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Overdraft Debt

How To Deal With Overdraft Debts

How To Deal With Overdraft Debts

If you routinely run into your overdraft, you’re not alone. Over the course of one year, around ten percent of all 18 to 24-year-olds exceeded their overdraft limits. Furthermore, in 2017, banks made more than £2.4bn from these schemes.

For some, an overdraft is an essential – but unfortunate – fact of life. They’re also a type of debt which can have high interest rates and penalty fees. Occasionally, a bank may also request the overdraft is paid in full immediately.

This is a situation which, for many, is simply not possible.


When to seek overdraft debt advice

If you’re running into your overdraft on a regular basis – or have been pushing your limits for a while – it’s maybe time to consider a solution. There are multiple options available, such as switching to an account with an interest-free overdraft or investigating clearing your debts through a personal loan.

Initially though, you should speak with the bank concerning your overdraft. Under the Standards of Lending Practice, the organisation must treat your situation sympathetically. They might identify one of the solutions mentioned above or recommend an alternative.

Get debt help today

Most people see their debts build up to unmanageable levels before acting. However, clearing your overdraft – as well as any other outstanding expenses – can leave you better off in the long run.

With the potential for growing interest rates and late fees, an overdraft is something which causes problems for thousands of families throughout the country. Every day, we help those affected by their overdrafts and other expenses manage their debts in an affordable way – and we can help you as well.

To find out if a debt solution could help rescue you from your overdraft, get in touch with our team of specialist advisors today for a no-obligation chat about your circumstances. Alternatively, you can call us on 0161 956 2691.

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