My debt

MartialArtMan

I owe (approx) £3500 on a loan, £3500 on a low fixed rate and £2500 on my overdraft!

The loan and cc are in check and I'm alright with them, it's the od I'm struggling with. I had considered a consolidation loan but don't really want to go that route. I've posted my SOA before and there really is nothing more that can be cut. Theres some OT coming up at work and I'm going to try to get some in to increase my wages for a while which should help with the od.

The only other thing I can think to do is to pay off my od on a credit card and then transfer that to a 0% card.

Any ideas on what I should do?

mae

Can you post your SOA here again so people can give you advice. Also they will need to know you interest rates for loans and OD so they can give advice on that too.

Do you do a spending diary so you can identify areas that can be cut?

postingalwaysposting

A few suggestions, could you open a new bank account (even if its basic) then you can start afresh and have you direct debits paid out of this and your wages in, you can then feed a % over to your main bank account to clear your overdraft.

Transfering it onto a credit card is a good idea but only if you then cancel your overdraft except maybe a small buffer (under £100). You will only be able to do this if you soa is in order and you arnt overspending. If you as still overspending you will be in the same postition in a year maybe with more debt.

MartialArtMan

I've been having a think about this. I've just had a look at my online account and it shows that I paid £5.38 interest on one account and I estimate the other account will cost circa £3 interest. Obviously if I go past my limit this is when I get hit the most! So trying to avoid this at all costs.

My plan at the moment is to bang in some overtime at work and get away from that limit and then continue to do so until I have reduced my overdraft to nothing! Of course this all depends on me getting overtime for the foreseeable future. I've been a fool really, I've been looking for all different ways to earn some extra cash when I could've just done some o/t and earnt more than I could by coming up with these "schemes" I've been trying

Live and learn eh, there's no easy way out

RAS

The Alliance and Leicster were offering a 0% overdraft to nw customers for a year. You have be in credit for a few days ach month to qualify to apply.

Even if you could onlly cut out the interest payments so that the equivalent amount was reduced from your OD each month it would help.

The basic problem however, is that small as your debt maybe, if you cannot service it, you need to look at either increasing your income or reducing your expenditure. Otherwise, things will get worse not better.