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Clearing overdraft - how??
hannahflannery
Posts: 3 Newbie
in Loans
Hi,
My bank (RBS) are just about to remove my interest free overdraft. Ive just bought a house so things are a little tight. I wont get out of the over draft by the change over date of mid October. Im about £1000 overdrawn. To avoid paying the astronomical interest I was hoping to transfer the debt elsewhere. I was was thinking a 6-12month loan or maybe getting a 0% credit card and spending on that to minimise the amount coming out of my account. If I dont make any changes I will be able to get out of the overdraft in about 4 months but would like to avoid paying the large interest fees in the mean time.
Does anyone have any idea what I can do?
Thanks for any help,
Hannah
My bank (RBS) are just about to remove my interest free overdraft. Ive just bought a house so things are a little tight. I wont get out of the over draft by the change over date of mid October. Im about £1000 overdrawn. To avoid paying the astronomical interest I was hoping to transfer the debt elsewhere. I was was thinking a 6-12month loan or maybe getting a 0% credit card and spending on that to minimise the amount coming out of my account. If I dont make any changes I will be able to get out of the overdraft in about 4 months but would like to avoid paying the large interest fees in the mean time.
Does anyone have any idea what I can do?
Thanks for any help,
Hannah
0
Comments
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Are they maintaining the £1000 as an authorised overdraft? That works out about £40-50 interest over the 4 months? That will be cheaper than a loan. 0% card is a good idea if your credit rating is good enough.0
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