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  • FIRST POST
    • Overmyhead
    • By Overmyhead 4th Nov 17, 9:38 AM
    • 34Posts
    • 19Thanks
    Overmyhead
    Rock Bottom
    • #1
    • 4th Nov 17, 9:38 AM
    Rock Bottom 4th Nov 17 at 9:38 AM
    Hi all,

    My bank changed their overdraft fee mehodthis month and it has made me look at everything and really realise the position I'm in. Not stick my head in the sand and keep making minimum payments.

    I have tried to contact each card company to ask for a promotional rate which has been unsuccessful. I was not accepted for any 0% cards so at the minute I'm pretty stuffed. Any advice would be appreciated! I have not told anyone about my debts and would rather not either, my partner would not be impressed at all!

    Here goes...

    Overdraft - £2,990 (charging £4 per day)
    Card 1 - £3,599.10 (25.95%)
    Card 2 - £2,447.75 - broken down in to -
    £2,095.80 (17.18%)
    £331.95 (24.60%)
    Card 3 - £4019.99 - broken down in to -
    £3,561.23 (17.18%)
    £550.77 (24.60%)
    Card 4 - £6,775 (0%)

    TOTAL - £19,831.84
Page 2
    • Overmyhead
    • By Overmyhead 6th Nov 17, 7:45 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    Thank you. So was interest frozen whilst on your DMP? I was reading up on them on stepchange site and one of disadvantages listed was interest not frozen and the creditor still has option to take you to court at any point. As well as the plan not being for a set time as the amount could still be increasing each month?
    • another casualty
    • By another casualty 6th Nov 17, 8:50 AM
    • 3,664 Posts
    • 5,732 Thanks
    another casualty
    If youíre on a dmp, you wonít be taken to court. What happened on my dmp with payplan was that you pay a sum each month to payplan You then get a yearly budget review where they go through all your spending details to see how much you can still pay each month.
    They may increase or decrease the amount you are able to afford to pay each month. You will then receive usual statements from your creditors each month , acknowledging you have gone with stepchange

    If you do receive any over zealous letters, you contact stepchange and they deal with it .
    Hopefully that will put your mind at rest .
    • Overmyhead
    • By Overmyhead 6th Nov 17, 10:01 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    Thank you! Fingers crossed. I'm also going to call the bank about the overdraft charges. I feel like if they were to lower them I could suck it up and survive a bit longer to a point hopefully where I'd be accepted for a 0% card.

    I have transferred £100 from card to another at 0% as I had the room on there to do that. I also started a clear out last night and made my first sale of £30 so that will go towards it as well. I think my aim is to do overdraft first, even if they reduce fees then concentrate on cards - I'll make minimum payments meantime.

    I'll have another clear out tonight and see what else I can list.

    Thanks guys x
    • MeenaM
    • By MeenaM 6th Nov 17, 10:15 AM
    • 267 Posts
    • 475 Thanks
    MeenaM
    hello , my advice would be to take a deep breath and tell your partner , it may be that with the money he brings in you can work together to clear this debt ? even if he could take over some of the outgoings this would leave money for you to put towards a payment over the minimum amount on your credit cards that are charging interest , work at paying off the lowest credit card amount first etc , I would also look to opening another bank account and treating the over draft as a debt , i know you said that you are not getting accepted atm but a solution might be to get a 0% money transfer card that pays it off so stops the interest and charges but you would need to find the money to meet the payments in paying it before interest again kicks in

    can you try ringing sky ? say you are thinking of leaving and see if they will give you a better deal ?

    try Clearscore it is free and will give you your credit rating and will help you to understand why you are not being offered the deals atm

    car boot sale? and money made use to pay off the lowest credit card debt first

    good luck and best wishes
    Sealed Pot 11. #199Next£1170Barclays Credit Card £4891.20/0- 0% ends April 2019 virgin 0% ends july 2020 £4138 1,445.89AA Credit Card £860 0- 0% ends Dec 2017 Sainsburys Credit Card £521.27-0 0% ends Feb 2018 STARTED Nov 17AIM TO BE DEBT FREE JULY 2019Emergency Fund £614/£1000
    • another casualty
    • By another casualty 6th Nov 17, 11:28 AM
    • 3,664 Posts
    • 5,732 Thanks
    another casualty
    Meena has just raised a Baliís point regarding the overdraft .
    My advice also, is to treat that the same as all the debts .
    Youíre practically throwing money away if you donít .
    Another good point meena has raised is that you will be encouraged to open a seperate bank account. However , it must not be anything associated with your creditors . This may mean opening up an account at a building society instead . Reason being the creditors may decide to take money out of your account if they want .
    • Overmyhead
    • By Overmyhead 6th Nov 17, 1:04 PM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    My partner would not help with it at all. We have pretty separate finances and he'd see it as my problem so I don't want to bring it up.

    The only thing about opening a separate account would meanthatcharges are high all the time. Whereas if I continue to use that account the fees will be lower when there is money in it if you know what I mean? It's a daily fee dependent on balance.

