balance transfers?!?!

woody9452

Hi , i'm new to this....

I currently have a £800 over draft with HSBC, i get charged £25 a month for having this, i get charged about £17 interest a month too. I only get paid £960 a month so by the time i have paid my rent, i am straight back in my over draft and get charged, i am always going over this £800 and thus always getting charged. I also have a house of fraser credit card (owe £780) which i pay off each month (min payment £40) but over half of this is interest so im not really getting anywhere.

ive heard about this 0% balance transfer....how do this work..?
can i get a credit card, pay off the overdraft (and then cancel it with hsbc) then pay off the credit card with house of fraser.... so i will have spend about £1600 ish then just as quickly as poss pay off this debt whilst it is 0% interest...

can someone please out cause the interest on everything is making it pointless.....thanks in advance!

stephane_2

To be able to pay off the overdraft & the store card you would need a card which allow Super Balance Transfer, which means they will allow you to transfer fund directly to your bank account with the 0% offer on balance transfer, only a few provider offer that option (mbna, egg, post office). Going into your overdraft on a monthly basis will certainly not help your situation when applying for a credit card, but you have nothing to lose by applying, the worth they can say is "no"....

woody9452

is there any other way i can do it...like if i transfer £800 to my mums account from the card, then have her put the £800 back in my account (getting me out of the over draft) ?? How does these cards work, are they just like credit cards?

Is the best way to apply on line?

stephane_2

No you can't only the cards I mentioned will allow you to transfer fund to a current account, all other cards you can only do a balance transfer between 2 different credit card.

stephane_2

You need to ask yourself as to why you got into your overdraft in the first place and even if you manage to cancel it, will you not be tempted to dip into the credit card....maybe you need to look at your outgoings and try to pay it off one bit at a time and ask hsbc to reduce it as you pay it off....

woody9452

i got into the overdraft because i was living away from home...and had to buy furtinature, it wa smy first time moving out, so just general expensines...

i just think if i could get back to square one...have my wages go in then pay off the debt of about £1600 as quick as possibole like £300 a month...it would just be alot easier and save me money

stephane_2

if you are able to pay back £300 per months so why don't you do it now, your overdraft would be paid back in no time...I am not following your thinking.

woody9452

because i still have the other card to pay off as well...so whilst i spend months paying back my over draft im still paying interest on that.
then im getting charged £25 anyway for having a overdraft, £16 for interest then getting charged for going over it so if i just paid it all off with the o% transfer thing i would owe one amount and not be getting charged interest of fees... of £41 basic for overdraft and like £20 for my card...thats £61 saving a month...which im paying for nothing