How do you use your overdraft?

[Becky61]

I lived in a £1000 overdraft for years, paying £1 per day charges for using it. When i fell pregnant, knowing i would be a single mum, i used the due date as a target to pay it off. I paid roughly £100 back per month plus fees. Its tough, but so satisfying paying it off & not owing money. Give yourself a realistic target, even just £2.50 per week say, so that you can see a decrease but it doesnt affect your day to day lives.
When i spoke to the bank about paying off my overdraft, they offered me a loan, but i was suspicious, as they must of thought they would financially benefit somehow by me having a loan?? I didnt trust that they genuinly wanted to help me, knowing they were making a small fortune off me each year for being in debt!!
Now that i live on my own, i refuse to have an overdraft, even £50 "just in case", as i know im in absolutely no position to pay it back.
Good luck, youll feel so much better getting it in order.
X

Sorry double post x

 

[DJJ]

We have one but it there only for cash flow.for us its a safety net.it just helps when its a 5 week month.can i ask which bank is chaging its policy?

 

[babycrazy1706]

I've got a £5oo one but never used it. Xx

 

[maryp0ppins]

We have one but it there only for cash flow.for us its a safety net.it just helps when its a 5 week month.can i ask which bank is chaging its policy?

Barclays

 

[DJJ]

We have one but it there only for cash flow.for us its a safety net.it just helps when its a 5 week month.can i ask which bank is chaging its policy?

Barclays

Thanks

 

[Snow Owl]

OH has quite a large one (ooh err). But we've just taken out a new credit card that will be interest free on cash transfers for 29 months!!

We're currently paying £35 a month in interest which we can now use as our minimum payment to make an effort to pay it off

 

[Wriggley]

i have a graduate overdraft which is interest and fee free but ive just finished paying it all back! used it to get cooker etc.. when we moved into our house nearly 2 years ago trying to stay out of it now

 

[Kay_Baby]

We have arranged overdrafts that we have never used.

If you can't afford the charges I would also look into an interest free credit card but only if you think that you would pay the card off over the interest free period as the interest rates can be very high outside of the interest free period.

 

[highhopes19]

Oh has a £100 overdraft we only use it in emergencies... Which the last couple of months has been every month lol x

 

[ames_x]

I have a £100 overdraft, but never use it.
OH on the other hand has a £900 overdraft I've tried offering advice/lend him money to get rid of it but no, so I leave him to it

 

[blueskai]

My OH seems very stuck in his ways, and can't seem to see the benefit of gradually reducing it. It's kinda good to know that others are in the same position a us though, makes me feel better

xo

 

[Jaysmummy]

Ours is £750 I think and we live in it. We get charged £20 a month

 

[teal]

I've ran up an overdraft before but I paid it off and haven't had one since 2007. I'm not even tempted to have one for emergencies because I'd be too scared to fall into it again.

 

[Mooshoo]

I have it for backup direct debits coming out. And suprisingly im good at not going overboard with it

 

[Melissa93]

Ive actually never had an overdraft lol x

 

[stephx]

I don't have one thank god!