A fresh start

Savvy_sewing

5K is a huge amount to clear off of a debt when things are struggling. Well done, give yourself a pat on the back.

Karmacat

Hurray, well done you! You really did zoom through!

lucielle

Its going in the right direction. Well done
L

beanielou

A massive well done on the 5k under difficult circumstances

Seaxwyn

Can anyone help me with a dilemma?

I have an overdraft with NatWest (not my main current account). This currently stands at £1673 and attracts interest at 18.36% - my highest interest debt by a very long margin!

I use this when I don't have enough money in my main current account to meet outgoings. Also a big loan payment goes out of the NW account each month.

I am wondering whether to transfer this balance onto a credit card with a long 0% bt offer. I have several of these at present.

BUT I am reluctant as it would be yet another credit card debt (I already have 4 with balances on that I am slowly paying off - all from similar transfer deals in the past). And I feel pretty sure the OD would creep up again after.

My gut feeling is that I should not transfer it. BUT is this being silly as I could save a lot of interest each month by moving this debt?

Opinions welcome.

And I should say that - I know this will frustrate some people and I apologise if I seem pig-headed - but I am NOT considering a DMP or bankruptcy as I do not consider myself a suitable candidate for either given that I am repaying my debts, however slowly.

beanielou

I see where you coming from but I only did it a wee while ago & OD is creeping up again.
So Im a vote for no.
(I did cause L!oyDs are starting to charge £5 pm for OD & the interest.)

Karmacat

Why would it creep up again, Seaxwyn? The move makes logical sense, but if "the creep" happens, which is *against* logic, then its useless, as your gut is telling you, from the sound of it. Can you not close that account altogether when you've got it to zero?

Seaxwyn

I can't close it because the loan goes out of it, and it would creep up because many months, I don't have enough income to cover my costs.

For the first 3 years of my DFW life I avoided using this OD by regularly balance transferring from 0% cards into my current account. This year, I wanted to avoid my cards creeping up, so I used my OD instead.

So it would be unrealistic of me to think I could pay it off and not have debt creeping up somewhere.

Karmacat

I don't get it, I'm sorry - thing is, your debt has gone down by over £5k, it can't be creeping up overall, so what's happening? (not as in "whats happening, bro?" just whats actually going on )

Sea78

Seaxwyn wrote: »

I can't close it because the loan goes out of it, and it would creep up because many months, I don't have enough income to cover my costs.

Hun - this screams out loud to me that in fact you are more than a suitable candidate for a DMP, where you *do* pay back everything you owe.
xxxx