How to transfer my overdraft debt?

Hblack

Hi I hope someone may be able to help!!

I have an overdraft that I seem to be getting further into and want to pay this off and cut it off for good. I am being charged £1 per day, which usually ends up as £25-£30 a month depending on when pay day falls. Can you get a 0% credit card that can do a balance transfer to clear this or is this not classed as a balance transfer?

Jammi

Hblack wrote: »

Can you get a 0% credit card that can do a balance transfer

Yes you can.

Some credit card companies, i.e MBNA, will allow you to balance transfer into you current account, albeit for a higher balance transfer fee.

opinions4u

How much do you owe on the overdraft on the day before payday?

There are a number of options:

1) Spend on a credit card (ideally 0% for purchases) for a period of time and as the balance increases on the card, get your overdraft down to nil (but then work out how to manage the card debt down).
2) Change the dates on some of your direct debits to later in the month.
3) Make sure you are getting the £5 HBOS Reward for funding your account with £1k a month.
4) Stop spending as much, then you'll be overdrawn for fewer days of the month.
5) Switch to an URCA account. That will cost you £12.50 a month, but will provide you with a range of "perks" and also mean that you face no overdraft fees while you are less than £300 overdrawn.
6) Look at cards issued by MBNA or Egg that may allow you (for a fee) to move a balance to them. Again, what's the plan to get the balance down on these though?

I'd suggest a visit to the Debt-free Wannabe part of the forum too. Upping your income and reducing your spending could help get you out of overdraft for good. This should be your eventual goal.

Hblack

Thanks for both replies.

I'm usually around £800 overdrawn. I live on my own and only have one pay day so I can't change my direct debits to later in the month. What makes me go overdrawn is my bills, as I would have a reasonable amount left over after being paid if I wasn't overdrawn.

So do MBNA cards have interest free for balance transfers to my overdraft? I enquired with Tesco for a card but was told that my overdraft counts as a money transfer and is therefore exempt from balance transfers rates.