Nationwide overdraft?

penners324

You've not taken any of this advice so why continue to post on here?
Get rid of the loan and the overdraft (you have plenty of savings), do you need the package account / phone insurance? Only useful if your contents insurance is rubbish and you have a brand new phone.

nicetomeetyou

I don't want to get rid of overdraft as its a safety net and I'm proud that that I've worked myself up to being offered a overdraft. I agree with the loan and I'm going to get rid of that as soon as possible. I need the packaged account for phone insurance as I have the latest iPhone. As well as packaged account offering free cash withdrawals abroad. I tent to travel abroad 3 times a year. I haven't looked into contacts insurance, I live in a shared house so it's probably going to be expensive to insure a room..

I'm going to pay all my debts off in December. I'm already saving £550 a month in my appointee account, I'm currently saving £300/£350 a month out my personal allowance. In December when I've paid phone contract and loan I'll be about to save £450 a month. So total savings will be £950 a month. I get £1360 a month in benefits, out that my outgoings are £130 for my 4th of house bills/virgin tv/internet, £17.99 for cinema pass, £5 for Spotify, rest for food.... I need to continue booking holidays to keep income for going over allowed savings threshold, this is hard at the moment as I've got nothing to spend money on.

Takmon

nicetomeetyou said:

I don't want to get rid of overdraft as its a safety net and I'm proud that that I've worked myself up to being offered a overdraft. I agree with the loan and I'm going to get rid of that as soon as possible. I need the packaged account for phone insurance as I have the latest iPhone. As well as packaged account offering free cash withdrawals abroad. I tent to travel abroad 3 times a year. I haven't looked into contacts insurance, I live in a shared house so it's probably going to be expensive to insure a room..

I'm going to pay all my debts off in December. I'm already saving £550 a month in my appointee account, I'm currently saving £300/£350 a month out my personal allowance. In December when I've paid phone contract and loan I'll be about to save £450 a month. So total savings will be £950 a month. I get £1360 a month in benefits, out that my outgoings are £130 for my 4th of house bills/virgin tv/internet, £17.99 for cinema pass, £5 for Spotify, rest for food.... I need to continue booking holidays to keep income for going over allowed savings threshold, this is hard at the moment as I've got nothing to spend money on.

So are you saying that you have a lump sum of money saved up somewhere but your not allowed to access it because your money is controlled by someone else and given to you as you need it. If that is the case then it seems really silly how you have taken out a £1000 loan with a probably high interest rate when you have the money to pay it off elsewhere so your just throwing money away in interest. Also if you have savings then you don't need an overdraft because that will just encourage you to borrow more money and pay interest on it.
Plus if you have £1000 available in an overdraft and then end up using it that will mean lenders are less likely to give you credit on things like credit cards which can offer section 75 protection and are far more useful.

Depending on how much you pay for you packaged bank account you might be better off getting phone insurance and annual travel insurance cheaper as separate products. You can get a Starling account to use abroad for cash withdrawals and spending without any fees.