where to turn

artnoble

Hiya.

Been reading this site for ages now. Top place.

I was all geared up to do a SOA as I have debts which aren't shifting.

I've had some really bad news and I aint got a clue what to do.

I get paid about 900 and i use about 600 to pay debts/bills.

My smile account has a 500 over draft which i use every month.

They have sent me a secure message saying that in 30 days they are not renewing it. When I get paid i will have no money and they said any over limit charges i will be liable for. If this happens i will be ruined, i dont know what to do.

millionaire_in_training

Get in touch with them ASAP and find out why and if you can extend it. It seems a bit weird they are stopping it like this good luck

artnoble

millionaire_in_training wrote: »

Get in touch with them ASAP and find out why and if you can extend it. It seems a bit weird they are stopping it like this good luck

cheers mate thanks.

I will call them tomorrow.

There overdrafts are reviewed every 12 months, been alright for the last few years so never gave it a thought. If they take it off me im litteraly screwed.

QueenDebbie

If they're going to stop the overdraft, you should open a new bank account with a bank you don't owe any money to. You should then get some help managing your debts, and include your overdraft in with these.

meyore

If they won't change their mind then you need to transfer your account to another bank and ask them to match what you have now as soon as possible. They'll probably ask for bank statements to prove what your old account had, but as long as you can provide these its fine.

I've been in this situation myself and most banks are happy to do this to get your custom.

artnoble

i have a natwest basic account which i use to pay my loan, however i wont be able to have an over draft. my credit file is on its back side.

i seem to be in a loss loss situation.

SPANIEL36

do you really need an overdraft??

i'm sure that if you put up an SOA then us lot on here would advise on where help could be given and maybe help you see things brighter.

when you get a bit of bad news then EVERYTHING seems so much worse until you see things for what they are and see what can be done about them.

good luck

artnoble

i do need it for this month, as when I get paid i will only have £300.00.

Anyway, SOA

Natwest Loan - 10000.00, think its about 14% APR, £147.00 p/m.

I'm happy with this as it is at the moment, want to clear all CC's before I eat into this.

Mint C/C £1100.00 bal (£1100.00 c/l) 14.9% APR
Cap 1 - £200.00 bal (£200.00) - 34.9% APR
Vanquis - £250 bal (£250.00 c/l) 39.99% APR
Triton credit services (old natwest card) balance is just over £1100.00, not paying interest but £50.00 a month repayments.
CL finance, £160.00 - again no interest £20.00 monthly payments.

Take home: roughly £920 - £950

Board £100.00
phone £35-£50.00 (£35 contract, few months into a 18 month upgrade.)
GYM £29.00 (i regulary use this so i dont want to cancel)

Anyway, living is quite manageable its just I wanted getting anywhere paying off min payments. The plan earlier, is that i wanted to clear all the credit card debts within the next 12 months and over pay the loan.

I use all of my over draft each month, on pay day im usually about £300.00 in credit. so the coming payday im gonna be plunged in the deepend, the daily charges and borrowing fee's this will entail is making me feel ill.

if i've missed anything shout at me.

artnoble

and thanks to everyone that has helped so far....

MushyPeas

Hiya, the Consumer Credit Counselling Service are also good people to speak to, they might be able to help http://www.cccs.co.uk/

They have counsellors on end of telephone who don't judge or anything. Good luck sorting it out x

maddriver

Smile also sent me similar message, were going to chop it down to the basic £500 overdraft they give you when you open the account.

I called them last week, and after they looked into the account and aggreed I had been sticking to the limit, they agreed to keep it to the level I've had for the last year.

I did have the option of reducing it by £20 per month, perhaps if they say no outright you could prompt for this? (I said no, as the OD is my cheapest debt, and I'd like to keep it till the credit cards are down to a dull roar).