overdraft growing and growing!!

getreal_3

can anyone tell me the best way to clear a rather large overdraft £3900.. obviously it would be best to pay it off but with the high apr we struggling. Should I get a 0% on purchases cc and then use a credit card check and put it into my account or get a loan????????

kel123_2

I am in the middle of something similar with Lloyds. I have a 5K guarrenteed OD and their charges have pushed me over anad they are getting rather shirty. The Financial Ombudsman Service is involved and it is a matter of waiting for a resolution. Have you tried claiming your charges back?

OliveOyl_2

if you do transfer your overdraft to a 0% cc or cheaper loan [EMAIL="DOM@T"]DON'T[/EMAIL] FORGET to close the overdraft facility It can SO easily creep up again.

But cheaper debt is better than expensive debt.

getreal_3

havent had any charges as such, just high interest rate. how would i do it because I cant balance transfer from an overdraft to a cc can i??

dhassen

getreal wrote: »

havent had any charges as such, just high interest rate. how would i do it because I cant balance transfer from an overdraft to a cc can i??

There are several credit cards that allow SBT (Super Balance Transfers) to your bank account - this will pay off your overdraft, if you got a large enough credit limit. The cards I know of that allow SBT and currently have long 0% deals are Virgin, (and other MBNA cards) and Egg.... some RBS cards send you cheques which you can pay into your bank, but you're not guaranteed to get them straight away or when you want / need them.

As another poster said though, you must close your overdraft if you were able to shift the debt, and if you've got the debt on a 0% deal, don't use the cc again at all during the period.

If you have problems getting credit you won't get a top 0% card like these though. How's your credit history and income etc?

EDIT: here's all the SBT cards: http://www.stoozing.com/sbt.php

getreal_3

credit is really good and income is 3k mark, would these cards offer a 0% on purchases as well? I know i know stop spendng, but unfortunately we have to do work on our house urgently and its going to cost approx 3k....

thank you for your advice :-))))

dhassen

Some cards offer 0% on purchases and BTs, but normally the purchase offer runs out after 6 months which means that your longer BT deal is pointless, because you will pay interest on your purchases until the whole card is cleared. Spending on a BT card is a big no-no! you could get one card for the BT and one for spending, if your credit rating / history is good and if your income is 3K a month, then you should (in theory) be able to sort yourself out