Types of debt · 4 min read
Stuck in your overdraft? How to get out of overdraft debt
Many people live permanently in their overdraft. Because overdraft interest rates are often high, it can be one of the most expensive ways to borrow.
Talk to your bank
Banks must treat customers in financial difficulty fairly. Ask about freezing interest, a repayment plan or converting the overdraft into a lower-rate loan.
Protect your income
If your bank could take your wages to cover the overdraft, consider opening a basic bank account with another bank so essential bills can still be paid.
Include it in a wider plan
Overdrafts can be included in debt management plans, IVAs and other solutions alongside your other debts.
This article is general information only and may not reflect your circumstances. Rules and limits can change, so always check the details with an authorised provider before making a decision.
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Why do we ask this?
Your total debt amount helps us match you with solutions designed for your level of borrowing.
