Best way to clear overdraft?

[Escobar]

I need a few solutions on the best way to clear my overdraft, its only about £450 but i have alot of expenses coming up in the next few months so i dont want a chunk of my wage to go straight to the OD.

[ekkl]

Do some overtime at work or work an extra Sunday?

[jaguar982]

Is it an authorised o/d?

jag

[Escobar]

Yeah its an authorised overdraft, not sure if i should pay abit monthly and slowly clear it or clear it by a credit card? i dont actually own one but would be a good way to improve my credit rating?

[beansontoast]

Don't "clear" it by taking on more credit, just stay in a couple of weekends or do something like set a target of £100 a month. Sell some stuff you don't use, anything.

[Escobar]

£100 a month is what i had in mind, so basically over the 4 months i will be paying an extra £112 which will be the fees

[jaguar982]

£112 for 450 quid o/d thats fuckin dear you got that right? cos you will pay it off soon as your money goes in then eat into your o/d as money comes out

jag

[Escobar]

if i pay £100 a month ill still be into my overdraft, which again halifax will charge £28 because i havent fully cleared the OD.

[jaguar982]

Are you paying all your £ into this account

jag

[Mule]

If it's an authorised overdraft then why are you paying fees?

[jaguar982]

Normally pay a fee but dont normally get stung as much as this rates usually very good

jag

[Escobar]

Are you paying all your £ into this account

jag

i started my new job yesterday so i havent provided any bank details yet. but my plan is to put the money into a different account and transfer monthly to the O'D account.

If it's an authorised overdraft then why are you paying fees?

as far as i know im getting charged £1 everyday, they take a lump sum of £28 at the end of the month.

[jaguar982]

The more you put in the less you get charged only you can decide what suits you best m8

jag

[beansontoast]

as far as i know im getting charged £1 everyday, they take a lump sum of £28 at the end of the month.

The first thing you must do is phone your bank tomorrow & find out what they are charging you, speak to someone & explain your situation - ask for help.

[Mule]

Answer here - http://www.moneysavingexpert.com/new...rdraft-chagres

Something it doesn't mention which is also worth a try is calling your bank and telling them you're struggling with money, quite often banks will make allowances and freeze interest payments if you agree to a repayment plan.

[Escobar]

Thanks for your help guys , will call the bank tomorrow.

[novaman]

£100 a month is what i had in mind, so basically over the 4 months i will be paying an extra £112 which will be the fees

i would be amazed if they charge you £28 month for using an 'authorised' overdraft! i reckon you 'may' have exceeded you overdraft limit and hence are being charged this amount.

even if you've exceeded your overdraft, you can simply call them and ask them to 'temporarily' increase you overdraft limit on the basis that it will be reduced each month until it reaches your original limit (e.g tell them to initially increase the overdraft to £450 and then reduce this by £50 each month). this will stop you getting hit with the charges each month.

[Mule]

i would be amazed if they charge you £28 month for using an 'authorised' overdraft! i reckon you 'may' have exceeded you overdraft limit and hence are being charged this amount.

Read the link I posted, halifax charge £1 a day and no interest regardless of the amount.

[flumperino]

The normal stuff for improving cash flow:

Call up your media provider to downgrade to the minimum packages.
If you have your own place, change energy provider through quidco and get £50-£100 cashback in a few months. Same applies for all insurances.
Find everything in your place that you don't want, and do a completed item search on ebay; you'll be surprised how much some stuff will go for.
Walk to work if you can.
Make sandwiches for work, don't buy lunch.
Never ever go to the supermarket while hungry, or with a hangover; you will end up with a plethora of pizzas, crisps and Pepperami multipacks (or maybe that's just me, lol).
Stay in for a couple of weeks and buy some tinnies and a takeaway curry (spend £15 vs £70)

[pratman]

The normal stuff for improving cash flow:

Call up your media provider to downgrade to the minimum packages.
If you have your own place, change energy provider through quidco and get £50-£100 cashback in a few months. Same applies for all insurances.
Find everything in your place that you don't want, and do a completed item search on ebay; you'll be surprised how much some stuff will go for.
Walk to work if you can.
Make sandwiches for work, don't buy lunch.
Never ever go to the supermarket while hungry, or with a hangover; you will end up with a plethora of pizzas, crisps and Pepperami multipacks (or maybe that's just me, lol).
Stay in for a couple of weeks and buy some tinnies and a takeaway curry (spend £15 vs £70)

this is spot on, i basically am in a similar position to you where i have maxed out my o/d due to expenses on the house, and i hit my o/d limit, thankfully i workk for the bank so as staff i get charged pennies literally. However, to save money I have not gone out, i was going out once every 2 weeks, stretching petrol money over 2 weeks minimum, taking lunch from home, and making sure i stuck to a strict diet so i didnt spend on snacks i didnt really need. though the only thing i havent done is ebay. but i have been the ssddo at my workplace thats stayed in when people ahve been out, but i have found it ok afer the forst couple of weeks but you do savea lot, i mean i was spending in excess of 100 a week on going out so i was saving that straight away. but slowly my debts are coming down.