Clearing credit card and overdraft

TooBob

Hi all.
I'm new to this and would like some basic advice as to clear approx £2500 from my credit card and the same amount of overdraft. I have a £2000 overdraft facility. My bank wants me to take out a personal loan or extend my mortgage, neither of which I want to do.
Any advice would be greatly excepted.
Thanks.

poorandindenial

Hi TooBob

Have they made any noises about taking your OD away??

How is your credit history looking? (am not suggesting a loan)

GeorgeUK

If you post up a statement of affairs, we may be able to see some areas of your expenditure that you can save on to reduce the debts. Have you ,issed payments at all?

https://www.makesenseofcards.com/soacalc.html

TooBob

poorandindenial wrote: »

Hi TooBob

Have they made any noises about taking your OD away??

How is your credit history looking? (am not suggesting a loan)

No mention of taking OD away, credit history ok. (To my knowledge).

TooBob

GeorgeUK wrote: »

If you post up a statement of affairs, we may be able to see some areas of your expenditure that you can save on to reduce the debts. Have you ,issed payments at all?

www.makesenseofcards.com/soacalc.html

No payments missed.
Will be able to make adjustments to cover monthly bills etc. but would like to find the best way of dealing with credit card and at least some of the overdraft.
After reading some of the posts here I realise that I'm not in too bad a state but I don't want to get further in debt or have an increase on mortgage/loan to cover.
I have £900 in an ISA but can only access that by closing the account but I'm thinking of doing just that after reading some info here but that will take a while to go through. I have an appointment with my bank this week but they haven't said anything about the ISA, just about loan/re-mortgage, but then they're just salesmen I suppose.
Thanks for the help.

GeorgeUK

TooBob, don't know too much about your situation, but there are some creditcards, like virgin, that allow you to transfer from the card to a current account without any extra charges as part of a promotion. (0% for 15 months). Could this be an alternative? (super balance transfers they are called here)

You wouldn't then be paying any interest on what was the overdraft and could then concentrate on clearing the other creditcard as you are paying interest on this.

(You should deal with the highest APR debt first - if the overdraft is interest free then transfer the card, otherwise whichever one has the highest APR)