Overdraft £4250 looking for best way to clear

Money_advisor

I'm currently paying around £60 per month on this balance and its not reducing. If I get a credit card and do a money transfer could I pay this £60 per month to clear the credit card balance? If so what's the best deal. Also when the deal runs out the 0% can I transfer it to new credit card ?at 0%?
Any help appreciated and is there any other options?
Thank you

Steven_Elliott

You can do on some of the money transfer cards for about 3/4% fee pay the min balance per month and try and clear your debt quicker , how is your credit rating at the moment ?

CLAPTON

how much in interest or fees are they charging on the OD?

Money_advisor

Overdraft is about £60 per month interest, and my credit rating is excellent!

grumbler

• Super transfers

Also you can combine it with some CC offering 0% on Purchases to increase the amount you repay every month.

If you don't clear the balance(s) when 0% expires you can transfer to some card(s) that offer(s) either 0% Balance Transfer or Life of Balance low interest rate.

CLAPTON

in principle yes, you can get a 0% card that allows you to BT to your current a/c.
the MBNA stable often give reasonably high credit limits

whether you are eligible depends upon your financial circumstances like income, credit files etc.

also there is always the risk that when the deal runs out you won't be able to get another deal and you will be left with a very high APR


how much can you afford to repay each month?

Money_advisor

Can afford about £100 per month as that what I'm paying to my debts at minute

gezza2k

http://www.mbna.co.uk/credit-cards/mbna-everyday-credit-card/
18 month 0% money transfer 4% fee
http://www.mbna.co.uk/credit-cards/mbna-credit-card/
24 month 0% money transfer 4% fee

apply for both

edit: I don't know if you can pay off an overdraft via a credit card but if you could this card might be best if you can get a limit big enough. http://www.mbna.co.uk/credit-cards/mbna-rate-for-life-purchase-credit-card/
as its 6.9% for life on purchases

YorkshireBoy

gezza2k wrote: »

http://www.mbna.co.uk/credit-cards/mbna-everyday-credit-card/
18 month 0% money transfer 4% fee
http://www.mbna.co.uk/credit-cards/mbna-credit-card/
24 month 0% money transfer 4% fee

26 months for the same 4% fee here...

http://uk.virginmoney.com/virgin/credit-cards-v3/

apply for both

Second will almost certainly be declined (if done quickly), or have a very low credit limit assigned.

edit: I don't know if you can pay off an overdraft via a credit card but if you could this card might be best if you can get a limit big enough. http://www.mbna.co.uk/credit-cards/mbna-rate-for-life-purchase-credit-card/
as its 6.9% for life on purchases

Won't work I'm afraid.

gezza2k

another option is see if the bank will give you a loan at a decent rate. But would probably cost more then using a credit card.

Money_advisor

I have already got mbna and I have available £4050 so I've asked for increase in credit limit to cover the whole £4250 it's gonna cost me £170 in fees to do the transfer but that will give me till feb 2015 to reduce the balance then I'm planning to transfer the balance. I'm paying £60 on overdraft anyway per month just interest so I'm thinking at least the balance will be reducing if I switch the funds to my credit card.