Overdraft problems getting serious.

[UtterlyScrewed]

Hi, I'm hoping for advice about my Bank account. Again.

 

A year or so ago I went through the procedure of reclaiming my illegal bank charges (thanks to the people on here) and was very happy with the result. Unfortunately I came out of work a while later and had to go back into my overdraft to pay the bills and put food on the table while I was looking for another job. I was £800 into a £1,000 overdraft, but Lloyds TSB sent me a letter to say that I no longer had this overdraft and I had to pay the money back that I somehow now had borrowed without their permission. As I was under stress and struggling to get by, I buried my head in the sand and ignored them. Very stupidly.They say I now owe nearly £1,500 because of the charges. I have my wages paid into my girlfriends bank account now because when I first started work again, Lloyds would have swallowed my wages up right away for the first few weeks.

 

I am earning not bad money now and would love to start again with a clean slate after paying my debts off. Can anybody advise me how to best approach this situation please? Could I arrange to pay them back a few pound a week? Can I have any of these charges removed?

 

Sorry for messing it up after I have already been helped on here.

 

Thanks.

 

US.

[Guest Old_andrew2018]

bump

[Mrsmancmonkey]

Hi

For the charges side of things, you could get the ball rolling with a claim I should think, then maybe SAR and CCA them for the £1,000 overdraft that you did have to;-

 

If you check this link it really does have useful information about the CCA side of your OD. Good luck and dont panic

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/31515-ccas-overdrafts.html?highlight=overdrafts+cca

[BankChargeSlave]

Do you still have your overdraft agreement and the letter that they sent you? Because if you show this to them first you could invalidate their claim and possibly settle for a lower repayment or pay it and reclaim some of the fees.

[Davy27]

getrichslowly.org (or somethign similar) is an EXCELLANT site to get frugal and save whilst getting back on track. I have dne the EXACT same thing as you've done, and would love to see how you get on, maybe be debt-busting-buddies? lol!

 

First of all, try get your arranged borrowings within what I call the 'amber' zone. You're in the minus bit but it's ARRANGED so don't get ridiculous charges/interest rates compared to unarranged overdraft (red zone. DANGER! DANGER! First try to ask to have arranged overdrafts or limits on credit cards extended to help you get back on track.

 

Now scrimp, save, borrow, beg, steal, do what you have to to get yourself within these guidlines with a little extra for interest rates and any emergency purchases (ie. train ticket to work if u forget cash and bank card. who knows! happened to me today, actually!...)

 

Now there are two general ways to tackle multiple debt - organise the debts into lowest to highest according to balance. Now pay off the smallest one with everything you got, apraently it helps you psychologically and makes you feel liek your';e getting somewhere and are mroe likely to be more frugal, etc.

 

Another way is to work out how much you're paying with charges each month and tackle to highest one first and get it below the 2nd highest, then tackle that, etc.

 

Whatever happens, never forget there's ALWAYS another way out. Another option. A way of escaping debt, you just need to be preapared to do what you need to. I managed to save £500 for holiday whilst staving off nearly £3000 bad debt within 2 weeks! How? I got 3 jobs I'm still recovering now with just the one full time job but I'm glad I put myself through 20 hour work days. Good bye red debt, hellow amber but not for long! Sandy beaches next week will be soooo worth it...!!!!

 

Best of luck (PM me ?)