debt free in 1200 months!?

tenmah

Hi Bountiful

Hope you don't mind, but can I ask you about opening the A&L account and transferring your overdraft to it?

I know Quidco are doing £50 cashback, but do you think it is better to speak face to face to ensure they can match the overdraft.

Also are you closing your original account and transferring all your DD and SO over to A&L?

I have an overdraft of £2650 and I am constantly up to the limit. I would love to try to pay it off somehow.

Could I transfer the overdraft, keep all my DD & SO's in my original account, still get my wage paid into there and then just pay off say £50 per month in the A&L account?

Sorry about all the questions, I just can't get it straight in my mind, but it would make sense to transfer it, because I would save on the interest I am having to pay on it each month now!

Thanks
Tenmah

Seaxwyn

Hi Tenmah - sorry to but in on bountiful's thread but I would say yes, definitely, open the A&L account and transfer your overdraft to it. I did exactly that and it was such a help, as my enormous overdraft suddenly became interest-free, allowing me to focus on paying other debts first. And I have been able to keep my 'main' account in credit for over a year now, which is a huge morale boost. I really think it's a good idea and can't see any downside, so long as you don't run up another overdraft as well.

back to bountiful now...

bountiful

Hi Temah and thanks Seaxwyn
Yes, the A&L account is definitely worth opening - and it is up to you whether or not you transfer DDs and SOs over to the A&L account or keep your existing account - the overdraft matching (which I haven't actually done!) does have conditions - you have to have a statement showing your overdraft limit and you have to have to show money going in (I think it was £500 a month - but you had better check that) and 'activity' on the account - ie money going in and out. Seaxwyn encouraged me - so trust her advice.
Personally I decided to transfer everything over to A&L and leave my overdraft with the old bank. I had two accounts with Halifax - one was my salary-in account, and the other was my rent/DD/SO-out account. I opened the A&L account - transferred all my regular payments to it and arranged for my salary to go into it. I closed my salary-in account with Halifax and have still got the one with the overdraft. The hitch was that once I had moved everything over to A&L I stopped using the Halifax accounts - so there isn't much 'activity' on the account. Also, as soon as I got the A&L account I moved house and dipped into the £400 overdraft facility they gave me! Der... Also - Seaxwyn and I both found that the 'switching service' the A&L offer is very very slow and they also messed up on two of my DDs - deleting them instead of moving them. I recommend that, if you want to move any regular payments in/out to A&L, just stop them at the current bank and start them again with A&L and say 'no thanks' to their 'switching service'
Good luck! Hope our experiences can help you get the best out of it. Oh, yes, I also did not discover Quidco until after I had switched. Definitely do it through Quidco - you won't lose out on the overdraft matching thing because it is all done through the post anyway.
lots of love
Gill xxx

tenmah

Thank you Seaxwyn and Bountiful

Well, gulp, I have applied online, so will just have to wait and see what happens!

Tenmah

tenmah

Was it something I said, I appear to have killed this thread stone dead!!

Tenmah

bountiful

No - you didn't kill the thread! I replied to your post a while ago - but it obviously didn't get posted to the board - must have lost the connection or something. Can't remember what I said now. I have been neglecting my diary - mostly because I don't feel I have anything interesting to report at the moment!

Today was a day off from work and I got the bus to the beach and had a walk along the cliff path - sat and watched the surf rolling in - lovely morning.
:j
This afternoon my son treated me to Indiana Jones at the cinema (the first time he has ever paid for ME!:D He bought me sweets too! Nice to have quality time together.

Yesterday he paid the council tax bill for me (I took it off his rent for June) as I had had a 'pay the outstanding amount now or you will be liable for the full amount of £1060' - scary letter!

I transferred the last £100 out of my A&L savings account into my current account to see me through to pay day without going over my overdraft limit.

I put £10 on the electricity key as we were on emergency credit.

I also had to rush out and buy birthday cards for two people who have birthdays tomorrow, which I had ALMOST forgotten! No presents though - sorry:o

bountiful

Been paid.:beer:

Had a letter from Halifax reminding me that I need to make regular payments into the account to keep in open and with the overdraft facility etc. So wrote myself a cheque for £700 from A&L to Halifax accounts - then will have to write a Halifax cheque to pay my rent. This problem was avoidable if I'd been proactive about switching my overdraft to A&L when I opened the account - unfortunately I couldn't do it because needed the £400 overdraft the A&L had given me to actually live off! Hopeless!

I've just done a sleep-in - now off until Monday afternoon.:j

My clothes feel damp - a friend has lent a dehumidifier that is on as much as possible.
:eek:I've done something to my toe - it is red and swollen - must have strained it without realising.

I feel overwhelmed with all the things I should be doing - and consequently finding it hard to actually do anything.:o

I've put on weight and feel old and frumpy.:o

Debt affects us so deeply doesn't it........ I'm basically feeling a bit depressed I suppose.:o
Will try to make a list of things that need to be done and do some of them.:T

Then I will do some yoga.;) (that's two things I've got to do already!)

This evening I am going to a work 'do' - which I don't feel much like, but feel I should join in - and, who knows, it might be fun. I suppose I am thinking that I am having to spend money on food and drink I don't really want, just to be socially accepted - not an uncommon problem I think?!:o

bountiful

Spent the afternoon playing with the Budget Planner - and I am really in a debt crisis - I can only keep within my limit by cutting just about everything out except rent, electricity and food ...... grim. Resisting dmp route - very independent person - am I allowing pride to stop me getting help? Also re-read a load of money-saving advice - and am going to challenge myself to having (at least) one no-spend day a week.

beanielou

MAybe you are allowing pride to stop you getting help?
Its all very well cutting out everything apart from the basics but in my humble opinion its hard to sustain.
I went out last night (couldent afford it at all) for a Womens day celebration & it was really good.
Take care & there wouldent be any harm in talking to the debt charities?

bountiful

:THi Beanielou! Thanks for that. I went out last night on a women's night with work colleagues - because of the date I decided to approach it the same way I would have done a Buddhist activity - I still owe £5 for the food etc - and drank too much wine (which I don't usually drink) - and split off for home at 11pm when they were hitting the town to pub&club!
I have been on the official debt agency site and downloaded the info-pack - a first step!
Did kosen rufu gongyo this morning with one other person, then decided to go out for a bike ride - which was really, really nice. I met two other people with maps who were exploring the same area - and had really friendly dialogues - it was a really nice day - I am so lucky to live in a beautiful place and be fit enough to get out and enjoy it.
Hope you had a good day.
PS today was a no-spend day!