Overdraft to Credit Card Transfer

Gadge2011

Hi, hope everyone's having a good new year

I currently have a £1000 overdraft (student account) which matures in February. It was taken out for car insurance a year ago and never touched again (naughty of me not to re-pay any back in).

I'm really looking to transfer this debt onto a credit card or other interest free medium whilst I pay off the debt. I understand after reading the guides on this website that a specialist type of card is needed for bank account to card transfers.

The website currently suggests that MBNA Platinum Plus* and Virgin* are the best two at 0% interest for 16 months with a 4% transfer fee. taking my debt upto £1040.

From reading the Virgin website I gathered that the minimum re-payment would be £25 per month on a £1040 debt?

I would expect to realistically pay £75 back per month and clear the debt within 14 months.

Am I correct in my thinking or living in dream land?

Thanks

MFWannabe

You are completely correct. MBNA cards have a low minimum payment of £25. You would be better off paying the £75 per month though and getting it cleared:)

Gadge2011

Thanks.

On completion can the card can it simply be ended or is there a subscriped period?

Any other known pitfalls?

lisyloo

You must pay off on time and allow for payment clearance.

Don't spend on the card.
Lots of companies allocate paymens to the 0% part so you'll pay interest on your purchase for 14 months.

skaps

You can just phone them up once the balance has been cleared.