Debit Overdraft debt to Credit

Nipper78

I've run upto my £590 overdraft limit on my Barclays Debit Card. I really need a couple of hundred pounds just for 60ish days to clear it. Basically I want advice as to the best way of getting some money into this account to not overun the overdraft limit and pay charges. I've already signed up for a Barclaycard as I want a Credit Card anyway with a good longterm overdrawn rate for 6 months or so. Could I simply transfer say £300 from the Barclays credit to go overdrawn, to the debit account?

Reading Martins Barclay card loophole for longterm cheap loan rate of 6%, could I also then do a BT to another Credit Account (perhaps try a 0% BT account to see if could do even bettter). Then BT back to Barclays Credit Card and pay the much lower 6% for being overdrawn!? Can I do this even though I already have a Barclays debit account, and soon to arrive Barclaycard? Comments on this, a quick, good, cheap way really appreciated.

Nipper78

Can people please comment on this, thanks.

Nipper78

Guys can I PLEASE get SOME comments on this please, thankyou.

Kzlnd

I wouldn't have thought you could 'transfer' the credit from your credit card to your debit account.. My thinking is that the only way you could fund your debit a/c/overdraft with your cc would be to withdraw cash from your credit card and pay this into your debit a/c

:eek: Certainly wouldn't recommend doing that though!!!

Sorry if I'm not much help probs not the best person to comment on this as I'm not entirely sure! Hopefully someone else will come along and correct me

planetdannii

If you sign upto Egg they allow transfers into your current acc, they charge 2% but to be honest I think its worth it in this instance because you will also have quite a few months interest free.
Plus they are pretty quick as it's an online cc so no t&c's to send back by snail mail.
It was one of the only cards to offer the service when I looked at this for a friend a couple of months ago.
Good luck mate

Nipper78

Thanks, but just been refused, probably cos I'm self employed. Any other ways, ideas, anything highly appreciated.

crazyfj

Mint, gives you cheques at 0% (i think there is a fee)

I'am sure you could write yourself a cheque.

fj

YorkshireBoy

Nipper78 wrote:

I've run upto my £590 overdraft limit on my Barclays Debit Card. I really need a couple of hundred pounds just for 60ish days to clear it......I've already signed up for a Barclaycard...

Rather than rack up a load of wasted credit searches, why not put all your spend on the Barclaycard (0% for 3 months???) and make the 2% minimum payments for the first 3 months. Leave the other 98% into your current account and the overdraft will be clear in no time. You say you'll have money in 60 days, so you can still clear the Barclaycard balance before the end of the 3 months 0% introductory period.


I'm assuming you've already identified, and addressed, the reasons for your overdraft in the first place?

Nipper78

The Barclaycard will be 0% for 3 months yes, so spend on that to go overdrawn say £200 and I'll be paying just the 2% minimum repayment then, that is all? Whats the best way to move £50 from the Barclaycard to Barclay debit account to clear, and protect it for charges for these 60 days?

Btw, reason for going over the £590 is running my own business selling goods, my local sorting office/new postmen seems to have been breaking 60% of the goods forcing me to give refunds. They even left a £150 laptop on my doorstep getting wet for all to see, without ringing the bell lol, frustrating but this is the cause of it all.

YorkshireBoy

Nipper78 wrote:

The Barclaycard will be 0% for 3 months yes, so spend on that to go overdrawn say £200 and I'll be paying just the 2% minimum repayment then, that is all? Whats the best way to move £50 from the Barclaycard to Barclay debit account to clear, and protect it for charges for these 60 days?

As I said earlier, you use your Barclaycard, rather than your current account money, for your monthly spending. I'm assuming you have other monies credited to your current account throughout the month that will naturally raise the balance and take you out of your overdraft situation. Use the money you say you will have in 60 days to repay Barclaycard.

Failing all else, why not ask a family member/close friend to help? After all, and I apologise if it is to you, but £590 is not a lot of money these days.

Nipper78

Well, £590 kinda is a lot of money, over half a grand, and I usually earn 1k ish a month, but past month vastly less due to reasons explained. Already borrowed money from family and have just as many items paying out as I do in the coming 2 weeks, so I need to put £200ish in the debit from the credit. So transfer, cheque, cashback are the options I'm aware of!??