Swallowed up by Overdraft - Help!

Hopeless_Case

I do understand as we also lived with an overdraft for a long time and it is totally debilitating. I'd either try and open another account (a day-to-day one so your salary still goes in to the main one and your main direct debits for council tax etc still go out of it, but transfer your budget for expenses with in the month into another account so that you're not looking at the overdraft the whole time and it can make it easier to see where the overdraft ends and your month'd money begins too)

Or see if the bank will let you put it on a loan, seeing as you already owe them the money that's hopefully different to looking for a 0% deal on a credit card, and it would mean a fresh start with your bank account and knowing exactly when the load would be repaid (depending on it being the same or lower interest rate of course)

MEM62

JB1991 wrote: »

My monthly income - £1,620

Monthly Outgoings:

Mortgage/Rent - £700
Car Finance - £200
Council Tax - £165
Electric - £26
Water - 16
TV License - £12
Broadband - £16
Phone - £40
Food - £120
Car Insurance - £60
Car Tax - £12
Overdraft Fees - £45

Total: £1,412

Overdraft Amount - £4513/£5000
Amount Remaining - £208

The figures quoted for rent, council tax, water, electric, TV license and broadband - are these the total costs or just your share? Council tax for example looks like it may be the full amount. Does your OH contribute fairly to these costs?

The amount you are paying for you car is a burden considering your income and other expenses. If you are not tied into something like a PCP deal considering changing to a cheaper car. Your car insurance seems very high - why?

Also, you have missed a whole bunch of expenses off your SOA unless you never take holidays, have no contents insurance, never have a haircut, do not socialise, do not buy clothes etc etc etc. If you are not realistic with your budget you'll never be able to sort your finances out.

tallyhoh

Is that just your income & outgoings, what does your partner pay for? or are the outgoings 50%?