over draft (student £2000 from a couple of years ago and i didn't get a full time job until last october).
When I phoned them they told me they wanted to reduce my overdraft by £160 a month (i'd still be paying interest as well) I told them it wasn;'t possible. They refused to wait until the new year and would not reinstate my account (which my wages go into in a couple of days) unless I agreed to at least £100 a month. I did try to offer them £50 a month but it wasn't good enough. They insisted they did a buget with me and state that the £95 left over is enough to live off. I don't have a life as it is I can't afford nights out. I limit my bus journeys. I rarely eat out. Switch off all electrics when I'm not in.
I cannot afford to make these payments but I had no choice as the wages are already processing and I would have lost all of it to the debt.
I'm now thinking some kind of debt consolidation is the way forward but I don't know much about it. (I also reached my credit card limit as my account has been frozen and I was doing well paying it off and not using it).
My ex recently moved out so its been an adjustment. I did sit down and plan ahead what I needed to pay each month. My figure came out with £200 left over after bills (I tried to overestimate just in case).
Oh and I work in a charity shop and my contract states I cannot sell on Ebay. So I can't make any money up there.
Sorry its been such a long post.
If anyone could offer any advice I'd be grateful.:(
0
Comments
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Your work contract states that you can't sell things on eBay?0
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How about doing a Statement of Affairs? Then people can help you work out whether it is possible to manage given the overdraft repayments.0
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Your work contract states that you can't sell things on eBay?
Yes as we get a 50% discount on the stuff we sell we could quite easily buy loads of it and sell it for a decent profit on ebay (or other such sites). Many of our customers buy our stuff and sell it on ebay for a higher price.0 -
You really need to open a new basic bank account ASAP & arrange to have your future wages paid in.
Then OD just becomes another creditor.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 14 months left.0 -
Will your bank consider converting the overdraft into a loan?0
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BlueMonbee wrote: »Oh and I work in a charity shop and my contract states I cannot sell on Ebay. So I can't make any money up there.
How would they know :huh:
Do you have a friend/relative who could do the selling for you?0 -
You really need to open a new basic bank account ASAP & arrange to have your future wages paid in.
Then OD just becomes another creditor.
This I will definately do as it will at least be seperate from the money I'm using. Plus I don't think I want to be with that bank anymore. Whilst I know its in the T&C's that they can do this I think its a bit harsh.0 -
Bedsit_Bob wrote: »How would they know :huh:
Do you have a friend/relative who could do the selling for you?
They might not find out but I don't think getting fired for gross misconduct would help the situation. I don't know anyone apart from those I work with and my family live at the other end of the country.
In reply to the other poster. No they would not convert it into a loan for me.0 -
Do you have a lot you want to sell? Have you made much use of the discount? Could you ask to give up the discount and be permitted to sell for a while?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »Do you have a lot you want to sell? Have you made much use of the discount? Could you ask to give up the discount and be permitted to sell for a while?
We are completly banned from selling on ebay or to pawn shops etc. in case we sell the stock. Most of the stuff I don't want I have donated to the shop now anyway.0
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