Bank overdraft-how do I get rid of it?

SwingsNroundabouts

Hello! I've been around awhile, but never posted before, be nice!


Basically, my problem is this - I'm self-employed, but not currently making enough to leave benefits, and I'm searching for a job but don't yet have one - very little prospects here and uni was an expensive mistake for me. I'm 24 and still stuck living at home with mum because it's too expensive to go anywhere, and I have little money.

I have £12500 in Student Debt that I'm not yet paying, and a student overdraft with Halifax for £1400, where they charge me £30 a month for being in the red. As I said, my benefits are low (£45 a week), and the business is new, so I can't afford to pay off the overdraft, especially as part of what I get has to go on household bills. Things will be easier when I get a second job, but til then it's tough!

I'm desperate to get rid of the overdraft! Any ideas are appreciated!:think:

Thank you:o

redspiral1234

Hi

I had a smaller overdraft problem at a younger age; but managed to do it by simply paying of £10 here and there. And everytime I paid off £10 I would call the bank and simply tell them to reduce the overdraft by £10! so your eating away at what you owe!

Of course this is all well and good so long as your NOT taking money out of it again incurring more charges!

SwingsNroundabouts

Thanks! The only money going out of it is the charge and what I take for food, etc. I'll give it a go.

Thanks again Redspiral, every little helps

jonesMUFCforever

Have you rung your local council to see what support is available for new businesses?
Also Google for the Prince's trust.

You may be able to claim some support for the business.

I'mcomingbackasaman

swingsnroundabouts can you think of any way of raising your income to pay off these debts quickly and have more money towards your business/future home. You don't say what you did at Uni, but is there anything you could do as a temp. for someone by going through an agency or possibly making something you could sell on ebay even.

SwingsNroundabouts

Well, I did communication management - problem is, the syllabus was changed part way through, without our consent and everyone got lumbered with people management.

As for temping, I'm already trying for a temp place, problem is I can't drive due to a disability, but I'm not disabled enough to get help with it, and too much to not be legally acquired to mention it on application forms. Not very many jobs where I am either, as there's only 1 street and some farmland, and I can't travel further than the nearest town/village without difficulty.

The business has a website and is already on eBay - it makes enough to cover all of it's expenses and is starting to make a very small profit, so things are on the up with that. I already got setup help from the Princes' Trust, so I understand why you recommend them, they're very good!

Struck a deal with a larger company to supply them, but it all depends on volume as to whether that makes a good amount of cash or not....plus it's only just came off this weekend.

Oh yeah! I'm helping my mum claim back PPI (yes, she bought it through post, and no, she had no idea what she was signing ) and as I'm doing all the work I'm getting half of the reclaimed money-which of course would go toward my overdraft.

I'd love to make something, but I'm just not very good at that sort of thing...the Pope-holy scarf I'm knitting is testament to that, it's like a wibbly cushion cover, with a short end

I'll keep on trying - til then, any ideas appreciated! And thank you for all the ideas so far!

SwingsNroundabouts

Quick update - managed to get the overdraft down by £200 so far! Will be down to £950 by the middle of next month. As soon as that happens, I'm moving to cahoot - they've already accepted me - and that means no more interest (for a year)! Postal strike hit the business really hard, but it survived (barely) so I'll keep going with that.

Things are getting better! Thanks lots you guys!