-£1800 graduate overdraft.. But a mum

llofkin

I've got a big overdraft but my account is coming to an end. I'm a stay at home mum, ONLY because I can't afford Childcare whilst I work and no one else to have my daughter. I became pregnant when I left uni so had no time to work and save up unfortunately. How can I pay it off without getting charged stupid money?? Or what can I do??

[Deleted User]

£1800 is not a big overdraft by any means.

Reduce outgoing expenditure and throw as much as you can at it to clear it down

Shakin_Steve

!!! wrote: »

£1800 is not a big overdraft by any means.

Reduce outgoing expenditure and throw as much as you can at it to clear it down

Reported as spam.

JuicyJesus

Shakin_Steve wrote: »

Reported as spam.

...why?....

Dobbibill

If you are struggling to chip away at it and need fresh eyes to review your budget, head over to the DFW board and post up a SOA.
Keep chipping away as much as you can.
All the best.

18cc

The first stage is to find out what interest rate you are being charged on your overdraft then see if you can borrow £1,800 at a lower interest rate

options might include a personal loan from the bank or even a 0% cash advance credit card or something like that

once you have got the lowest possible interest rate then try and pay a bit back each month

Shakin_Steve

JuicyJesus wrote: »

...why?....

Because...new posters get the same treatment every time. In this case, £1800 is a massive overdraft. It's the same answer every time: Get a grip, earn more, spend less. Condescending and, esp in this case, unhelpful. If you read back over the last few months, you'll find that new posters get this kind of treatment all of the time. Their sometimes vague and, to us, naive pleas for help and advice are met with the same patronising replies every time from certain members. 'Ignore your credit score' and a long list of abbreviations is the usual fare. And then 'Oh well, the OP hasn't been back to update us'.
I realise that, after long years of answering the same questions time after time, it must become frustrating. But, for every new poster, it's the first time.


Perhaps I was too hasty with my curt reply in this case, and I apologise for that. But, I think, no reply is better than one which makes the poster feel ashamed and stupid.

eskbanker

Remind me again, who was it who sang:

It's the season
Love and understanding
Merry Christmas everyone



Although some posts may be a tad brusque (albeit not actually spam as such), the fundamental message to those in debt is fairly stark - I'd perhaps expand the jargon to clarify that the recommendation for OP is to visit the Debt-Free Wannabe board (where the tone is very much of non-judgemental support) and to complete and post a Statement Of Affairs, that allows fellow posters to make constructive suggestions as to potential areas for improvement.

There are also MSE pieces worth reading at https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ and https://www.moneysavingexpert.com/banking/Budget-planning/.

But ultimately it does boil down to three options:

1. Refinance debt to attract lower interest
2. Earn more
3. Spend less

and there's limited value in dressing this up, even though it can be expressed more sympathetically sometimes!

masonic

Shakin_Steve wrote: »

Because...new posters get the same treatment every time. In this case, £1800 is a massive overdraft. It's the same answer every time: Get a grip, earn more, spend less. Condescending and, esp in this case, unhelpful. If you read back over the last few months, you'll find that new posters get this kind of treatment all of the time. Their sometimes vague and, to us, naive pleas for help and advice are met with the same patronising replies every time from certain members. 'Ignore your credit score' and a long list of abbreviations is the usual fare. And then 'Oh well, the OP hasn't been back to update us'.
I realise that, after long years of answering the same questions time after time, it must become frustrating. But, for every new poster, it's the first time.


Perhaps I was too hasty with my curt reply in this case, and I apologise for that. But, I think, no reply is better than one which makes the poster feel ashamed and stupid.

The first sentence was reassurance that, "£1800 is not a big overdraft by any means". The second sentence was sound advice as to what the OP could actually do to improve the situation. If I received such a reply I wouldn't feel ashamed or stupid. Why should I? There is precisely zero judgement or ridicule.

agrinnall

Shakin_Steve wrote: »

But, I think, no reply is better than one which makes the poster feel ashamed and stupid.

Perhaps you should apply this logic to your own first post.

[Deleted User]

Shakin_Steve wrote: »

Reported as spam.

So truth equals spam?

New poster or not the message is the same and no one should get preferential treatment because it’s their first time posting.

Sorry for the unexpected dose of reality rather than the “MSE way” of cowering away from debts in the hope they go away or get written off.