Bank have cancelled my overdraft

A question about : Bank have cancelled my overdraft

Hi everyone I'm new and looking for some help.

I have some debt which I was paying off Over the minimum payment (totalling Ј90 a month) I was getting by My wages aren't great most of my money is accounted for as soon as i get it. Once these were paid (in dec) i was planning on starting on my overdraft.

Yearly my bank make me phone them other wise they cancell my over draft (student Ј2000 from a couple of years ago and i didn't get a full time job until last october).

When I phoned them they told me they wanted to reduce my overdraft by Ј160 a month (i'd still be paying interest as well) I told them it wasn;'t possible. They refused to wait until the new year and would not reinstate my account (which my wages go into in a couple of days) unless I agreed to at least Ј100 a month. I did try to offer them Ј50 a month but it wasn't good enough. They insisted they did a buget with me and state that the Ј95 left over is enough to live off. I don't have a life as it is I can't afford nights out. I limit my bus journeys. I rarely eat out. Switch off all electrics when I'm not in.

I cannot afford to make these payments but I had no choice as the wages are already processing and I would have lost all of it to the debt.

I'm now thinking some kind of debt consolidation is the way forward but I don't know much about it. (I also reached my credit card limit as my account has been frozen and I was doing well paying it off and not using it).

My ex recently moved out so its been an adjustment. I did sit down and plan ahead what I needed to pay each month. My figure came out with Ј200 left over after bills (I tried to overestimate just in case).

Oh and I work in a charity shop and my contract states I cannot sell on Ebay. So I can't make any money up there.

Sorry its been such a long post.

If anyone could offer any advice I'd be grateful.

Best answers:

• Your work contract states that you can't sell things on eBay?
• How about doing a Statement of Affairs? Then people can help you work out whether it is possible to manage given the overdraft repayments.
• You really need to open a new basic bank account ASAP & arrange to have your future wages paid in.
  Then OD just becomes another creditor.
• Will your bank consider converting the overdraft into a loan?
• Do you have a lot you want to sell? Have you made much use of the discount? Could you ask to give up the discount and be permitted to sell for a while?
• Have you applied for housing benefit since your boyfriend moved out? Would it be possible to move ut to somewhere cheaper, shared house or lodgings perhaps?
• Do you have two bedrooms?
  Would you consider a lodger even in the short term to give the CC a battering?
• As said, open new account with unlinked bank for wages.
  They can do this sadly.
  If you think you were treated unfairly or pressured in any way. Complain in writing making them an offer to reduce the overdraft by what you can afford.
  If they remove it entirely you will get a default on your credit report if not paid back when they ask.
  An offer may result in your file being marked with arrangement to pay. So ask for anything that may affect your credit file in writing in case you need proof at some point.
• Well I just attempted to open up a current account with hsbc and they declined me.
  Can anyone reccomend an account/bank to me?
• You need to open a basic bank account BlueMonbee.