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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.
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.
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.
NationalDebtService.co.uk is an independent website created to help users find a solution to their debt problems. Our service is free to use and you are under no obligation to accept any of the recommendations you receive. An IVA (Individual Voluntary Arrangement) is subject to acceptance.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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At National Debt Service, we do not give advice. On completion of our form, we will introduce you to one of our authorised IPA regulated companies. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not National Debt Service. We may receive commission from the company we introduce you to.
Free money help and advice can be found at the MoneyAdviceService.org.uk