overdraft

alohahawaii

does anybody know:

do you get charged much interest on a barclays overdraft?
and is there any ideas you have for clearing them quicK?
ive tried to do a balance transfer to a credit card.. but ive been told I cant do it...

!
thanks!

justruth

it depends on your interest rate and how much you owe. Best advice for clearing it is post you SOA and let the rest of us rip it appart, and advise on how you could save money to pay it off.

oscar52

Depends on the credit card. MBNA allow transfer to current accounts at balance transfer rates usually 0% for new cards (remember MBNA also issue virgin, A&L, Abbey, and about 1300 other cards (footy teams, events such as concerts, airline cards, and charities such as PDSA)

Apologies if this breaks rules.

alohahawaii

really bad.. but i dont really bother to read the interest rate as I always hope to pay it off asap.. i think its 19%?
my bank charges were 6.50GBP last month and i had an overdraft of 250.

At the moment its at -500 and will all be spent as im going to london next week. and to the clothes show.
but I wont go over 500.

im cashing in my premium bonds this month.. but dont really want to use it to pay off my overdraft.. as I always run it up again !

i paid off my overdraft and creidt cards about 6 months ago with savings.
But now barclays internet banking has a pre approved option on it for an auto matic overdraft increase! !!!

i agreed to 500 and now it's offering me 1350!
is there anyway of getting rid of this option?

Also (sorry for all the questions)
People keep telling me that having a credit card/overdraft is a good idea to show i'm good with credit for the future (ie mortgage) but if i have them i spend on them ! I need to be informed of the facts..

thanks!
x

alohahawaii

i applied for a virgin )% balance transfer credit card. to clearoff my old credit card.. but got declined as i had been out of the country for a year and went over my overdraft a few times and missed payment,.
they called and offered me a loan..

no thanks

oscar52

try phoning them up - they will accept proof address from utilty bills (not mobiles though) - probably got declined because the address is new (less than 3 years) with no previous, and (i assume) you are not, or have only just got on the voters role. Also, as you where out of the country, you probably have a limited credit file - which again proves your address.

alohahawaii

i cant pay off my overdraft with a balance transfer anyway can i?
so it doesnt matter

oscar52

MBNA which issue Virgin allow transfer to current accounts (if they say no, they lie - I work there) you could even lie yourself - tell them its for a loan - they cant pay off loans - dont have the siftware. but they DO allow transfer to current accounts.

Actually thing of it - another way round it is to say you have multiple debts, but dont want tp pay multiple transfer fees, and it easier to have it in your account (tell them you dont have details of all the transfers)

alohahawaii

i cant pay off my overdraft with a balance transfer anyway can i?
so it doesnt matter

alohahawaii

better saying the latter i think. as working for a credit company in the past i know that underwritters and sometime the person apply for credit on your behalf can see if you have loans and other credit..
so lying might not be the best idea

CLAPTON

the issue here isn't really about overdraft/CC but about income and spending.
post an SoA and lets see if we can see how you can increase your income and /or reduce your spending.