If you don’t want to use an installment loan to reduce your overdraft facility, you can gradually reduce it. We did that in this way and it worked absolutely well. Although at this point I can really only recommend thinking about an installment loan and rescheduling, for cost reasons alone.
How do you do it now?
The easiest option is to simply call the bank and have a conversation. Here you can find out what this reduction option looks like and how it works.
You can basically imagine that you have, for example, an overdraft facility loan of € 2,000 and want to reduce it. This is further reduced every month, for example by € 100, so that you have less scope each month. After 20 months you have reached 0. Somehow, on closer inspection, it is also a kind of debt restructuring.
The method is both logical and sensible. Of course, the handling may vary from bank to bank. Relatively many banks really come to you if you openly approach them.
I have already written several books on dealing with banks and the sensible management of money. These have already helped many people to manage their money better.
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