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Do I need to include my overdraft as a debt?

If your bank account is overdrawn, this counts as a debt and you should include it in any arrangements that you make. This applies to agreed overdrafts as well as unauthorised overdrafts. Banks can ask you to repay an overdraft at any time, so you cannot count on your overdraft always being available. If you do not include your overdraft as a debt, other creditors may refuse to accept lower payment offers from you because they do not think that you are not dealing with all your creditors fairly.

Start My Money Steps for advice about how to deal with an overdraft or other bank debts.

 

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