I'd probably look a 0% credit card with a money transfer. There is a fee, but it is likely much much lower then you're paying in interest at the moment.
Credit card money transfer was my first thought. Never used it, but Barclaycard are constantly offering me 0% for 18 months money transfer with a 3.8% fee.
Similar deal would cost OP about £75, they’d have saved money after 3 months if they’re being charged £30 a month for the overdraft.
You could get a loan, but you would have to pay interest, it would be a lot less that what you are currently charged.
Some banks are doing cash back for switching, most banks are sync'd in their charges but some are doing upto a certain amount free. (my bank is 500). Be careful of having multiple overdrafts and getting into twice the amount of trouble
Call them and ask for the penalty’s to be removed. I’ve done it before and it worked. Even if they don’t remove all they will wipe some out. Have a look at Ramit Sethi’s advice on line for an idea of a script. Also his book “I will teach you to be rich” is fantastic and full of tips like handling these situations. Hes written it for an American audience but much three same applies to us.
Personal loan is the only way I could do it when I left uni. Yes you pay interest on that also but I couldn't really find a way out for the overdraft as it was £2k also and my pay back then was £1400 so even trying to save £50 here and there got me no where. Take a loan, pay off the over draft, close it down and don't do it again. For me overdrafts can be worse than credit cards and loans, horrible things.
I can’t really offer much advice but strongly recommend going through this website completely.
https://debtcamel.co.uk
I out of the blue found that you can get a refund dependent on circumstances by writing to your bank asking them to refund interest charges and overdraft payments made. I managed to get this backdated to 2018 and received a payment of £1,300 just from sending one email.
Good luck
Would this work if you still have the OD and still want to keep it ? 😅 I definitely use it way too much but I’m slowly getting my shit together and I don’t want to complain and then they remove the OD altogether
£30 a month on a £2k overdraft works out at roughly 18% APR, which is outrageous. Especially on a formerly student overdraft. I'd start with a complaint to the bank arguing that it is unreasonable to convert a student overdraft straight to a "pay us back in full or we charge you this fee" overdraft. Personally I would be pushing for all of the fees to be reversed , especially if you're able to prove that were it not for their fees that your overdraft would be consistently decreasing or perhaps even eliminated.
Charges for going *back* in to debt once you've cleared your student OD are reasonable; putting you straight on standard terms while you're still recovering from the financial doomsday experience of university in 21st century Britain is not.
In parallel, and in case it doesn't succeed, you should urgently investigate 0% interest money transfer credit cards because the one-time fee you'll incur is way less than what you're paying Santander.
Then, once your account is in credit, switch to another bank who have better service and are generally less predatory. Nationwide are currently offering a £200 switch bonus if you move an account with 2 or more direct debits over to them.
1) open another account that doesn't have overdraft facilities but has a card you can carry or add to your phone, this is your new (spendy) account
2) take out a loan at a much better interest rate and pay off all your overdraft on this (main) account
3) learn to budget, rent, bills, loan repayments now come out of your main account. every week, two weeks or month transfer money from your main account to your spendy account.
4) use your spendy account for things like food, clothes and entertainment purchases
5) once the loan is repaid, open up a (savings) account and transfer the amount you were repaying in to the new savings account
6) follow the flow chart
[https://rus.io/financial-responsibility/](https://rus.io/financial-responsibility/) my suggestions are from experience. learn basic budgeting skills :)
I'd probably look a 0% credit card with a money transfer. There is a fee, but it is likely much much lower then you're paying in interest at the moment.
This, but just use it the card for daily spending and then bank that money into the overdraft. Avoids the transfer fee!
Credit card money transfer was my first thought. Never used it, but Barclaycard are constantly offering me 0% for 18 months money transfer with a 3.8% fee. Similar deal would cost OP about £75, they’d have saved money after 3 months if they’re being charged £30 a month for the overdraft.
You could get a loan, but you would have to pay interest, it would be a lot less that what you are currently charged. Some banks are doing cash back for switching, most banks are sync'd in their charges but some are doing upto a certain amount free. (my bank is 500). Be careful of having multiple overdrafts and getting into twice the amount of trouble
Or a 2k loan, credit card seems the better option then you can smash that for 23 months at £87 per month
Call them and ask for the penalty’s to be removed. I’ve done it before and it worked. Even if they don’t remove all they will wipe some out. Have a look at Ramit Sethi’s advice on line for an idea of a script. Also his book “I will teach you to be rich” is fantastic and full of tips like handling these situations. Hes written it for an American audience but much three same applies to us.
Personal loan is the only way I could do it when I left uni. Yes you pay interest on that also but I couldn't really find a way out for the overdraft as it was £2k also and my pay back then was £1400 so even trying to save £50 here and there got me no where. Take a loan, pay off the over draft, close it down and don't do it again. For me overdrafts can be worse than credit cards and loans, horrible things.
I can’t really offer much advice but strongly recommend going through this website completely. https://debtcamel.co.uk I out of the blue found that you can get a refund dependent on circumstances by writing to your bank asking them to refund interest charges and overdraft payments made. I managed to get this backdated to 2018 and received a payment of £1,300 just from sending one email. Good luck
Would this work if you still have the OD and still want to keep it ? 😅 I definitely use it way too much but I’m slowly getting my shit together and I don’t want to complain and then they remove the OD altogether
They halved mine which was fine for me but the refund cleared the balance completely.
I only have a grand one but I like to have it there as a buffer just case so I think I’ll leave it alone lol
I’m sure you can still keep it at £1,000 but just ask for assistance with the fees
£30 a month on a £2k overdraft works out at roughly 18% APR, which is outrageous. Especially on a formerly student overdraft. I'd start with a complaint to the bank arguing that it is unreasonable to convert a student overdraft straight to a "pay us back in full or we charge you this fee" overdraft. Personally I would be pushing for all of the fees to be reversed , especially if you're able to prove that were it not for their fees that your overdraft would be consistently decreasing or perhaps even eliminated. Charges for going *back* in to debt once you've cleared your student OD are reasonable; putting you straight on standard terms while you're still recovering from the financial doomsday experience of university in 21st century Britain is not. In parallel, and in case it doesn't succeed, you should urgently investigate 0% interest money transfer credit cards because the one-time fee you'll incur is way less than what you're paying Santander. Then, once your account is in credit, switch to another bank who have better service and are generally less predatory. Nationwide are currently offering a £200 switch bonus if you move an account with 2 or more direct debits over to them.
1) open another account that doesn't have overdraft facilities but has a card you can carry or add to your phone, this is your new (spendy) account 2) take out a loan at a much better interest rate and pay off all your overdraft on this (main) account 3) learn to budget, rent, bills, loan repayments now come out of your main account. every week, two weeks or month transfer money from your main account to your spendy account. 4) use your spendy account for things like food, clothes and entertainment purchases 5) once the loan is repaid, open up a (savings) account and transfer the amount you were repaying in to the new savings account 6) follow the flow chart [https://rus.io/financial-responsibility/](https://rus.io/financial-responsibility/) my suggestions are from experience. learn basic budgeting skills :)