Credit card to clear overdraft

wongaworld

Hello!

This is my first post on here and I am quite financially inept so please bear with me!

I am after some advice. I have £3000 overdraft on a Santander account (which I am being charged £7.50 a day for) and I have £900 on a Santander Credit card.

I wanted to use a Super Balance Transfer to clear some of my overdraft debt and reduce my limit as I am not getting out of it as it stands and it's really frustrating me. I can't remember the last time I didn't have minus money in my account and I have no excuse really!

I applied for a Virgin credit card but have been refused.

I was wanting advice on 2 things:

- I want to reapply for a different card but I think Virgin is part of MBNA, does this mean I can't apply for any MBNA cards for a bit?

- Do you think the Super Balance transfer is actually the best solution for my situation?

Any (constructive!) advice welcome..

Thank you
)

Tixy

Yes Virgin are part of MBNA and so yes you are quite likely to be declined by other MBNA backed cards.

A SBT is a good solution if you know you can afford to pay off the debt within the SBT term, and are the sort of person who will be disciplined enough to do so and who won't run up the overdraft again, In fact I'd say its only worth doing if you cancel the overdraft altogether (or maybe leave a couple of hundred quid for absolute emergencies).

If you can't get a SBT card have you spoken to santander about whether they would consider converting to a loan? At £7.50 a day if you stay as you are it will cost you £2700 a year, so even a loan with a high APR from santander would be much cheaper. Have you worked out how much you can afford to repay a month towards the debt?

CLAPTON

without knowing your financial details it's a bit diffiuclt to advise

what do your credit records say?
how much do you earn?
why are you always in your OD?

a loan might well be sutiable as suggested by Tixy but that wouold depend upon your earnings and credit record although, except your bank, many lenders will be put off by your large OD which clearly shows you can't live within your income.

Ben8282

Why are you being charged £7.50 per-day for the overdraft? This is around £225 per-month. What does this very high charge represent?

The best solution to your problem is a loan, not a balance transfer.

Nuclear_Themes

£7.50 per day - Have a talk with your local loan shark :P

opinions4u

Sounds like you're operating outside your agreed overdraft limit.

It's likely you've screwed your credit file.

I'd suggest you talk to Santander sharpish about options that will stop this £7.50 a day charging.

I'd also suggest that you complete a statement of affairs (SOA) at www.makesenseofcards.co.uk and post it back here or in the Debt Free Wannabe part of the site. Then you'll get some direct feedback on where to cut back and apportion debt repayments.

YorkshireBoy

wongaworld wrote: »

I have £3000 overdraft on a Santander account (which I am being charged £7.50 a day for)

Looking at their published tariff I don't see an account that charges £7.50 a day.

They do have an account that charges 50p per day, capped at 15 days a month, so maybe that's where the £7.50 comes from? ie it's a typo on your part and you meant to say per month?

Failing that, you must be calculating the £7.50 a day on some sort of average charges per day over the month based on additional paid/unpaid item fees on top of the £5 per day unauthorised overdraft charges?

So, is your overdraft authorised or unauthorised?

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