Overdraft/Credit Card ?

BREMBO

Good afternoon,

I’m looking for some help and advice.

I’m looking to borrow £1500 and try to pay it off as quickly as possible but can see it taking more than a year easily.

I have been advised that I should extend my overdraft but I’m not really sure on how this works.

Should I go to the bank request my overdraft to be extended withdraw £1500 then use my salary each month to pay this off? If this is the case does anyone know what % charge is on an overdraft with RBS? It’s an R21 account also.

I have also been advised to take out a credit card with 0% apr on 12 months but can you take out £1500 cash and still have 0% APR charge for 12 months or would this be morel likely be the 6 months ?

Thanks for your help, if any of the above needs more information please let me know… might just make sense to me.

Davewils

Is it vital that you have to take the CASH out? Could you not just pay by card?

My point is that if you got a credit card, the 0% rate would most probably not include cash withdrawls (and you'll get charge like 2.5% or whatever for taking cash out on a credit card).

BREMBO

Buying a car private so paying by card is not an option.

Unless a bank transfer or something similar would work?

Tixy

If you get a super balance transfer card then you could transfer the cash from your card into your current account, and from there use it for whatever you need. The longest SBT card is 14months with Virgin http://www.stoozing.com/sbt.php.
If you were successful in getting such a card with a large enough limit then you would pay a 4% fee to move the money to your current account - so £60. Then you would need to make at least the minimum payment every month on time. Providing you had paid the balance off in full within 14months you would pay no more interest.

You will only get a SBT card if you have a good credit rating/good credit history.

If after 14months you had £200 left to pay that £200 would be charged at the standard APR (around 17%).