Lloyds bank overdraft charges

jennyz123123

Hi, just after some advice, im stuck in the overdraft rut. my limits has crept up over the last 4 years and its now a massive £5000, i am never out of it and i am paying at least £6 a day in interest. I have worked out in total i have paid over £7000 in the last 4 years in charges. I need to somehow stop the charges so i can try and get out of it. Any one managed to escape?

Thrugelmir

Would converting the debt into a loan be an option?

Bottom line is that you need to learn to budget. Have a desire to tackle your monetary problems head on.

Willing2Learn

jennyz123123 wrote: »

Hi, just after some advice, im stuck in the overdraft rut. my limits has crept up over the last 4 years and its now a massive £5000, i am never out of it and i am paying at least £6 a day in interest. I have worked out in total i have paid over £7000 in the last 4 years in charges. I need to somehow stop the charges so i can try and get out of it. Any one managed to escape?

If it were me, I would complete a Statement of Affairs (SOA) and start a spending diary, so that I could determine where my income is going. I would probably post my completed SOA on the Debt-Free Wannabe (DFW) board for advice, support and guidance.

Do you have any other debts apart from the overdraft?

alandaniel132

what help do you need?

Flobberchops

Speak to Lloyds and ask if they have a pre-collections or financial problems department. It's very unlikely they'll write off the debt on the basis of your historic payments, if that's what you're angling for, but they maybe willing to freeze the account and shrink the overdraft as you make repayments.

YorkshireBoy

Willing2Learn wrote: »

If it were me, I would complete a Statement of Affairs (SOA) and start a spending diary, so that I could determine where my income is going. I would probably post my completed SOA on the Debt-Free Wannabe (DFW) board for advice, support and guidance.

Good advice, and exactly what she was told back in February this year when she asked exactly the same question.

She didn't return to that thread so she probably won't return to this one.

You can lead a horse...

With a (recent?) history of payday loans on her file, debt restructuring may not be an option, so she'll have to go down the earn more/spend less route.