More and more people are struggling with high cost unarranged overdrafts.
Overdraft charges have caused thousands of people to end up in debt and these charges have often been shown to be more expensive than payday loans. A recent study conducted by Which found that with some banks, the cost of borrowing £100 from some banks resulted in as much as £90 in charges, where as the same amount borrowed from a payday loan resulted in £22.40 in charges.
At GB Insolvency we are aware that there are alternatives. For example, the right overdraft facility can offer you a flexible credit facility at a far lower cost. Our advice is to speak to your bank and compare the offer before committing your money.