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Converting overdraft to loan
searchingforlight
Posts: 22 Forumite
in Loans
Hi everyone,
I'm looking for some sound advice as to what to do with my overdraft that has been stuck at £1500 for so long I can hardly bear to look at the statements anymore! I have decided to see if I can arrange with the bank to convert it in to a loan and they have come back with an offer as follows:
£1500 over 3 years at £56 per month. The APR is 22.95% which is really steep but there is no penalty to pay off early or make lump payments in to the account which I would be planning to do.
The overdraft stays within the limit and is I think at 11.8% interest so maybe on the face of it it's better to stay with it?
It's a business account and I am getting stung with charges even for paying in cash! I can't really transfer to another account for free banking until the O/d is gone and also my credit rating is below zero due to an IVA (completed but) still showing on my record.
I really need to find a way of sorting this out and would really appreciate any advice you can offer. Very many thanks.
I'm looking for some sound advice as to what to do with my overdraft that has been stuck at £1500 for so long I can hardly bear to look at the statements anymore! I have decided to see if I can arrange with the bank to convert it in to a loan and they have come back with an offer as follows:
£1500 over 3 years at £56 per month. The APR is 22.95% which is really steep but there is no penalty to pay off early or make lump payments in to the account which I would be planning to do.
The overdraft stays within the limit and is I think at 11.8% interest so maybe on the face of it it's better to stay with it?
It's a business account and I am getting stung with charges even for paying in cash! I can't really transfer to another account for free banking until the O/d is gone and also my credit rating is below zero due to an IVA (completed but) still showing on my record.
I really need to find a way of sorting this out and would really appreciate any advice you can offer. Very many thanks.
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