need to clear bank overdraft quickly

[brucie32]

i need help to clear an overdraft of £1950, this is the only debt i have, i dont possess credit cards or the likes and dont want to either, all i have is the bank account, which is with Halifax, a current account, i got paid off in april and got a redundancy payment, which was ok and paid a few bills, now i have eaten into my overdraft to the limit which i stated above. the problem i face is that the hfx are now introducing these new charges and i am definitely not going to be able to keep up and i am panicking, i have my house on the market at the minute as i cannot afford to keep it, at this time im not having much luck getting it sold, i have no affordable income and i am sick to the stomach with worry and stress, i need someone to help me find a way clear of my overdraft so i can live of what small income i have without the worry of where i am finding the next few pounds from

so i am asking please if someone could help me find a very quick solution i would be more than greatful

[MilkTrayMan]

Hi brucie32,

 

My advice to U would be to open another 'parachute' current account elsewhere + see if it is possible to also switch your present O/D to this account, if it had less running costs.

Failing that, at least the Halifax wouldn't have 1st claims on any Benefits etc that were credited to U during your time of financial distress.

An O/D is repayable on demand (...although they should give U at least 1 months notice if they required U to repay it in full), so be prepared for the worst case scenario.

 

At the end of the day though, if U can't afford to pay it off, U can't afford to pay it off, so there's no point in beating yourself up about it.

Concentrate on minimising the long term collateral damage, for when there are good times ahead for U again, which there surely will be...

 

Managing Debt

 

National Debtline England & Wales | Debt Advice

 

My debts are getting out of control and I can?t possibly pay them all. What can I do?

 

 

[loobyloo85]

Hi

 

I agree with MilkTrayMan, however, another way would be to draw up and income and expenditure for yourself to see how much money you have left at the end of the mont. You could then focus on clearing this overdraft with your disposable income. It would definately be worth asking about changing accounts though, and opening another, not linked with HFC who's od fees are less