    I have looked and can't see any marks on my credit report that would make my score poor so I don't understand that other than possibly the level of debt.

    I thought about a money transfer and I'm not eligible for that either.
    • Overmyhead
    • By Overmyhead 6th Nov 17, 1:50 PM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    I joined clearscore ...

    Report is 413 / 700 - on good ground

    Stable - 9 positives and 1 negative

    Negative - my total credit utilisation% is relatively high.

    Total limit is £27,340 and I'm using £19,000.

    They didn't have any loans available but did have a 0% card which I applied for - it wasn't able to give me a decision there and then so will see what happens with that.
    • Hiddenidenity
    • By Hiddenidenity 6th Nov 17, 1:52 PM
    • 5,213 Posts
    • 26,759 Thanks
    Hiddenidenity
    If you're already struggling I don't think applying for more credit is a good idea. Especially being so close to tipping over the edge already.

    Have you spoken to stepchange?
    • Overmyhead
    • By Overmyhead 6th Nov 17, 2:01 PM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    It would purely be to transfer the balance st 0% and I would close whichever card it moved from. Wouldn't be to take out more to use. Feel like I could catch up without having to have a DMP etc if I was able to get on top of fees. The problem at the moment is the money I'm paying is a lot of interest.
    • Buffythedebtslayer
    • By Buffythedebtslayer 8th Nov 17, 10:28 AM
    • 15,308 Posts
    • 51,085 Thanks
    Buffythedebtslayer
    Just checking in to see how you are doing

    You do have a lot of options so that is good. Hope all is well

    love Buffy XXX
    Frugal Living Challenge, Pound a Day challenge, Sealed Pot Challenge Debt 4990 (March)
    • Overmyhead
    • By Overmyhead 8th Nov 17, 10:51 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    Thanks Buffy!

    Have spoken to Stepchange and DMP is an option. I'm holding off for now to see how I get on with the bank and their charges - they're calling me back.

    Bonus for today is my car insurance had been over charging so only have to pay £10 per month for next 5 months freeing up £22 as I had been paying £32.

    Haven't managed the clear out yet but it's on the agenda for this weekend when I'm not working xx
    • Overmyhead
    • By Overmyhead 17th Nov 17, 11:20 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    Finally spoke to the bank and they're freezing charges for 30 days. At the moment that's all they can offer.

    They're also refunding charges so far this month which have been £4 a day so should be £68. I'm going to add £20 and amend my overdraft from £2,990 to £2,900 so at least it's a start.
    • Overmyhead
    • By Overmyhead 17th Nov 17, 11:31 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    Oh and two credit cards are freezing interest for this month only. Better than nothing I suppose!
    • Overmyhead
    • By Overmyhead 25th Nov 17, 9:37 PM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    New totals ...
    Overdraft - £2,850
    Card 1 - £3,575
    Card 2 - £2,425
    Card 3 - £3,925
    Card 4 - £6,775

    = £19,550 (-£281.84)
    Paid double that off but it all goes to interest ����
    • Buffythedebtslayer
    • By Buffythedebtslayer 26th Nov 17, 10:55 AM
    • 15,308 Posts
    • 51,085 Thanks
    Buffythedebtslayer
    Good to see you have a total

    Do you think you will be able to make a plan now?
    30 days is a good start
    XXX
    Frugal Living Challenge, Pound a Day challenge, Sealed Pot Challenge Debt 4990 (March)
    • Overmyhead
    • By Overmyhead 21st Dec 17, 11:57 AM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    New totals ...
    Overdraft - £2,750
    Card 1 - £3,505
    Card 2 - £2,400
    Card 3 - £3,850
    Card 4 - £6,650

    = £19,155 ( - £395 )

    Again I've paid more but it's all interest ☹️

    Going to speak to bank today and offer to pay £150 a month to overdraft in the hope they'll freeze charges. All they offered last time I called was to freeze if I can pay off within a year but I can't afford £240 per month to be able to do that.
    • mbmonty
    • By mbmonty 11th Apr 18, 5:17 PM
    • 138 Posts
    • 82 Thanks
    mbmonty
    New totals ...
    Overdraft - £2,750
    Card 1 - £3,505
    Card 2 - £2,400
    Card 3 - £3,850
    Card 4 - £6,650

    = £19,155 ( - £395 )

    Again I've paid more but it's all interest !!!9785;!!!65039;

    Going to speak to bank today and offer to pay £150 a month to overdraft in the hope they'll freeze charges. All they offered last time I called was to freeze if I can pay off within a year but I can't afford £240 per month to be able to do that.
    Originally posted by Overmyhead
    How about an update?
    • Overmyhead
    • By Overmyhead 1st Aug 18, 9:33 PM
    • 34 Posts
    • 19 Thanks
    Overmyhead
    I have started a new diary of where I!!!8217;m at now - I!!!8217;m not sure how to share a link but if you click on my name it!!!8217;s the only thread I!!!8217;ve got x
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