My Situation

HeadAboveWater

I suggest getting rid of the credit card first as the APR on it is really high.

*zippy*

As long as you have no priority debts such as council tax or tax then it is usually said to pay your highest interest debt first as it will save you more money, but if it motivates you more to pay one over the other then go for it. Personally I hated our overdraft, It only cost us a few pounds a month, but I couldn't budget a minus amount so paid it off first by selling stuff on ebay.

kiwinicole

Hi, what i did recently was took out a balance transfer credit card with 0% interest for the first so many months got £1500 tramsferred into my bank account. I had no more overdraft charges, cancelled my overdraft and set up a standing order into the account. Works great but depends if you have a good enough credit rating to get the credit card, i didnt but my husband did!

Keep-Fighting

Unfortunately I don't think I'd be approved for a credit card to move the balance over

I am also slightly concerned as I had a missed call at home today from Lloyds with was apparently just a "Courtesy call" do you think this would be anything to do with Santander moving my direct debits over or regarding my overdraft? :huh:

simeyb

HeadAboveWater wrote: »

Hello!



This is exactly what I would suggest

Me too - Lloyds only granted the overdraft in the first place on the basis of your account being salary fed (although as per usual they offer more than the salary going in). Why don't you just start reducing your overdraft facility each month, even if its £50 a month it will still be coming down.

Keep-Fighting

simeyb wrote: »

Me too - Lloyds only granted the overdraft in the first place on the basis of your account being salary fed (although as per usual they offer more than the salary going in). Why don't you just start reducing your overdraft facility each month, even if its £50 a month it will still be coming down.

I've heard that messing about with your overdraft too much by increasing and decreasing it hurts your credit score. Is this true? Not that it really matters too much :undecided

HeadAboveWater

I got stuck in a rut with my overdraft when I was with Halifax coz their monthly charges were ridiculous. When I switched away from them to Santander, I started reducing my overdraft by £50 a month. Looking at my credit report I can't see it having done me any harm as everything has green or ok symbol against it.

OneLife_OneShot

HeadAboveWater wrote: »

I got stuck in a rut with my overdraft when I was with Halifax coz their monthly charges were ridiculous. When I switched away from them to Santander, I started reducing my overdraft by £50 a month. Looking at my credit report I can't see it having done me any harm as everything has green or ok symbol against it.

Mine is the same as long as you pay your fees and don't go over the limit, lenders look at your limit history and balance more than anything.