Overdrawn and need a hand?
Discussion
Just thought i'd share this if anyone else here is having the same problems I have currently.
Basically im a bit messed up financially (due to job loss and a few other problems) and on the edge of my overdraft and getting charged bank fee's left right and center, so what I'm paying back monthly just isn't making any difference. Been trying to work out what I can do about it and looking online today came across this account with Nationwide called FlexDirect http://www.nationwide.co.uk/current_account/flexdi... It offers a fee free& interest fee overdraft for 12 months. Takes not even 10 minutes to apply online and will give a decision there & then
So my plan is now move the balance of my overdraft over to this account then the money I was paying in charges will actually start to clear what I owe rather than just cover the monthly charges.
Hope this helps other people in the same situation
Basically im a bit messed up financially (due to job loss and a few other problems) and on the edge of my overdraft and getting charged bank fee's left right and center, so what I'm paying back monthly just isn't making any difference. Been trying to work out what I can do about it and looking online today came across this account with Nationwide called FlexDirect http://www.nationwide.co.uk/current_account/flexdi... It offers a fee free& interest fee overdraft for 12 months. Takes not even 10 minutes to apply online and will give a decision there & then
So my plan is now move the balance of my overdraft over to this account then the money I was paying in charges will actually start to clear what I owe rather than just cover the monthly charges.
Hope this helps other people in the same situation
Another option would be a credit card that allows balance transfers with an interest free period - same idea of getting everything in one place and not paying fees on it.
One word of warning is if you are going over the Over Draft limit you can be damaging your credit rating, also if direct debits bounce this can also impact it so its worth getting it under control and then reviewing your credit rating to see if you have taken any damage.
Good luck with getting it sorted
One word of warning is if you are going over the Over Draft limit you can be damaging your credit rating, also if direct debits bounce this can also impact it so its worth getting it under control and then reviewing your credit rating to see if you have taken any damage.
Good luck with getting it sorted
AndyCowman said:
Another option would be a credit card that allows balance transfers with an interest free period - same idea of getting everything in one place and not paying fees on it.
One word of warning is if you are going over the Over Draft limit you can be damaging your credit rating, also if direct debits bounce this can also impact it so its worth getting it under control and then reviewing your credit rating to see if you have taken any damage.
Good luck with getting it sorted
Thats what part of the problem is, hence if I split it between the two accounts then it should move me further away from the limit. One word of warning is if you are going over the Over Draft limit you can be damaging your credit rating, also if direct debits bounce this can also impact it so its worth getting it under control and then reviewing your credit rating to see if you have taken any damage.
Good luck with getting it sorted
I can work the logic out no problem, it's just putting it into practice I have trouble with.
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