Massive Overdraft I cannot pay :(

pinky333

Hi, for various reasons I'm rubbish with money and on more than one occasion Lloyd's Tsb and now Tsb bank have agreed me overdrafts which are well over my means.
I've asked in the past if they can put on a block and disable my account from being able to apply or approved for overdrafts. Each time they decline.
I've called to ask how they expect me to repay an overdraft which is twice my monthly earnings, and in the past they have set up a loan but then the cycle continues.
I'm stuck with a large overdraft again unable to obtain a loan anywhere due to my rubbish credit rating.
I wanted to write to TSB to explain my situation and try to get them to agree to a repayment plan and perhaps stop overdraft fees and disable me from obtaining overdrafts so easily in the future.
Calling their call centre and even speaking to my branch manager has proved futile in the past.
Is there someone within the TSB group I'd be better off contacting regarding this?
OR does anyone have any other advice please. I'm desperate. This cycle is affecting my health now. I need to stop being able to get credit on an overdraft so easily and work out how to pay what I owe!

Archi_Bald

You should be delighted that you cannot get a loan anywhere now - the very last thing you need is more debt. You are likely to get more help over on the debtfree wannabe board.

Fill in and post your SOA over there, and then take the advice you get.

matttye

Simples, close your accounts and open a cashcard/basic account with another bank. These are cards that let you withdraw cash but cannot be used like a debit card can.

Which means you cannot spend more than what's in your account.

Of course, willpower and a little personal responsibility is the only real answer. Anything else is just going to slow you down.

brettcta

matttye wrote: »

Simples, close your accounts and open a cashcard/basic account with another bank. These are cards that let you withdraw cash but cannot be used like a debit card can.

Which means you cannot spend more than what's in your account.

Of course, willpower and a little personal responsibility is the only real answer. Anything else is just going to slow you down.

good idea, but the OP needs to pay the OD off.

maybe use the cash card account and have a standing order to be paid into the lloyds account every payday and pay it off?

i don't know what lloyds are like, but the co-op allow you to have a reducing overdraft via money management. it's good if you need it because it doesn't require another credit search every month to reduce your OD like a lot of banks do

pmduk

I'd suggest you stop using any extra credit now. Your OP suggests that you hold the bank equally liable for your problems. I think they have been irresponsible, but the ultimate responsibility for using credit, even when it's offered, is yours and yours alone. As has already been suggested, create an SOA and ask for help on the DFW board.

I also think you ought to consider withdrawing cash when paid and restrict yourself to spending that, you may come to realise that once it's spent, it's gone. I suspect that you have problems accepting that using plastic is the same as spending hard cash.

I've heard of an organisation that may help, although I've no experience with them, you might want to check them out Debtors Anonymous

Everynamestaken

As you will probably appreciate it is not really the banks fault, and you have to accept the consequences for your actions. They are offering a service. You requested an overdraft and they assessed it and then gave you what you in essence wanted.

However the comment above was completely uncalled for and completely out of order. Just like the majority of people on here, I certainly do not hope you suffer for a very long time.

I hope you can get out of the situation and learn from it. If you go on the other forum, they will probably give you some more advice.

Ignore that awful comment