Debt help please

JGrundy

Bank charges are putting me in debt, help

This has been dragging on for months now, everytime i get my "salary" from work my bank charges are just taking a giant handfuill from it since my Direct debits are all going out on differant times and i just cant seem to sort it ot!!
im going overdrawn and every time i do the banks charging me £30 everytime even if i go to -£0.01 which i think is unbeliaveable and when this happens i dont have enough money to pay rent never mind food and basic living expenses any ideas of how to sort this out??

i get paid weekly by my job but my DD's are monhlyif that helps at all!

tigerfeet2006

Please can we have some more details, thank you.

JGrundy

Editged post, please help!!!!

penguin83

Hi J - I think first off you need to open a new bank account that is not linked to any of your creditors. Just open a basic one with no credit facilities to gwt your wages paid into. This should stop the cycle of charges.

If you post your Statement of Affairs as well so you can see exactly where your money is going each month it should help start to make some inroads into your debt.

Finally a big welcome from me x x x

judy_

Hi

I get my tax credits weekly and my salary monthly.
I have my tax credits paid into a different account to my salary.

I use my tax credit account for my food shop, pocket money for children, gas elec and petrol. I manage to keep tabs on the account by writing everything down that I spend and every DD that is due out for that week.

My salary account I use for my rent, ISA, and savings.

This setup keeps me on track and I never have to pay bank charges.

Hope this helps a little.

Judy

JGrundy

how do i go about doing my statement of affairs

Got2change

If at all possible, could you look at opening a new bank account (if you are in debt/have bad credit issues - Co-operative Bank or Barclays are best but no cheque book or card) and time it so that you can arrange for your wages to go in and set up new DDs to go out.........
You will be a bad debtor with your current bank and that will need to be resolved but you need to make the change as soon as you can.
Hope this helps.


(Penguin - great minds think alike!)

JGrundy

Got2change wrote: »

If at all possible, could you look at opening a new bank account (if you are in debt/have bad credit issues - Co-operative Bank or Barclays are best but no cheque book or card) and time it so that you can arrange for your wages to go in and set up new DDs to go out.........
You will be a bad debtor with your current bank and that will need to be resolved but you need to make the change as soon as you can.
Hope this helps.


(Penguin - great minds think alike!)

Bareclays is my current bank and with ther £30 overdrawn charges "which i just realised is the highest so far" but realised so far that i do have to change banks just scared if how many credit checks are going through

penguin83

I have just opened a basic account with Natwest (step account) it can be done online, there are no credit checks and I didnt even have to send any id.

Have a look at this website for a SOA that can be cut and pasted directly into this thread. x x x

Got2change

JGrundy wrote: »

Bareclays is my current bank and with ther £30 overdrawn charges "which i just realised is the highest so far" but realised so far that i do have to change banks just scared if how many credit checks are going through

Righty-ho - you need to speak to the Co-operative Bank/Cashminder account. Their credit check is mainly (only?) for fraud so hope you haven't anything to worry about.

Then it will really be a timing issue with you new bank account and a resolving/debt clearing issue with Barclays.

Your Statement of Affairs would be details of your Income and Expenditure - and also a list of your bigger debts -inc balance outstanding, monthly payment and APR.


(Penguin - and again. Didn't know about the Natwest though.)

krystal-divination

judy_ wrote: »

Hi

I get my tax credits weekly and my salary monthly.
I have my tax credits paid into a different account to my salary.

I use my tax credit account for my food shop, pocket money for children, gas elec and petrol. I manage to keep tabs on the account by writing everything down that I spend and every DD that is due out for that week.

My salary account I use for my rent, ISA, and savings.

This setup keeps me on track and I never have to pay bank charges.

Hope this helps a little.

Judy

I do much the same you you do judy and by having a bills acc where any taxcredits go in helps to manage it much easier.