Is transferring my Overdraft to a CreditCard an option?

CazandCo_2

I am looking for suggestions on how to do something about my bank overdraft.

Here’s my situation.

I have a virgin credit card which I took early this year on a 15mth 0% transfer arrangement to help reduce the balance on another credit card
I have an RBS credit card which has £450 outstanding on it.

My overdraft is with Lloyds bank and stands at £4000. I have been at that amount for at least 3 years and I just can’t decrease it I just don’t have spare cash ( one hair cut a year and no holidays etc so I can pay my bills and survive) The overdraft interest payment is £50 per month.

I feel hard done by as I have paid this £50 without fail every month for 3 years and it’s still there, the overdraft is still 4,000. I feel I’m just throwing my £50 a month away.

I’d like to know if there is a way I can reduce my overdraft and keep the payment low.

BigDave81

You can do a balance transfer from a credit card to your bank account to clear the overdraft but you may be outside the window of opputunity on your Virgin card. You would need to ask them if you can do 0% and if not possibly see if you can obtain another card.

This will help with the interest charges but not the problem of actually clearing the debt, what happens when the 0% period ends???

You need to look in to ways of boosting your income, 2nd job, boot sales, ebaying opinion polls/surveys etc