Shifting overdraft debt

mesobotamia

Hi I hav a £1250 at 18.9%APR

I'm up to i'm upto -1150

my Income is 300 for september, 600pm (31hpw) (Not untill october)
with rent 330pm
travel 35pm
Food 80pm
Mobile 30pm
-Total Expenditure =475

So as it is it would take me quite a while and would mean about £200 interest so about 10 months

I'm looking for extra part time work and applying for 0% for 12months card to cover purchaseable expenses.

I have no credit history so its quite hard for me to apply for loans and credit cards.

I was wondering if there is a way to move my overdraft somewhere else with less interest. Or another way of paying it off more quickly.

Crown

Hi and welcome to the site,

In some ways overdraft debt is one of the hardest debts to shift as we genereally live in our overdraft so when we are paid it automatically go into the red after the first bills are paid out.

You didnt mention who you banked with at present but the alliance and leicster where doing deal what Istill think is running where if you move your current account to them they will match your O/D facility free for one year.

Please read Martins article on the main site and also have a look at the current account forum further down the main list. If you do try and open this account make sure you go through Quidco to earn cashback.

With regards to looking for a card for purchasable expenses are you saying that you are looking for a card to increase your debt? The best advice I could offer is to do a budget of what you actually earn and try to get your living expenses into it. Do not borrow any extra money on another card as you will be shifting debt around and not actually getting rid of it.

If possible can you look at the first time posters thread and post upa statement of affairs. With this we should be able to offer you some tips and advice,

wish you the best of luck

mesobotamia

lol your post count is the same as my overdraft
And my bank is HSBC.

've applied for the alliance and leiceter account and Nat West Which offer a free £100 overdraft.

For the credit card i was only going to use it untill my overdraft was payed off then pay it off as quickly as possible. (Hopefully I can practice restraint as I've never had a Credit card before:rolleyes:)

[read all the articles and the introductory post]

Crown

Hi again,

If you havent got a credit card I would strongly advise you to try and not get one. Its a slippery slope and regret the day I took out my first as it was a slow decline into the the debt hell I found myself in.

If you are struggling to actually live and by that I mean housing, feeding and clothing yourself then you need to take measures to do this. Your debt isnt important compared to your health and wellbeing. THe Bank Manager will not go hungry let me assure you!

It is up to you how you wish to proceed but by the sounds of it you area t acrossraods financially. One way will lead to hapiness and debtfreeness although it may not be a pleasent jounrewy getting there and the other will lead you into misery and further complications.

If you need any advice then people here will other you support and advice. I would suggest that you contact the CCCS or another one of the debt charities if you any further help. Living on credit is not a sensible thing to do and I say that from years of experience and not just on this site but by going through the consolidation loan roundabout over the last 15 years that has seen me end up 50k in debt. Please dont join me there

Snaggles

I have to say, I agree with Crown - using credit for day to day living costs is definitely the top of the slippery slope. I know you feel you can control it (and it may be that you could - I don't know you, so I'm not making a judgement here ), but honestly, I see this so many times at work (I'm a lending underwriter), and it is bad news to try to borrow your way out of debt.

Why don't you post your SOA on here, and we can try and offer suggestions to help you shift the overdraft?