So hard to pay back student overdraft with the constant interest charges

lmachine

Hello,

I am wondering if anyone can offer me any advice.
I took out a student overdraft over 2018-2020. it currently stands at about £1720.
I'm finally in a position in a job where I can afford to pay it back a little at a time, say around £100 per month. 
the problem is they keep charging me interest at about £40 a month. I'm pretty sure the fee is getting higher.
I'm finding it so hard to pay it back with these interest fees. I have called the financial difficulty team at RBS to ask if they might be able to freeze the interest while I try to pay it back but they're saying that the only way they could help me is if I was facing serious financial difficulty as in, I was unable to pay my bills and rent. at the moment I am able to budget enough to pay all my bills rent and everything, I just struggle to pay back this overdraft. Does anyone know of any options I can consider?
Thanks so much. 

born_again

You could see if you could get a CC with 0% purchase for xx months. Use that for purchases. So you could clear the O/D in one go & then concentrate on paying the CC off before 0% runs out.
Could do the same with a Money transfer offer to pay O/D off & pay CC back ASAP.

Emmia

A 0% credit card you transfer it onto and then pay off in the offer period would be one option, if you can take one out.

sourcrates

lmachine said:

Hello,

I am wondering if anyone can offer me any advice.

I'm finding it so hard to pay it back with these interest fees. I have called the financial difficulty team at RBS to ask if they might be able to freeze the interest while I try to pay it back but they're saying that the only way they could help me is if I was facing serious financial difficulty as in, I was unable to pay my bills and rent. at the moment I am able to budget enough to pay all my bills rent and everything, I just struggle to pay back this overdraft. Does anyone know of any options I can consider?
Thanks so much. 

If £40 in interest is making the difference between you struggling and not struggling, then you are in financial difficulty my friend, and you should not be afraid to tell them that.

Exaggerate your situation if it opens the door to an interest freeze, come on, do I really need to tell you that?

Be a little more creative in your dealings with RBS in future.