Feel like I'm never going to get out of my overdraft- a bit long, sorry!

kernowgal

Hello all,

I'm new here, so hope you don't mind me 'jumping right in'!

A bit of history:

I've had my account with HSBC since 2002 (when I was 19), it was upgraded to a student account when I went to university that September.

I tried not to go into my overdraft during my time at Uni, but if I did, I paid in savings (which have since long dried up) to cover it.

I really started living out of it once I'd graduated in June 2005, and was unemployed for 8 months following.

Since then I've pretty much being see-sawing between being just about in credit, to up to my maximum limit (of £1,500). I've never ever gone over this limit though.

The account was switched to a graduate account in 2005, and the interest free portion was gradually reduced, up until last year where the whole balance was accruing interest.

Due to having borrowed money from my ex and my parents (for rents and deposits on flats), and running up a credit card bill of £671 for March '08, I decided to take out a personal graduate loan at the beginning of April.

I'm paying £150 a month back on a £4,500 loan, which will take me 36 months to clear.

With this loan I paid back my parents, my ex, cleared my credit card (which hasn't been used since!!) and cleared my overdraft- which, at the time was up to about £1,300.

However....and this is where I am KICKING myself... I like to shop

And I stupidly went a bit mad seeing my account in credit by so much (it's a very very rare sight, I can tell you)...so what with taking out cash here and there, and bills etc, I've found myself back up to my £1,500 limit.

So unbelievably annoyed with myself for being so shortsighted.

But, you live and learn, and now I'm trying to rectify the mistake.

Just wondering what advice you'd give for the best way to clear it?

My net income per month is £914, and my outgoings are as follows:

Rent- £350 (I share with a friend, so all bills are split)

Loan Repayment - £150

Water rates - £25.33

Mobile- £35 (I'm on a very very good deal with this, and am reluctant to change: I get £200 a month to spend on either texts/minutes etc...which means I don't go over my allowance and should only pay my £35 rate, rather than going outside my allowance and racking up £55-80 bills.)

Bus fare -£30

Council Tax -£66

Internet/tv -£13.50

Food -£80

Entertainment - £60 (guestimate)

I don't own a car, and we don't have a landline. We haven't yet had an electricity bill through (only lived in our flat since February), and I wouldn't have any idea how much it might be.

My plan is just to live really frugally for the next couple of months, as I usally have just over £100 left over from my income, so am planning on letting that accrue and it to build back up until I'm in credit.

I'm just wondering if there's a more viable option- am just so fed up of having this overdraft hanging over me.

Any advice, greatfull received!

Many thanks, and sorry for the essay!

dancingfairy

Hi and welcome:hello:. I know what it is like leaving uni and trying to find a job and trying to get work gear and a flat and pay bills, let alone have a social life. (I graduated last year and since then have been temping all over the place and am still trying to find a permanet job ).

Your plan sounds good so far. Have you got anything you can ebay/car boot/ can you do mystery shopping or internet surveys?

Overtime at work? Part time job 1 or 2 evenings a week in a bar? Saturday job?

I know what you mean about the shopping though. Even though I am not really a shopping person I feel the need to go shopping - even though I can't really justify or afford it. I guess it stems from trying to budget so carefully all the time.

ANyway can't really be much more help apart from to say hi and welcome, you are doing all the right things and you are not the only one in that situation.

Good Luck
df

halucin8

hi, im pretty much in the same boat had a graduate account which became a "normal" account am with hsbc also.. i had an overdraft recently of £200.. i went over it by £50 and was getting "notified fees and chargers" of anywhere from £75 - £175 @ month i am only ever overdrawn for a couple of days but with the charges i never seem to get on top of this overdraft.

I have young children and was recently made unemployed so i decided to take the bull by the horns and phone hsbc to sort something out. I rang the customer service centre explained the situation and was told they would "very kindly" add my charges for the month onto the overdraft and charge me another £25 to do this. taking my overdraft from £336 to £670 and they would allow me to pay it back at £230 a month .. i'm on benefits I have no idea which bill is not going to get paid to pay this back but, the customer service centre didnt seem interested.

she said my bills add up to xx amount so i have yy amount left so they wanted 3/4 of it they didnt take into account food electricity etc clothes or any kind of social life. Today i had some money go into my acc i decided that it was time to go food shopping where low and behold in front of a huge queue of people my card was declined .. ( i had checked before leaving home that i had available funds I wasnt even in my overdraft) so red face and humiliated i said i would pop to the machine to get the money whereupon it ate my card " contact your branch". I came home rang them the very nice person who i spoke to the other day forgot to tell me " because you dont have an overdraft with us anylonger you cant have that card (maestro card) and that she had ordered me a new solo card.. there was a note on screen "tell the customer next time she rings i forgot to tell her i cancelled her debit card", oh and i checked that all my contact details were up to date so why one of them couldnt phone me or even send me a message on internet banking to contact them is beyond me, seems they can badger me at home for loans or their new plus account but cant ring me to say "sorry we screwed up", so i dont know if you want to try that option, like i say i have very little expendable income like yourself and the repayments they want are just astronomical i will be glad to see the back of hsbc. Today in the afternoon post I recieved my new solo card .. "great i can go shopping" not clothes or luxuries but food. and guess what .. the girl who decided not to tell me she had cancelled my card also didnt tell me that she had reset my pin and i would have to wait 5 working days for it.

I'm furious as you can imagine i have been with hsbc or midland as it used to be for 20 years, well i wont be with them from next month.