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A&L overdraft
abitrubbish
Posts: 150 Forumite
Hiya
I have been inspired by browsing on here to try and sort out my finances!
I have set up a spreadsheet setting out all the stages in my master plan and reckon I should save in the region of £700 interest in the first year just by improving the APR I pay on all my existing debt.:j
Anyway, part of my cunning plan is a transfer to A&L account, to take advantage of their overdraft offer. However... I currently have a £3,000 OD with Barclays, and income of £1,300 pm, so am never in the black. The A&L t&c say that they will match an existing overdraft, but only if you can show 2 days in credit in a months bank statement.
So... I was considering transferring enough of my OD onto my Virgin Card to ensure that my salary is enough to get me into the black for a couple of days a month. Then, after the account is set up and the OD agreed, to pay the Virgin Card off taking the OD back to its limit (though I would work towards gradually reducing this as quickly as I am able).
Would this work? Has anyone done anything similar? Do you think there would be a chance they would notice the change and withdraw the facility?
Any thoughts welcome!
I have been inspired by browsing on here to try and sort out my finances!
I have set up a spreadsheet setting out all the stages in my master plan and reckon I should save in the region of £700 interest in the first year just by improving the APR I pay on all my existing debt.:j
Anyway, part of my cunning plan is a transfer to A&L account, to take advantage of their overdraft offer. However... I currently have a £3,000 OD with Barclays, and income of £1,300 pm, so am never in the black. The A&L t&c say that they will match an existing overdraft, but only if you can show 2 days in credit in a months bank statement.
So... I was considering transferring enough of my OD onto my Virgin Card to ensure that my salary is enough to get me into the black for a couple of days a month. Then, after the account is set up and the OD agreed, to pay the Virgin Card off taking the OD back to its limit (though I would work towards gradually reducing this as quickly as I am able).
Would this work? Has anyone done anything similar? Do you think there would be a chance they would notice the change and withdraw the facility?
Any thoughts welcome!
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