Overdraft Repayment

[Sammyxo]

More money issues for me!

Just had a letter this morning telling me I need to pay back nearly £600 a month into my account (as a minimum) as I have an agreed overdraft with my bank of £1500 that I'm reaching the end of.

I've had this overdraft since I was at Uni and then went into different good paying jobs that has meant I've always had it but not used it. Since being out of work since January I've obviously struggled to pay bills/rent myself but not wanted to rely on the government until recently when I had no other choice, this has meant I've gone into my OD to near the limit.

I'm still waiting for Employment Support Allowance to be paid to me as I'm signed off looking for work sick (owed a month of that right now but had no payments as of yet!), I am still paying my rent (nearly £400 pcm) myself which I make through struggling to sell my belongings on Ebay, got all my bills, and now I have to pay almost £600 a month to my bank.

I just don't know what to do, this couldn't come at a worse time. I've never been in such a financial mess and I can't believe i'm pregnant at the same time I can't enjoy this pregnancy for the stress of everything in my life! I'm going to call my bank shortly about this but just felt like venting. I'm actually embarrassed to admit this financial situation and know I've only got myself to blame.

I'm hoping they'll accept some kind of minimum payment into the account but not sure they'll be so sympathetic when I call. I'm already charged interest anyway but can see this becoming extortionate. Ughhhh hate my life right now!

 

[Esoames]

If its HSBC they just want the cash going in to the bank not to pay anything off. I've had my overdraft for 11 years and only now am I paying it back. They want to see you depositing money in but you can still spend it. Just clarify it with them first but I'm sure thats the case x

 

[Sammyxo]

Thanks, it is HSBC. My OH worried me as he said that sometimes once you have any money go in you can't access it as it's paying off the overdraft but I don't think that's the case when I read the letter. That's fine if they just want to see money going in although I can't pay the £600 in each month at the moment. Glad you're paying yours off, hope you get out of it soon, I can't wait to be out of mine again!!xx

 

[nicky1987]

hun i am completely panicking about money if im perfectly honest and found the other thread on here quite upsetting!!

I have worked since i was 18 so has OH we've always paid our own way for everything but just recently we found ourselves struggling and i ended up at the bottom of my £1000 overdraft with the halifax. With there charges it was bloody difficult to get out of it and things just spiralled out of control. Anyway i changed banks to natwest and they paid my overdraft off plus a few extra bills i had with a loan. (bigger than i wanted but it was the only way!!) and now im plus again every month

However we are panicking because our landlady is putting our rent up in september and once im on maternity pay (which is crap if im being honest) I'm only going to be able to pay the rent! OH is gonna have to take over my loan payment and a few other bills!! So so upset about it and its stressing me out! But everything is that expensive these days i cant even save any money!

I feel like i will be judged for this but no matter what money we have or dont have my baby will have so so much love!!

Your not on your own - im sure there are many more people who are struggling too xx

 

[mumsy4]

Hun we all worry about money, seems everywhere you turn people demand money.
My tax credits over paid me by a substantial amount, through no fault but their own. At the end of the day I take their word at what they give me, and yes with 3 children to feed I spend it all without thinking twice, I certainly don't save it up like they obviously must think.
So now they want it back in full, which I am refusing to pay (couldn't even if I cared too) but because of their error I'm now in debt!! I didnt put myself in debt they put me in it.
It's horrible hun, but we all go through it, there's always someone who wants something, don't let it ruin your pregnancy. The whole country is in debt, even the country it's self is nearly bankrupt!!! In the grand scale of things 1, 500 isnt an ungodly amount, I know people with 30grands worth of debt and that's just loans and credit cards not to mention a mortgage!!!

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[Esoames]

Oh yes my overdraft is a drop in the ocean. I've got nearly £20k on credit cards from being stupid. But I'm paying it off slowly but surely, it's really hard but I'm whittling it down bit by bit. Don't ever think you're alone as there are tonnes of people in similar situations.

I also got the same letter as you, try not to let it stress you out xxx

 

[mumsy4]

^^^ see not alone.
You get one life doll, and you''ll only be pregnant with this baby ONCE, don't spend it worrying about money, the source of all evil.
Do what u can to survive, put food in your belly and a roof over your head, make the minimum payments possible and remember getting indebt is not a crime nor Is it illegal. Infact a lot of companies ESPECIALLY banks know exactly what they are doing when they give people over drafts, some companies only exist because of debt.
Situations change, yours won't always be like this xx

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[nicky1987]

ladies if you havent made Sammy feel better you've def made me feel better!! x

 

[Sammyxo]

ladies if you havent made Sammy feel better you've def made me feel better!! x

OMG you all have thank you sooooooooooooo much. Obviously I don't like to hear any of you are struggling but I just feel so depressed and bogged down with money right now, thank you so much all of you for your responses. Hopefully we can all get sorted out soon xxx

P.s Nicky when you said Natwest gave you a loan so you could pay off your overdraft, I'm thinking about looking into this although are there heavy fines on this? Really just want to get rid of that overdraft. Although not sure they'd give me a loan when I don't really earn right now.
I finished paying off £4k of credit card fees a year ago and just felt on track until I left my job in January hoping to take a new job which then fell through and then being pregnant, just a lot of stress. Am hoping I can enjoy my pregnancy soon, even things like finding out the gender - I can't afford to pay for a private scan to do this, it sucks

Thanks again everyone xxx

 

[Sammyxo]

hun i am completely panicking about money if im perfectly honest and found the other thread on here quite upsetting!!

