Current account - interest on overdraft

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simon927

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Post by simon927 » Wed Jan 29, 2020 10:25 am
Hi,
My current account currently sits at £3500 overdrawn, I am barely able to make the current interest payments of £58 per month but I have just been told by my bank that as of 30th April my interest charges will almost double, increasing to approximately £115 per month. Is there any way I can ask them to freeze interest and allow me to repay the debt in full on a monthly basis?

kallis3

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Post by kallis3 » Wed Jan 29, 2020 10:38 am
You can ask but I would suggest that you speak to a company such as Stepchange or Payplan if you are experiencing financial difficulties.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Foggy

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Post by Foggy » Wed Jan 29, 2020 10:39 am
If you are unable to make payments of £58 per month your finances must be getting stretched elsewhere. Is this the only debt you have ? An overdraft of that size would indicate budgetting problems.

Maybe the bank will convert to a loan, which may well have lower interest rates.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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magicsam

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Post by magicsam » Wed Jan 29, 2020 12:21 pm
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