Resolved Question

Help. I'm really overdrawn!!?

Please can you give me tips or advice on how to crawl out of the overdraft mess I've got myself in to?
I'm 25, live at home with my mum and pay a generously small amount of rent. I got myself in deep back in May on a trip to Rome where I had no access to internet banking and couldn't keep an eye on my funds.

If you've managed to get yourself back in the black. Please tell me how you did it as I'm going to have to extend my overdraft again just to get through till payday next week.

Best Answer - Chosen by Asker

The first thing to do would be to speak to the bank concerned. Make an appointment with them and explain the situation. They may be able to offer a way to repay the debt a manageable sum at a time so you have something to live on, but are clearing the debt.

If you can avoid extending the overdraft it would be best as its not really solving the problem. Also, if you have extended it recently the bank is unlikely to want to extend it further. Someone else suggested switching accounts, but in the current climate if you are over any agreed overdraft it will be difficult to open another account.

Try and set yourself a budget each month, that way you can see how much you have left after all bill are paid. If you have unwanted items then by selling them you could make additional money that could go towards repaying the debt.

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Other Answers (6)

• Open a current account with another bank. Incidentally they might offer you an overdraft too.
  
  Then each month, pay off a set amount of your old overdraft (that is affordable for you) until it's cleared.
  
  This is what I'm currently doing.
  
  It's important your new current account is with a different bank. If you opened another account with the same bank, they can (and it's legal) AUTOMATICALLY move money between those two accounts to pay the other off. They never used to, but since the recession some banks have been doing this.
  
  It would be worth checking what date your account is due it's 'review of overdraft'. If the bank see you've been using your overdraft every month, or worse, going over your overdraft limit, be aware they have the right to demand the full amount back straight away... so it's best to pre-empt them.
• I was in a similar position , the only way I got out of it is by selling things on ebay buiding the total up in paypal and then transfering it to my bank account hen I had enough to clear the overdraft - what you have never had you never miss
• There is a very simple answer that we all KNOW, but don't want to admit. Go work more until you get a good emergency fund established.
  
  I did similar stupid things, and had a 2nd job till I was out of debt and had a rainy day fund set up.
  
  Also, quit taking trips when you are broke! ;-)
• Cut all expenses and consider selling stuff. Consider asking someone to help bail you out. It might be better to owe a close friend or family member money than a bank or creditor, but it's still money owed no matter what. Don't do anything stupid, there are no shortcuts.
• Hi i know this sounds crazy, but become an ebay wholeseller. Get info on this link http://www.salehoo.com/secrets/?hop=01225 just copy/paste it.
  It helped for me to get out of mine, now i'm making £1000 extra a week!
  Great stuff just need the right info out there but it works.
  Good luck :)
• you gotta cut back on EVERYTHING just for this month so that you dont borrow any more. Stop spending right now, limit your food spend, travel expenses (walk!) and no uncessary nights out! you can do it chick