Getting rid off overdraft

W

wederman

Guest
Hi just wondering have an overdraft off 2,000 - was wondering am planing to pay off 100 per month - can I get the banks to cut my OD by 100 each month or do I do it myself? Does anyone else have a better solution for getting rid of this? Thanks
 
overdraft

You will be well over two years paying it back at €100 a month. Would you be able to pay back any more per month?

Alternatively refinance with a small personal loan and incur lower interest charges.
 
overdraft

You haven't said what rate (APR) the overdraft is charged at but it's something like 11%+? As maranello says the obvious ways to save on credit interest charges are refinance with a loan that charges a lower rate of interest and/or to pay the credit off over a shorter period of time.

No offence intended but if you find that getting into debt (e.g. with an overdraft or whatever) is a recurring problem then you may need to address the fundamental causes (e.g. review/reign in your spending, get rid of tempting high cost credit sources such as overdrafts or credit cards etc.).
 
Re: overdraft

good advice that i wud echo....an o/d can be a terrible vicious circle, try and get out of it as soon as u can...best of luck;)
 
Re: overdraft

Are you suggesting that the bank will cut your approved OD limit each month? I don't think this would work - firstly the bank won't be too keen about having to get one of their people to carry out a transaction on your account each month to reduce the limit, and I doubt if they have an automated way of doing this. Secondly, you can still breach your approved limit - they will just start hitting you for extra 'referral fees' and interest charges. So it won't really solve your problem.

The real solution lies in managing your spend to spend less and pay back the debt each month.
 
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