I keep hitting brick walls trying to get out of debt...

[Optimisticbanana]

I need to get this off my chest and try and breathe cos I'm getting completely overwhelmed.

Basically over the years we've had bad luck, made bad choices and now have debts in various places that we need to pay off.

One of which is our overdraft. We changed banks, after taking advice due to huge bank charges making us go over our overdraft each month. Things are improving in lots of ways but we still have the old account open and I've been trying to pay £1-200 each month if I can.

We recently got a letter from the bank to say they wanted us to the full amount over overdraft back 4.8k by next month.

We can't do it.

We've tried to get 0% balance transfer cards but all have been declined due to DHs credit rating.

I can make an arranged payment scheme with the bank but this leaves a 6 year bad credit marker on our credit rating and we are desperately trying to get back onto the property market and get our own house again. We are trying to repair our credit rating as well as getting out of debt.

It's all such a mess!

Is there anyone who has any suggestions. I'm so worried about things I'm getting snappy with the kids and just want to run and hide.

Has anyone else been in a similar situation who has resolved things with the bank without it affecting their credit rating?

Well done op xx

Sadly not jiltedjohn (oh how that song reminds me of carefree times and indie clubs!)

Yay! Well done!

Are they freezing the interest? I think it sounds like it?

We need an OptimisticBanana theme tune to do a victory dance to

Ah crossed posts... well, that’s not ideal as it will be accumulating the whole time, so I’m not sure how they’ve helped you much today.

But, well done for getting someone to engage with you and enter into a non-standard debt discussion with them. It’s still worth a bit of a banana victory dance :)

🍌🍌🍌

Thanks lovelies 😁🍌🍌🍌

If you have a sum sitting for a deposit, use some of that to pay of the debts - it's madness having a lump sum sitting no earning anything, whilst paying hundreds on interest on debts.