Pls help with by over the overdraft situ

wheresthemoney

Hi all

I am a new user so please be gentle.;)

I have gone over my overdraft limit with my bank and they charged me £150.

This in turn has left me in debt for the last couple of months as it turns into a vicious circle. I have calculated my incomings and outgoings and my outgoings don't exceed my incomings (just!). The problem stemmed from a bad month and led to the charge. Since then because I am now going over the limit they keep charging me £150 and is making me more in debt. My limit is £1500 and I am now at £2200!

With this £150 it tips my outgoings over my incomings. I have spoken to the bank and they give me the usual ' we think are charges are justified and have you considered a loan blah blah blah...' I already have a loan and don't want to get another one.

What would me best plan of action be? I just want to get back into my limit as quickly as poss or I won't have any money to live off of or pay bills!

I am panicking as I feel this will be a vicious circle. There must be a way?

Many thanks

OberonSH

Open another account with someone else straight away and get everything transferred, direct debits etc. That will at least stop the charges being added. Nowt you can do charges wise until the test case is sorted, but you can at least get the ball rolling by requsting bank statements, sending off the relevant letters. Take a look at the Reclaim your bank charges board for more help on this.

Why not post up your Statement of Affairs (debts, incloming and outgoing) and see if anyone here can help you cut things down a bit to make sure there's more money left at the end of the day to pay it off?

RAS

Are Alliance and Leicester still offering 0% ODs to people who are in credit for a few days each month?

Otherwise, can you sell anything on e-bay, amazon or at a car boot to raise the £150?

wheresthemoney

Thanks for the advice guys.

If I do transfer everything to a new account do I take my debt with me? Or will I be left with a debt to my other bank?

Burlesque_Babe

No, you don't take the debt with you, but you must make some kind of arrangement to pay it off otherwise they will chase you after a while.

nillod

sorry to jump on your band waggon, but regarding overdrafts, i can see where you're coming from. i have a £5000 od limit which over the past 12 months i've slowly slumped over. i now have no access to any other money! I have sold stuff on e bay to get hand to mouth money. i have £40 to my name and i've just got paid. (i could go on and on...)
my question is can i get a 0% card do a balance transfer into my account (by putting my debit card details into the "card to be paid off" section). I can then pay the mimimum payment each month, but at least it gives me some breathing space. my house has just gone onto the market and i'd be hoping to use some of the profit topay off my od and other debts.
i am.obviously, not a natural money manager.
this is my first time using tis forum and i couldn't even figure out how to start a new thread, so apologies for hijacking this one!!

System

A word of warning. Steer clear of A&L, they will nickle and dime you till you have no cash at all. They live to put charges on your account!