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overdraft problem please help
realhousewives
Posts: 3 Newbie
in Credit cards
hello i am currently 800 pound into my overdraft this month. i get paid every month 900pound so can pay the overdraft off i will then be left with £100. i have a planned £800 overdraft with Halifax and pay £1 a day for using it. my question is im going to be going into my overdraft every month until i gradually pay it off. so next month it will be brought down to £700 and so on and so on. i reckon by October this year i would of cleared the overdraft completely. i am afraid in case im doing something wrong panicking. can i do this on a planned overdraft i never had a overdraft before and will never have one again when i pay this off.
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realhousewives wrote: »hello i am currently 800 pound into my overdraft this month. i get paid every month 900pound so can pay the overdraft off i will then be left with £100. i have a planned £800 overdraft with Halifax and pay £1 a day for using it. my question is im going to be going into my overdraft every month until i gradually pay it off. so next month it will be brought down to £700 and so on and so on. i reckon by October this year i would of cleared the overdraft completely. i am afraid in case im doing something wrong panicking. can i do this on a planned overdraft i never had a overdraft before and will never have one again when i pay this off.
You are not doing anything "wrong". You appear to have a plan to pay off the overdraft completely over time ... if you ensure you stick to it.
It may not be the cheapest solution, but it is probably the simplest, and if it works for you, stick to it.
Look at how you got yourself into such debt in the first instance, and if that or something similar may occur again between now & October that would scupper your plans.
Good luck 0 -
I don't see anything wrong in your plan, although it's worth making some extra efforts to pay it off earlier. Post on Debt-Free Wannabe board with your SOA: DFW Newbies: Where to start, Challenges, SOAs, Nerds & Debt Free Roll of Honour!
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