Need some more advice about my overdraft please :)

david39

Your salary being paid regularly into the account with an overdraft is the security that the bank have that they can get their money back from you - if they want their money back they can wait until your salary goes in and then pull the plug on the overdraft.

Stop paying your salary in, and that security is removed - overdraft will be withdrawn and immediate repayment demand will follow.

Credit card is much more secure from your point of view, but probably more costly.

If you can get a 0% deal, then that would be your best option but remember that they don't go on forever and you need to be sure that you make the minimum repayments on time - otherwise you will lose the 0%

Catriona_P

Thanks David39, I think I need to do some research into a good credit card to transfer the overdraft balance to then. In the long run it'd probably save me money but I need to be very careful as you say.

I had thought that opening a joint account at this stage wasn't wise, but the OH wants one now (he can't understand why it's taking me so long to pay off my overdraft, but that's another issue). I'll hold off for now.

Thank you guys