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Current account - interest on overdraft

Posted: Wed Jan 29, 2020 10:25 am
by simon927
Hi,
My current account currently sits at £3500 overdrawn, I am barely able to make the current interest payments of £58 per month but I have just been told by my bank that as of 30th April my interest charges will almost double, increasing to approximately £115 per month. Is there any way I can ask them to freeze interest and allow me to repay the debt in full on a monthly basis?

Re: <t>Current account - interest on overdraft</t>

Posted: Wed Jan 29, 2020 10:38 am
by kallis3
You can ask but I would suggest that you speak to a company such as Stepchange or Payplan if you are experiencing financial difficulties.

Re: <t>Current account - interest on overdraft</t>

Posted: Wed Jan 29, 2020 10:39 am
by Foggy
If you are unable to make payments of £58 per month your finances must be getting stretched elsewhere. Is this the only debt you have ? An overdraft of that size would indicate budgetting problems.

Maybe the bank will convert to a loan, which may well have lower interest rates.

Re: <t>Current account - interest on overdraft</t>

Posted: Wed Jan 29, 2020 12:21 pm
by magicsam