Advice on clearing Overdraft please!

w4nderer

ive just filled in the form yesterday and sent it off yesterday...

YorkshireBoy

w4nderer wrote: »

ive just filled in the form yesterday and sent it off yesterday...

Then an application may be fruitless, if you provide your current address.

Were you previously living with parents, and registered to vote there?

ses6jwg

Santander offering a 0% matched overdraft if you switch and can pay £1000 a month into the account.

Another option would be to put all spending on a 0% credit card and your OD will gradually reduce, however you are then still left with CC debt at the end of the 0% purcahse period.

w4nderer

Then an application may be fruitless, if you enter your current address.

Were you previously living with parents, and registered to vote there?

I read this as i was on the phone to them, and thankfully it has gone thru fine, i just have to do the online authorisation now to complete the account setup.

Thankyou for your help YB, it is appreciated.

w4nderer

Thanks ses6jwg, I am going to do my research on switching current accounts, and see which works out best for me.

izools

Well done on your acceptance. Was this with Virgin or MBNA? Or someone else?

YorkshireBoy

ses6jwg wrote: »

Santander offering a 0% matched overdraft if you switch and can pay £1000 a month into the account.

But they'll want to see evidence of good management on the old account. One of the criteria used to be the account had to be returned to credit for x days a month. Is that still the case?

Another option would be to put all spending on a 0% credit card and your OD will gradually reduce, however you are then still left with CC debt at the end of the 0% purcahse period.

I'm not sure that would work, because at £30 per month for a £1,200 overdraft it would appear the OP has a Halifax/BoS current account. In which case it matters not what the overdraft balance is...they'll still be charged £1 per day.

w4nderer

izools wrote: »

Well done on your acceptance. Was this with Virgin or MBNA? Or someone else?

It was Virgin.

timbo58

I did that yesterday: £3k od transferred at 4% (£120) onto my exisiting Virgin card for 12 months at 0%.
OD fees are around £50 pcm so it should pay for itself in no time.
The key is then to ONLY use the card to repay the amount then on it and not to run up a large OD again, so I will be reducing my OD limit to £2k or less and leaving the credit card securely at home!
I am sure these used to be called 'super balance transfers' but are now known as money transfers.

w4nderer

I hear what your saying timbo58,

I will be throwing the card in the river as soon as it arrives :P. Just got to wait 7-10 days now for setup/transfer. Finally things may look up and i'll be more sensible with managing my finances.