I have worked since i was 18 so has OH we've always paid our own way for everything but just recently we found ourselves struggling and i ended up at the bottom of my £1000 overdraft with the halifax. With there charges it was bloody difficult to get out of it and things just spiralled out of control. Anyway i changed banks to natwest and they paid my overdraft off plus a few extra bills i had with a loan. (bigger than i wanted but it was the only way!!) and now im plus again every month

However we are panicking because our landlady is putting our rent up in september and once im on maternity pay (which is crap if im being honest) I'm only going to be able to pay the rent! OH is gonna have to take over my loan payment and a few other bills!! So so upset about it and its stressing me out! But everything is that expensive these days i cant even save any money!

I feel like i will be judged for this but no matter what money we have or dont have my baby will have so so much love!!

Your not on your own - im sure there are many more people who are struggling too xx

Yeah the other thread is a bit upsetting, made me want to delete this post in case I got some nasty comments about not being prepared for bringing babies into the world- not that I planned to but still. I think we're in very similar situations, I've always worked too and worked throughout my degree.
My landlord put up our rent recently too but we just couldn't consider moving so have had to just continue here. My OH has already taken over our joint bills and he works for himself from home and struggles as it is so I know how you feel there. We have to move the month before bubs arrives as we just can't afford the rent and also this house is gross there's slugs in the kitchen etc. just nasty and I'm not bringing up my babies here.
You are so right in saying how there will be so much love for our babies, I know me and OH are so excited to be parents even though we didn't plan to be yet. Even if we struggle we'll get by somehow just at times it's very daunting. Message me any time if you need to xxx

Hun we all worry about money, seems everywhere you turn people demand money.
My tax credits over paid me by a substantial amount, through no fault but their own. At the end of the day I take their word at what they give me, and yes with 3 children to feed I spend it all without thinking twice, I certainly don't save it up like they obviously must think.
So now they want it back in full, which I am refusing to pay (couldn't even if I cared too) but because of their error I'm now in debt!! I didnt put myself in debt they put me in it.
It's horrible hun, but we all go through it, there's always someone who wants something, don't let it ruin your pregnancy. The whole country is in debt, even the country it's self is nearly bankrupt!!! In the grand scale of things 1, 500 isnt an ungodly amount, I know people with 30grands worth of debt and that's just loans and credit cards not to mention a mortgage!!!

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I would be the same with tax credits! I'm not the best at maths anyway but I don't see how I'm going to be on top of things paid to me in the future with having twins and you have 3 already! I'm so sorry they want it back in full right now, I think if they make the mistake of over paying it's their fault not yours, but obviously they've got all that covered so they can request it back immediately. Hope you can sort something so that you don't have to pay it back right away, they should be more understanding. xxx

 

[mumsy4]

Don't worry about the other thread, if people feel that strong about it, they wanna take a place in parliament, instead of a pregnancy board, where their opinions means nothing.
Be nice to who you meet on your way up, you never know who you''ll bump into on your way down.
Xx

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[cosmicgirl]

The other thread is about people actively ttc when on benefits to be fair, not someone in your situation (if it's the thread I think you mean) x

 

[nicky1987]

Yeah I know cos. just some of the reactions were a bit strong. Just made me feel a bit shit about being in a bad position at the minute! But I know it wasn't aimed at us and I do agree about ttc on benefits x

 

[Sammyxo]

Yeah I know it's not aimed at me/us but just felt I could be a target even though I would never TTC on benefits and completely agree with what people are saying in that thread. Am only just applying for benefits as I'm too ill to work so I know my situation is different. x

 

[cosmicgirl]

Yeah I know it's not aimed at me/us but just felt I could be a target even though I would never TTC on benefits and completely agree with what people are saying in that thread. Am only just applying for benefits as I'm too ill to work so I know my situation is different. x

Completely different and just reading this thread and your others, I can tell that claiming benefits is the last thing you would want to do.
You have nothing to feel awkward about x

 

[BevG]

yeah, its cos you feel bad about having to rely on benefits that that thread makes you feel threatened by ppls judgements. noone will judge you for being in a bad situation that isnt your fault, we all know thats what benefits are for. if anyone does judge you harshly then theyre wrong, simple as. you never planned a baby while jobless, and you never planned to have twins lol which will be even more expensive! congrats btw im well jelous as id have loved twins, then i wouldnt have to get preg again

time heals all things and eventually you wont be in that situation anymore, i have a huge overdraft too that i live in every month on my smp which is naff and really the bare minimum. i also owe just over 3k on a credit card which i had to get to pay bills while i was on the dole so ive no idea how these benefit cheats afford holidays lol, being unemployed put me in worse debt than ive ever had when working. im struggling to pay it off and feed us etc but im just managing it most of the time. it dosent leave us any breathing room tho and if a car needs work or anything pops up im on my arse. ive lived that way for a while now but im managing. when i go back to work hopefully we will be a little better off too. if your bank are being gits about it then maybe you could get a credit card to pay it off with and just pay back smaller amounts to that, get it interest free if possible and then throw away the pin so u cant use it unless its an emergency lol. thats what i did at the start of my pregnancy. only trouble is i had to pay OH's car insurance on it as we didnt have the money for the whole year and they wouldnt take it by monthly DD i hope you manage to sort it out hun. check the intrest % on credit cards or loan offers and see which is cheapest to pay back every month as with mat pay u wanna be paying back the smallest amount possible lol.