Any advice welcome: overdraft

christaitfife

A quick background:

I have a £1.5k overdraft with RBS. It is on a student account, which should have changed to a regular account in 2005. I had asked many times about changing it, but they always just said "someone will be in touch".

About four years ago my life turned upside down and I was unemployed for about 2.5 years. My finances went to pot. Around 7 months ago I got work paying just above minimum wage and I managed to get my finances under control - but there is very little wiggle room.

A few days ago I get a letter from RBS (after requesting help in getting rid of the overdraft) telling me that they are changing my account in 60 days. As it stands, they are not giving me an arranged overdraft - so it will cost about £90 a month (which I can't afford). I hope they will change their minds on this.

Ideally I would love to find a good amount of the £1500 in the 60 days - but as i live on the breadline I don't see it as being possible. I was close to filing for bankruptcy a few years ago - I wish I had done it now instead of being in this situation.

So, I am looking for any helpful hints or tips you can give me. Has anyone been able to come to any repayment arrangement with RBS for an overdraft?

Thanks

ParaJon

Hi,

Could you please fill in a SOA so we have a good idea of your current financial state.

.stoozing.com/calculator/soa.php

sourcrates

Hi,

Your best bet would be to get a new basic bank account, with a bank you have no debt with.
Then treat your old overdraught as just another debt to service, pay them wherever you can afford per month, and ask for interest and any charges to be stopped.

Most banks will be amicable about it.

WorriedFTB_2

I am saying from experience : Ask a family member to loan you .
I now had 2 mortgages refused due to An arrangement to pay overdraft 3 years ago .
At the time I didn't realise that it would stay as AP on my credit score for 6 years ....
Best of luck !