Paying off Overdraft

Countrylover

Help. New to this and have put this elsewhere, not sure where it should go.
Can anyone help/advise. Hubby and me have £4,500 authorised overdraft with Lloyds, but interest is very high. Could I pay this off on to a credit card and then do a 0% balance transfer, hence saving paying interest fees. (Then want to change bank account) or should we get a personal loan. We are very confused as to which way to jump. Cannot pay off this overdraft immediately. Please can anyone advise, as I can't seem to find another thread like this. Alliance and Leicester will not allow us to open an account with them and carry the overdraft over, so have tried that one. Need to reduce the interest we are paying. This is the only debt we have (apart from usual mortgage) but don't like having debt and not sure what to do. Confused!

saxmund

Some credit cards will pay money into a current account on balance transfer rates, most won't. My Abbey (MBNA) card recently contacted me and offered 0% for 6 months with 2% fee for either balance transfers or credit card cheques, which works out at 4% per annum. Which is obviously cheaper than a loan. However, I don't know if this offer is open to new customers or just existing ones. It might be worth shopping around to see if any 0% balance transfer deals offer this. It doesn't really matter if it's a particularly good deal as once it's on a credit card you can always do a further balance transfer.

saxmund

Quick update - why not try posting on the Stoozing board http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=-1&f=95, you may find some answers there.