Santander - balance transfer and overdraft?

anna_d_2

Hi all,
I currently have a small overdraft with Santander - and want to chip away at it and clear it within the next few months.
Problem is Santander only accept reductions of £50 at a time (with a £20 charge for using the overdraft each month from next month....). I can't realistically afford £70 a month towards chipping at this.

I've just had a letter in. I have a dormant Santander CC - with a 0 balance.

They have just offered 0% balance transfers til March 13. But it does say it won't transfer to a bank account... would it be worth talking to them or are the rules hard and fast? (As both accounts are with the same institution).

I know the obvious answer would be to call them and ask but I hate call centres!

Stoneman_2

I'm in a similar position as you re the overdraft and have also received the same credit card offer.

I was also hoping for a money transfer option (rather than a balance transfer) but as it didn't state that it was an option on the letter, I didn't ask.

I found the call centre person very helpful and even apologetic when the balance transfers didn't go through properly first time (due to technical problems)

I guess it's worth asking!

YorkshireBoy

anna_d wrote: »

I currently have a small overdraft with Santander

Rather than say it's "small", which is pretty meaningless, why not put a value on it? That way the advice offered will be much better tailored to your situation.

For example, if it's £300-500 is there a family member or close friend who is planning to buy a new television? If so they could put it on their credit card and you could then take on that debt via a BT, with said family member or close friend passing you the cash they would have sent to their card provider.

anna_d_2

The O/D is £350.
I don't know anyone looking to make any large purchases at the moment - but that is a good idea.

It's not a major issue - just something I was mulling over.

I have reduced the O/D considerably in the last few months but with Student Loan repayments due to kick in the next month/ car due an MOT/ family event that level won't be possible for the remaining cash.

Tixy

You don't have to pay £70 off the overdraft a month surely?

Do you mean they'll only reduce the overdraft limit by £50 a time? If so there is nothing to stop you ensuring you that you reduce how far you go into your overdraft by £30 or whatever a month.

Santander won't switch the offer to a money transfer.
What you could possibly consider is if they would offer you a 0% on purchases option instead. If you would then you'd be able to make your normal spending on that card (petrol, groceries whatever) and then your overdraft will reduce as you won't have spent that from your current account.