Overdraft debt
Overdrafts can be very useful and help people meet one of spending needs but all too often people find themselves in an overdraft they can not get out of.
An agreed overdraft can be hard to manage but an unauthorised overdraft with a bank of building society can quickly see charges and debts spiral as you struggle to make ends meet.
We can help & have a variety of debt help options available!
- Various debt solutions available
- Consolidate debt payments into one single payment
- Restructure your debts and overdraft inline with what you can afford
- Reduce your monthly payments
- Possibly freeze and stop overdraft charges
An overdraft is seen as a convenience and is offered by banks and building society's in order to help people if they have more outgoings in one particular month than normal.
You will only benefit from an overdraft once!
Prior to having an overdraft most people managed on what they were paid or earned each month, typically an overdraft would have been requested due to an unforeseen expense such as an unexpected bill or other need - the overdraft is applied for and granted and the additional moneys are spent.
From then on the overdraft has no value as the overdraft has been used, what typically happens after this is that your wages go into your bank, clear the overdraft and you are now left short and need to use the overdraft again in order to survive - sound familiar?
Take this example.
Joe bloggs is approved for a £1,000 overdraft and uses it up in the first month.
The second month, when Joe's wages go into his back he is £1000 in the red as the overdraft has taken its money back as soon as his wages have gone in the bank which didn't leave much to live on - this meant Joe had to use the overdraft again in order to live, this can very easily become a continuous cycle and can be very, very hard to stop unless you take the correct advice.
Unauthorised overdraft
An unauthorised overdraft is much worse as the charges and fees that are added onto the account to pay for the unauthorised overdraft make nigh on impossible to get straight with your finances - Baker Financial can help with this also and have various options available to put you back in control of your finances and stop you having to constantly use your overdraft.
If you want us to see if we can help prior to contacting us you can take our free debt test and we can call you back!
If you want to speak to a specialist debt advisor who understands your needs and requirements simply phone 0845 094 2331 or complete the form at the top of this page
