Getting up and out of my overdraft
Discussion
I am still offered a very generous overdraft with my account. The realisation has hit me now that it is just too generous, and the generous "free" bit has dried up.
Having bought a house and kitted it out, and then got married, all of which inevitably took more money than was expected, I find myself in the same position each month where my salary goes in, and I'm just forever living "in the red". I don't get to the bottom, but its a frustrating process that needs to stop.
However I can't simply go to the bank and ask them to withdraw my overdraft, as that would mean that next time I get paid, I just won't have any money to live on for a month. I've made several other changes to my finances to help manage my money.
Is it possible, in anyone's experience, to go in and manage this in a stepped approach, and maybe withdraw the overdraft in chunks so that yes, I'll still be living in it, but at some point, will be out of it after 6 months of better planning and personal financial management
It is a Natwest account that I have, I haven't yet had the opportunity to go into my local branch and talk to them and so some advice/wisdom on here would be appreciated.
Having bought a house and kitted it out, and then got married, all of which inevitably took more money than was expected, I find myself in the same position each month where my salary goes in, and I'm just forever living "in the red". I don't get to the bottom, but its a frustrating process that needs to stop.
However I can't simply go to the bank and ask them to withdraw my overdraft, as that would mean that next time I get paid, I just won't have any money to live on for a month. I've made several other changes to my finances to help manage my money.
Is it possible, in anyone's experience, to go in and manage this in a stepped approach, and maybe withdraw the overdraft in chunks so that yes, I'll still be living in it, but at some point, will be out of it after 6 months of better planning and personal financial management
It is a Natwest account that I have, I haven't yet had the opportunity to go into my local branch and talk to them and so some advice/wisdom on here would be appreciated.
CountZero23 said:
Yup, should be easy to sort.
I know Lloyds allow you to ask them to reduce your overdraught in steps - say £200 per month.
Alternativly put some money away in a seperate savings account until you have enough to clear it. You'll be losing money on interest, but not much and yhou'll have a few quid to fall back on if you run into any suprises.
Maybe wait until after Christmas
Great, thanks.I know Lloyds allow you to ask them to reduce your overdraught in steps - say £200 per month.
Alternativly put some money away in a seperate savings account until you have enough to clear it. You'll be losing money on interest, but not much and yhou'll have a few quid to fall back on if you run into any suprises.
Maybe wait until after Christmas
Definitely waiting till after Christmas. Am now in the fortunate situation that we've just reduced our mortgage payments by £300 each month, a nice saving, and have paid off credit cards etc that we used for wedding/honeymoon/etc
That's exactly what I am looking to do - reduce by £200 per month or thereabouts.
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