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LLoyds Tsb Overdraft
backandlay
Posts: 4 Newbie
I have a graduate overdraft of £2000 which is due to expire on the 1st August.
My account is changing to a £25 overdraft. What will happen if i cannot pay it off in time? I can clear most of it but not all.
My understand is i will be charged daily fees and interest on the £2000 but i'm not sure. I am struggling financially at the moment so i am thinking it might be better to get charged the fees so i can still use the money if i get short again because if i pay the £2000 off i won't be able to use it anymore.
My account is changing to a £25 overdraft. What will happen if i cannot pay it off in time? I can clear most of it but not all.
My understand is i will be charged daily fees and interest on the £2000 but i'm not sure. I am struggling financially at the moment so i am thinking it might be better to get charged the fees so i can still use the money if i get short again because if i pay the £2000 off i won't be able to use it anymore.
0
Comments
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Hi,
If you can't afford to pay off the OD, contact your bank and tell them, they may be able to stop interest, and allow you to pay off the balance over time.
You should contact them to discuss it before the event, rather than after.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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