I do not have any credit cards, but i do have an overdraft of which i am £1,800 into it. i have been in debt for around a year and i am moving into a place of my own in the next 2 months. so i decided something had to be done. thats when i acme up with this. i currently hold a natwest account with the overdraft, but also a hsbc account with no overdraft that iv never used. so i decided to have my salary moved into my new hsbc account along with my direct debits (car loan, insuance, phone bil etc) and that way i will not be overdrawn in my hsbc account as my wages will easily cover these costs with money to spare. so then every month i will pay around £100 into my natwest account to clear my overdraft. it will take approximately 1 and a 1/2 years to clear, but at least i will be in control of my money again and have a positive bank balance! i am starting this as of this month and will keep you posted as to how its going!

Good luck -- Borrowing money is the easy bit, paying it back has always questionably been the harder bit. But at least you will be in control of your affairs again as you so admirably state.

Just to add - this is a really great idea, kat87 and I'd be really keen to hear how you get on - I'm sure lots of our community members would too. all the very best with - keep us informed!

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Cheers,

Graeme Delap,
Community Editor,
graeme.delap@moneysupermarket.com

Thank you to all our Community Stars 2009

yeah me too - good on you for not burying your head in the sand

George

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George

Are Natwest still charging you or have you managed to negotiate a suspension of bank charges?

Why not keep your existing bank account as it is and ring your bank each month to reduce your overdraft amount by £100. This will work out better for you as the interest you earn whilst in credit in the other account will bre far less than you are paying in the one which you are over drawn and at least your salery will offset some of this interest whilst it is in the account.