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overdraft payoff?

hi.
i have an overdraft of £2600 with lloyds.paying £25 charges a month would i be better off getting a virgin card and tranfer £2600 onto it for the 15 months 0%?also can somebody tell me what the minnimum payment would be for that ammount on that card?
thanks.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    glen70 wrote: »
    ...would i be better off getting a virgin card and tranfer £2600 onto it for the 15 months 0%?
    Possibly, if you're disciplined and don't run up the overdraft again.
    also can somebody tell me what the minnimum payment would be for that ammount on that card?
    thanks.
    First minimum payment of £80.32, followed by £25 per month thereafter.

    Do not use the card for purchases after you've made the BT.
  • glen70
    glen70 Posts: 82 Forumite
    thanks for the responses.i am going to cut up the card so will only be using it for the balance.the first payment will be because of the fee i guess?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Yes, it's recovered with the first payment.

    Calculated as 3% of the balance (which will be £2,600 x 1.0298).


    EDIT: Don't forget though, that if you only pay the minimum then at the end of the Virgin intro period you will still have £2,250 of debt.
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