Overdraft gone...what now?

dinkydudette

I graduated a year ago but didnt manage to find a decent enough job to live off, so I could never pay my overdraft back to the bank. They have now reduced my overdraft to a big fat zero, and have rejected my application to extend the overdraft saying that the biggest overdraft they can offer me is £100, the debt I have with the bank is £1,700.
What happens now? what are my option??

chevalier

First change banks. A&L have £50 cash back if you go through quidco. And you can sometimes get a interest free overdraft too.

Then you need to see if there are areas of spend that you can cut back on. So perhaps a spending diary to see where the fritter money goes?
best of luck
chev

dinkydudette

I actually have 2 overdrafts, so all my income goes into my other account. I dont earn alot, which is the problem, it's just enough to cover rent and travel and £25 a week left over. my rent is minimal...i have an "informal" tenancy for silly money and as a result I share my house with rats and mice, and travel...unfortunately id like to spend less, but theres not alot I can do there

HairyHandofDartmoor

You need to post up an SOA so we can see exactly what your expenses are and where you can cut back. See southern scousers sticky at the top of the page. Can you get a second job as a temporary measure just until you have paid back your overdraft?

Monty_Burns_3

from what your saying, this is an issue of income, not outgo.

do you have to keep this job? can you look for another instead?

if you have to, could you get an additional job (anything, even if its just as a pizza delivery guy) as a temporary measure until your other income increases? if there isn't a possibility of an increase later on, look for a job elsewhere - unless you want to carry on this way.

hope this helps - and good luck in whichever path you choose!

Broke_Student

Did you not get your student account upgraded to a graduate account when you graduated? Most banks let you keep the interest free over draft reducing it in steps over a few years.