Two weeks to sort out £2500 overdraft

ldnlass6 · 14 July 2017 at 7:33AM

Hi all,

I've got a £2,500 student overdraft that I need to sort out before the end of July as that's when they will start charging me stupid amounts.
I tend to find find my wages get swallowed up in the account so I'm off to HSBC today to open up a new current account to start getting paid into, and then each month, I'll pay a bit into my overdraft. Should hopefully force me to monitor my spending more.

However, this still leaves me with the issue of the overdraft which is going to charge very soon. As it's so large, I don't imagine I'll get a credit card for the full amount and I don't want to start applying everywhere in case I get rejected... any thoughts would be very very welcome!

Thanks in advance

[Deleted User] · 14 July 2017 at 7:42AM

Try an eligibility checker.

MallyGirl · 14 July 2017 at 9:42AM

and don't forget that you will need a money transfer deal not a balance transfer deal to pay off an overdraft

Candyapple · 14 July 2017 at 10:53AM

Here is the eligibility checker for money transfer cards - what do the results show?
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.249953926.1632103625.1500025477-913909542.1500025477

Silver_Queen · 14 July 2017 at 2:39PM

Are you sure they will charge you interest on the full amount?

My student account (2k overdraft) has just started charging too but they are only charging interest on 1k of it, and the other 1k remains interest free.

jonesMUFCforever · 14 July 2017 at 6:27PM

If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?

[Deleted User] · 14 July 2017 at 9:06PM

jonesMUFCforever wrote: »

If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?

My thoughts exactly as most banks if not all do offer a graduate account in order to keep your business.

ldnlass6 · 14 July 2017 at 9:42PM

I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.

I need to get my HSBC overdraft down by £1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a £1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.

To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!

Thanks all

Sncjw · 15 July 2017 at 6:52AM

So you going to be living in another overdraft with Halifax. That's just stupid to do

ldnlass6 · 15 July 2017 at 6:14PM

Sncjw wrote: »

So you going to be living in another overdraft with Halifax. That's just stupid to do

It's my only option as I went to every bank I could think of... Plus, HSBC will charge me as of 30th July to be in my overdraft whilst Halifax will force me to cut it back by £500 this week and then I can pay the rest off, interest free, over the next six months. I actually think it's a good thing.

TheShape · 15 July 2017 at 6:34PM

ldnlass6 wrote: »

I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.

I need to get my HSBC overdraft down by £1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a £1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.

To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!

Thanks all

OP, I'm trying to understand what your plan is here.

What is the advantage of using an overdraft with Halifax rather than with HSBC, are their charges lower?

What's the plan with the credit card, get a 0% purchases offer? If that's the plan, why pay it off every month or do you just mean pay the minimum?

Two weeks to sort out £2500 overdraft

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