Help please I don't know what to do.

shaldon22

I have a barclays overdraft of £1175, which I am always in. On june 16th the charges go up a lot.
I see know way of getting out of it as I am currently unemployed. At the end of the month once I have paid all my bills there Iis nothing left over. I dont waste my money (me and my little haven't even been on a day trip since I lost my job 2 years ago. And my son only gets the occasional treat off my mom)
I know its my fault for getting into it in the first place but when I was working I could aford it.
I have know adea what I am going to do as al these charges are going to do is put me more into debt.
I'm not very good financially but as the charges are about £1.50 a day I was wondering if I might be better off getting a loan to cover it and paying that back.
Can anyone help please ?

[Deleted User]

If you don't have a job, I think there is very little chance of you geting a loan.

I would suggest posting on the DFW board for suggestions on how to cut costs and reduce the overdraft over time.

Pixie5740

I think that you'll struggle to get a loan from any decent lender. Even if you were able to get a loan could you really afford the repayments or would you just be delaying the inevitable?

Contact Barclays now and explain your situation. Say that you understand that you owe this money but you're currently unemployed. See if Barclays will freeze the interest and let you set up a repayment plan. That's probably your best bet with tackling the debt.

Do you anything you could sell to help bring the balance closer to zero? Could you get a part time job (less than 16 hours a week) to help boost your income without effecting your benefits? Go to the Turn2Us website to ensure you are claiming everything you are entitled to.

[Deleted User]

Think about opening a basic bank account with an entirely separate bank. In that way, your income will be protected from charges from Barclays. Write and explain your situation after you have done this; the control is then back with you, your income is protected and Barclays basically really can't do much.

longtermplanner

do you have any other debts? credit cards, loans, catalogues?

eyeopener2

In your situation I'd contact Barclays, in a branch, and ask to speak to someone in person. Get upset if you have to and just tell them the truth.

If you are unemployed they will have to make a decision on the interest, it's crazy to put you further into debt.

If you get nowhere with them, then I'd would open a basic account and, with the help of stepchange or another debt charity, offer them token payments of £1 until you regain control of your finances.

They may call in the overdraft anyway, so you may be forced into acting but hopefully Barclays, for once, will see sense in actually helping you.

So, tomorrow, get down to your local branch and get the ball rolling. Don't leave it till the following week cos you will just feel worse and get more upset and agitated.

If they won't help, move banks and let them swing for the money.

sourcrates

Definitely open a new basic bank account, and transfer any payments into it straight away, coop a good choice, then as advised, write to Barclays, or go in branch, but usually a letter is better, explain your situation, and repay OD at a token amount, or advise Barclays that you cant pay anything until you get back into work.

shaldon22

Hi, thanks for the advice everyone. I have tried selling things and so far only got about £50 ( I even tried selling my wedding dress but despite being in excellent condition no one seems interested lol)
I have been to the bank and I have to say they were no help. I think I knew more about the new overdraft changes than they did. They basically said tuff everyone has to pay them.
I phoned them to and she mentioned step change so I'm going to try them tomorrow and open up a basic bank account with a different bank.
Thank you everyone for your help. On a different note I don't post on forums very often and when I log in on my phone I cant see a clear place to find my post can anyone help ( sorry for being a bit thick)

joedenise

On the green strip at the top click on Thread Tools and then on Subscribe to this thread. You will then be able to find it in the Quick Links.

HTH.

Denise

FinanciallyUnsavvy

Hi

I echo what others have said - make it a priority to open a basic bank account with another bank (co-op do a good one) and use that as your main account going forward. That way any charges that Barclay do apply won't eat into your living funds.

You need to speak to someone again at the bank who can help more. Ask to speak to a more senior member of staff. Explain your situation and ask if they can freeze your interest. You may have to commit to being able to pay X off a month - maybe you can manage an extra £20 or so for now, as long as it's going down?

I feel for you - it's a horrible situation to be in, but you will get through it. In the meantime just keep looking for jobs, look on the "Up Your Income" board (under Work & Benefits in the forum director) for ideas on how to raise extra cash and working from home ideas.

Good luck xx