Clearing some debt - advice would be much appreciated :)

HayleyLouise1

Hello

I'm new here - I'd really appreciate some advice/tips/suggestions as to how best to manage my money/clear my debt.

I have two overdraft's which total £2300. They are spread across two accounts (1500 and 800 respectively) and as I bank with Halifax, I'm charged £1 per day on each of these over drats which works out at around £50-60 per month in charges.

I looked into taking out a 'super balance transfer' credit card that would allow me to transfer the money into my bank account and clear the OD leaving me with a balance on a 0% card I could work towards clearing without the fees. Unfortunately, as I've never had a credit card before - Virgin wouldn't allow me one and there are no other card providers offering the same sort of deal.

I've looked into a loan for the ammount but ideally, would like to clear the balance on my ODs without paying interest/fees.

Can anyone suggest any methods I could look into to clear this in this way or is there a way i havent thought of? I'm 26, a homeowner and have a good/excellent credit rating if that helps.

Thanks in advance for any suggestions

beverleyhills

Welcome to MSE. Before you make any decisions work out your financial position using this link.//www.makesenseofcards.com/soacalc.html Post on this thread and users may be able to suggest how you can find the money to pay off your overdraft.
Loans are not a good idea to pay off debts.

JustinCredibleGillespie

IF its possible you could open a new account with a different bank and transfer 'x' amount over every month from your salary to pay them off. That way you won't be living in your overdrafts.

JCG

xx

fatbelly

Your best chance of getting a 0% card is with the Halifax. They do an 'all in one' card with 15 months 0% purchases. (well it actually says Most applicants will get 15 months 0%. Others will get 13 or 11 months 0%. ) You'd have to be very disciplined but by buying on the card and paying the 1% min payment, your bank balances would drift back to the black.

But if you can't clear the card within the 15 month period then you could face the high interest kicking in unless you could then get a 0% BT