I`am living on my over draft and dont know how to get out of it?

I'm afraid that the only real answer is that you have to start to live within your means. Take time to sit down and write down your exact income. Then write down your ESSENTIAL expenditure (mortgage/rent, bills etc). If there's anything left over then that is what you have to use to pay off your overdraft and any other debts. If there isn't anything left over you rather have a problem .... cut back on the essential expenses if possible, find a way of increasing your income, but you will have to make your figures balance somehow otherwise you will get further into debt every month because of bank charges etc.

The Citizens Advice Bureau will be able to help you write out your finances and may be able to suggest ways of making your money work.

I know this sounds very boring and having to live without treats and luxuries is not very nice, but the sooner you clear your debt the better ... it's always a slippery slope downhill.

Hi cam and welcome to the forum.

This is an old chestnut that many of us have been through in our student or formative banking years!

If you are constantly in overdraft, then your 'zero' balance line is always in the negative. It is never a comfortable position to be in and can of course be expensive. Banks will often 'call in' the overdraft and offer you a personal loan to clear it but that, I believe, is just a way to generate new business.

There is no magic wand here but essentially you have to spend less than you are earning. That's the hard bit. Make a list of everything you spend every month, down to the last penny, and see what you can do without. Look at ways that you may be able to maximise your income ... any unclaimed benefits ( tax credits, housing or council tax benefits etc ) or things you can sell to raise short term money.
If this 'living in overdraft' is a symptom of an overall debt situation and you can see it getting worse, how about a visit to your local Citizens Advice Bureau for advice on money management. If you work pro-actively with them, you may be surprised what advice they can offer. Good luck!

The worst thing about living in an overdraft is that it is so depressing. Even when your wages go in you don't have any actual money. I was in this situation about a year ago. I spoke to Churchwood Financial - they advised me to close my account and open a new one, which is what I decided to do. I am now paying off that overdraft and also feeling a lot happier.

ensure that whichever debt management company you go for that it is fully compliant - research on sites such as iva.com as to the reputable ones as unfortunately there are rogues in the industry

hi cam, further to this, are you incurring excessive overdraft fees?

Hi Cam - I have been in contact with Payplan several times now - they are very slow on getting things sorted, but I won't have to pay them a fee. I may continue with Churchwood, even though I am paying a fee, simply because the customer service is better and they don't speak to me as if I am an idiot. I will let you know how I get on. Have you had any success yet?

thats good to hear Lana - glad that you are sharing your experience on here for others that are worried.

I've decided not to go with Payplan - the minimum payment they can offer me each month is £800 which I definitely don't have! I am paying £250 at the moment which is a struggle as it is - I never have any money left at the end of the month. The only thing is £45 pounds of this is a fee to Churchwood.