How do you pay off your overdraft?

Answer 1

stop buying other stuff and pay it of , tell them you do not want it any more , cut up all your credit cards , tear up you cheque book , only use cash , i have done this for the past 20 years and have been debt free for 15 years

Answer 2

You can ask the bank to decrease your overdraft facility slightly in the first couple of months. That means that when your pay goes in, you have less to spend! After you have adjusted your finances, ask them to reduce it again. You go on like that until your wages actually keep in the black for a month! So, if you are overdrawn by say £1000, you ask the bank to make it £900 in the first 3 months say. You live within that and when you are managing, you get them to reduce it again to £700 or something like that. As long as you can manage it and don't suffer to badly! It might take a while. Alternatively, move your money to another bank, and pay the overdraft off at £10 per month or something - depends on how big it is! Ask also for interest free - sometimes the bank will give you that to stop you moving banks.

Answer 3

If you are paid monthly for example try to go through the month and spend maybe £50 less than your wages/overdraft. Each time you managed to do this ask the bank to reduce your overdraft by £50 depending on how much you owe it may take some time but if that extra £50 is not there on your overdraft to spend then you'll make headway. Good luck

Answer 4

As soon as you realize you have an overdraft go immediately in person to pay it off or get on line and transfer money from savings.
You may not realize that a deposit was rejected or something until days later so the fees can add up. Ask the bank to link your checking account to a credit card or HELOC or savings account to avoid the problem in the future.

Answer 5

Live the life of a hermit for a while. Frugal meals, stay in,no spending , other than the bare essentials and dependant on the amount, within a couple of months you should be overdraft free.
Good luck

Answer 6

In Truth??

Open another bank account up and have your income and direct debits set up to new one.

Write to the bank that has the overdraft and tell them you are struggling Provide them with a income and expenditure sheet showing a surplus weekly/monthly amount and offer to repay the overdraft off in instalments using that surplus

Answer 7

I would write a list of all your expenses rent car insurances clothing food etc and then try to cut down on the obvious luxery spending and try to pay more money in each month and as it gets lower decrease the overdraft amount ie. if its £500 once it gets to £400 lower the limit and keep doing this until youve paid it off and then dont have one and you wont be tempted it can be done I have done it myself!!!!!!!
Good Luck :
You could also try to earn extra cash from ebay or carboot sales by selling junk and putting the extra cash in to help towards it :)

Answer 8

I don't have any overdrafts ,
I don't want to give the bank all that $$$$$ .
I am toooo cheap for overdrafts , none to pay off .

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Answer 9

Start sticking extra money in the account like you normally pay money into it so the balance goes from a - balance (e.g. -£400 like mine is at the moment) until it goes to a + Balance (e.g. £1, £5, £10.25 etc).

Cut back on your spending & find a way to rake in extra money if you have to (e.g. 2nd job, sell unwanted belongings on EBAY, etc) if the overdraft is due to regularly spending more than you earn.

Answer 10

Just make a deposit. Then go to the bank and ask them to remove the bank charge, they will usually do so. . . I used to work at a bank, and I would reverse charges for people that made deposits to cover the overdraft. Good Luck!

Answer 11

Go into the bank and request a payoff on the overdraft from one of the tellers. That way you know that it is handled and can get a receipt to that effect.