Best Ways To Reduce Overdraft Debt

Switch To Interest Free Account
Having an interest free overdraft makes it less of a worry if you go overdrawn now and again. When you open an account, your bank confirms your overdraft's limit, which is the maximum you can owe on it.
Stay Within Your Limit
Overdrafts are a debt. You must cut the cost, start repaying money owed and avoid dreaded bank charges for going over your limit. If you go over your limit it will become unauthorized and the bank can start to add extra charges.
Start Budgeting
Firstly the most obvious way of fighting back against your overdraft is to start a budget, spend a little less each month, and start chipping away at your overdraft until you've wiped it out for good. You should start a planner to help show exactly where your money is going.

Bank Overdraft Debt Help And Advice

Overdrafts are an easy way of falling into debt as users might overspend the money they have obtained and then not have a relevant plan of action to pay it back when it is required for them to do so. If you’re struggling to keep in your limit of your overdraft you may need some professional debt help and we can help you deal with the debt and any other debt you may have.

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Dealing With Bank Account Debts

As well as overdrafts, some accounts charge a monthly fee or require you to pay in a certain amount of money each month. If you’re paying a monthly fee and can’t afford it you should consider changing to a fee free account.

Unauthorized Overdraft Bank Charges

Firstly need to go into an unauthorized overdraft charges will normally start to be added each day. your creditor may contact you to demand the missing payments are made,and if don’t want to do this eventually the account will default and further action may be taken.

Find Out If We Can Help Wipe Off Any Of The Balance

 There’re schemes that might help to get a percentage of the debt written if you qualify for government legislation. This scheme usually helps people who have got over £5,000 worth of unsecured debt.

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Free Debt Management Plans

Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.

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Debt Consolidation Advice

Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.

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Debt Relief Order Advice

A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.

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Protected Trust Deed

A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.

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