I can't get an overdraft or short term loan

Greg89

I did get a loan 10 months ago from an high interest company.

I have three defaults, which I am paying back and I've been paying my direct debits consistently every month for a while.

However I cannot when I go onto the app get a halifax overdraft.

And I don't think I'll get a short term loan.

It sucks, why is this? I know someone who got an overdraft and he has so many defaults and missed monthly payments on Halifax of £400 and he surprised I can't get 

fatbelly

I think the answer's in the question. You have three defaults and a sub-prime lender on your file. 

What's the purpose of the latest loan?

You do know that bank overdrafts have an effective apr of 40%?

SusieT

Your defaulted accounts are now interest free, and if you only pay them at £1 a month it will not hurt your credit history any more as the defaults are already there. 
You are far better to stay away from loans and overdrafts, ignore what your friends are doing to get into deeper debt and start to get your debts paid down and cleared. If you can only get high interest loans and cannot get an overdraft, then the lenders are well aware of your situation, and are actually helping to kick you into budgeting properly and to try and make you get out of debt. You really need to understand that you cannot borrow your way out of debt. 
Do yourself a big favour, fill in the SOA on this link https://www.lemonfool.co.uk/financecalculators/soa.php
Then, at the bottom click format for MSE, this will bring up a box, follow the instructions and paste it into here. 
You are obviously having problems, and there are an awful lot of people here who have been in your position and managed to get out the other side, but it takes work and sacrifice not borrowing more and getting deeper into the poo.

Sorry if that sounds harsh, it is meant to push you into the right direction and to help others to be able to help you, so that you can get away from the situation you are in now.

elsien

Agree with the above. If you go back to your “I want to be debt free” thread and put in the details that people are asking for, you should get some advice that is relevant to you.

RAS

Pay your direct debits, if you mean your living costs.

Ignore the defaulted accounts, apart from £1 token payments, and fill in the SOA as previously suggested. The defaults will fall off your credit record in 6 years regardless and nothing you do will change the damage already done

Until you work out a sustainable budget, you're going to lurch from crisis to crisis and put your effort in the wrong place.

enthusiasticsaver

You cannot borrow your way out of debt.  An overdraft is the last thing you need.  40%  interest will  not help you.  Focus on getting a budget together and whether or not you should default and go onto a DMP or just stick with repayments and overpaying will depend on your soa. 

Cheesephetamine

If you have defaults because you couldn’t or wouldn’t manage your debt well, the best thing that can happen and the most fair to you and responsible from a lender pov, is that you are declined any more credit! As others said above do NOT get yourself out of debt by getting more debts!

EssexHebridean

You had a previous thread titled "I want to be debt free". This one is essentially titled "I want to take on more debt" - what has changed? 

My suggestion would be to return to your original "debt free" post and just use that one going forwards as that keeps everything in one place - but I have to say I don't think you are at the Lightbulb Moment quite yet - I think you want to be, but right now you're not quite there. Return to that thread when you are ready, put together the SOA and we can help.