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my girlfriend cant get out of her 2k overdraft

is it possible to get this 2k transfered onto a low interest credit card as she is never gonna get out of this overdraft and it costs her £30 each month

surely she can move the debt and actually pay £30 a month or as much as she can to repay rather than stay in this crazy situation ???

please advice me !!

lee

Comments

  • Lucy1982_2
    Lucy1982_2 Posts: 4,611 Forumite
    I've never had a credit card so can't really advise.

    I cut mine down from £2000 through consolidation (not a good move) but still have about £450 to pay off. I've often thought about opening a new account and having my wages paid in there and transfering money across to pay off my overdraft. I've not do it so I don't know if it works. But it's a suggestion.
    Current debt - £16,300 :(
    Debt at worst 17/03/2011 - £18,067.62:eek::eek:
    :ANot going anywhere else, ever again :A
  • Crown
    Crown Posts: 1,377 Forumite
    Hi, I know that Egg have a facility that you can transfer the balance of your credit card into your current account meaning that it in effect you would have paid off the o/d and then have the debt on the Egg card.

    MArtin did have a article on this a while ago on the main site. Im pretty sure its called a "Super balance transfer"

    Also does she know that she can reclaim her bank fees of the £30 charge plus all offer charges for the last six years? Again read the article on the main site for advice on how to do this :)
    Official DFW Nerd Club - Member no. 297 - Proud To Be Dealing With My Debts :D
  • Idiophreak
    Idiophreak Posts: 12,024 Forumite
    10,000 Posts Combo Breaker
    I suppose you could use a credit card (virgin, for one) to transfer the overdraft onto at 0% - that would save her £30/month anyway and it *might* start coming down a bit.

    That said, you have to be *really* careful when doing this - I did so, then almost immediately filled the overdraft back up again - thus just making me £2k worse off, rather than any better.

    So if you get it transferred, get the overdraft taken off at the bank so there's no way of using it - and cut the CC up too, so that debt doesn't start to mount up there, either.

    I guess it's also worthy of note that if her income/outgoings are that close to the limit, it might be worth her looking at her spending and seeing if there's anything she could cut out to throw a little more cash at her debts - once the interest free period on the CC runs out, she'll have to pay for it to be transferred onto another deal...

    edit: and reclaiming her charges, as above, could make a big dent in the debt straight off...
  • Has she talked to the bank about repaying it. Mine offered a stepped reduction each month of £50 with no charges.
    Barclaycard 3800

    Nothing to do but hibernate till spring






  • Storm
    Storm Posts: 1,749 Forumite
    Debt-free and Proud!
    Alliance & Leicester offer a deal where they'll match your current OD and keep it at 0% for a year - although i think you have to be in credit for at least 24 hours of the month to qualify - this would at least stop the charges & interest.

    Otherwise, after each payday she could phone the bank & ask for the limit to be reduced by a set amount - this should help her to not slip back into it by mistake!
    Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
    O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
    Total Debt 30th April 2008: £0 100% paid off!

    PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT ;)
  • thanks so much for all this advice, i have to see which option is the best, i agree once she starts to pay the over draft off she has to reduce it

    and if she transfers it i will cut the card up and she will make regular payments and cancel the overdraft facility completely, she puts in 1k each month, but this is spent and stays in 2k over draft

    so should she transfer to alliance and leicester or credit card, if she moves the balance to alliance, she still will be over drawn for ages, at least with a cc she can cancel overdraft, cut up card and pay off until balance is dead

    what do you think ?
  • how can my girlfriend claim back the £30 each month charge ?
    for her overdraft, what is the argument ?? she is just worried they will talk themselves out of it,

    need to know exactly what to say and why she should get the charges back ?



    cheers leej
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