Overdraft issues

katelucy_whitham

Some help please...

I have an overdraft with the Halifax, which I am not presently using. The balance on which is £-1,757.00, accruing at £33 (ish) a month.

I try to pay off £50 a month (the max I can pay at present) but most of it is swallowed by the monthly charges.

I really don't want a loan, can anyone suggest an alternative way to pay the balance off?

Cycrow

The best way would be to find a way to reduce your outgoings so you can put more money into it (or increase you incommings)

if you have credit cards, then you could spend on those and use the money to clear it off, but if the credit cards have a higher apr, it'll end up costing you more that.

if all you really have spare is £50/month then its unlikly you will be able to get any credit anyways, as you simply cant afford it.

a Loan wouldn't be a good a idea, a smallish loan will most likly have a fairly high APR, and thats even if you can get the lower rates

allybee101

If the interest is £33 and you're paying off £50 a month then the overdraft shouldn't be getting any higher. Although I appreciate it's not going to go down very quickly.
Two options are
Cut back
Make More Money

Cut back - Have you done a budget planner/statement of affairs to see if you can save any money anywhere? Pay the leftovers to your overdraft. If you post it on here there are lots of people who can help find savings.

Make More Money - overtime, evening job, Ebay unwanted stuff, surveys, paper round etc

Good luck, I'm sure you can work something out.