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female
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anonymous
writes: I have been living on my overdraft for the past 5 months,I always pay my bills and rentals on time, but has been refused a loan with all the lenders to pay my overdraft, am in full employment ,so what is the other option because i cannot continue living on overdraft? please help. Reply to this Question |
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female
reader, anonymous, writes (17 October 2006): been there i see that red line every day .. no matter how much i try to save up.. seriously now sit down and concentrate budgeting not only every month but everyday.. every time i go out i spend money on: coffee, gum, gas or bus fare, or a nice pair of 50% earrings.. now that's still expense. if you stick to your budget savings = income - expense, you'll be surprise that you will actually have some money saved up. also think of getting a temp part time job ( just be careful of how tax works ) just to pay off your od and other revolving credits..i think the key here is ' sacrifice and be content of what you have '. as long as you're healthy and safe i don't see any reason why you can't manage your finances. good luck
A
female
reader, Toria +, writes (22 September 2006):
 I would go through your incomings and outgoings and work out what you have possibly free every month that has no use to it, I would then every month put that amount into a savings account and build it up and as it gets to a point transfer it over to your normal account and and lower your overdraft down the amount you've transfered, I know this is a slow process expecially if you don't have much free money spare every month but while you have no other options available at this time it maybe your only option without getting yourself into more trouble money wise, I would suggest an interest free credit card from you bank but if your struggling for loans I don't think you'll get a credit card and even if you do it may just add to your problems and make them worse.
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A
male
reader, GermanGuyUK +, writes (23 August 2006):
 Hi there,
A very worrying situation to be in I am sure. Personally I am always concerned when people look for loans to pay off exisiting debts, and in 9 out of 10 cases people will take a higher loan than they need, as they feel it would be nice to have a 'break' and go on holiday, now the money's there.
My suggestion for you would be two-fold.
Firstly I would sit down and HONESTLY analyse where your monthly payments are actually going. Then it's down to go over it with a fine comb to cut out any unnecessary spending habits, like the regular nights out with booze and food, movies etc. Maybe you spend to much on clothes, store cards etc.
CUT them up and curb your spending.
It may also be worthwhile to check if you can get in touch with any of the creditors to see if you can reduce any monthly payments you have to make. Yes it will take you longer to clear them but will take off pressure for a while.
The second suggestion would be to maybe consider some part-time income. Or what about selling off the stuff you no longer need? It's amazing how much stuff we have that sits and just accumulates dust never to see the light of day.
I hope this will help you along and wish you all the best.
Wolf
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