Any advice appreciated.. Virgin Credit Card and balance transfer

TINA40

Hi all,

I am new here and this is my first post, I hope you can help me and give me some advice as I am unsure what to do

I am self employed, and I currently have an overdraft in Llyods TSB of £913.01. The problem being that I am being charged an average £15.00 a month just for using my overdraft facility. This is not my current, most used account.

I pay my wages into my current account ( Nationwide ), not of a large value. I currently am not working as much as I was due to ill health.

If I put such small values into my Llyods, it is pointless because of the interest and I would have no funds.

Am looking to pay off the overdraft and close the account. I have just applied for a Virgin CCard at 0% for 16 months, and been accepted. Unfortunately the credit is not enough to pay the outstanding odraft balance. They have allocated me £500.

What shall I do? Apply for a second 0% card to cover the extra £400 or any advice would be greatly appreciated. I am also aware I do not want to be affecting my credit rating.

Rufus_348

Hi -

If you would pay less for using your overdraft facility with £500 less in the account then I'd say put the £500 on the Virgin credit card but that £15 is a flat rate so you don't really have anything to gain. Also, since you're not working much, you risk failing to pay the money off within the 0% period and ending up with a much more expensive debt.

You could save by applying for another 0% credit card, as you say, and splitting the balance in two (but, again, you may not want to risk not being able to pay it off).

You might find this review of the Virgin cc useful
http://www.credit-card-comparison-online.co.uk/virgin/money.asp
and this article is on non-MBNA ccs (Virgin is an MBNA card)
http://www.lovemoney.com/news/credit-cards/get-a-nonvirgin-balance-transfer-credit-card-3640.aspx

Hope this helps.