Consolidation of credit card, loan & overdraft

strawjazz

Hi
I have a:-
1) Halifax `Mastercard` credit card (12.9% APR) with £1000 outstanding (but with a max permissable credit limit of up to £5800).
2) Halifax loan of £1000 (duration of term 12 months, with £95 monthly repayments).
3) Halifax Ultimate Reward current account with an outstanding overdraft of around £1000 (max permissable limit of £1500). Fees being £15 per month for the o/d facility, and £1 per day for exceeding £300 borrowing (therefore total monthly fees of around £15 + (30 days x £1) = £45.

Total monthly charges for all the above therefore come to around:
£20 (minimum Mastercard payment) + £95 (loan repayment) + £45 (current account overdraft charges). TOTAL CHARGES: £160.

Can anyone give me advice on how to consolidate these so I don`t have to pay so much in charges each month?

Would it be better to pay off the loan and the overdraft with the existing credit card, and therefore have outstanding debt on the card of about £3000?

Could I then do a balance transfer to a 0% credit card provider?

Looking forward to your advice.

Thanks.

eskbanker

You won't be able to use the card to pay off the overdraft and loan directly unless you use the card to withdraw cash, but that'll be expensive. You could sign up for a money transfer card, subject to credit approval of course, which would allow you to consolidate everything onto a new card, again at a cost (4% fee).

However, in the short term, do you have the option of paying off your overdraft with your monthly income and then putting all your monthly spend onto the card, i.e. indirectly moving debt from overdraft to card?

parksajj

My reccomendation, consolidate onto the MBNA Platinum credit card.

0% for 29 months

Eg.

Balance transfer the £1k on your Mastercard
Money Transfer £2k to your bank account and then pay the loan off in full and the overdraft.

Total £3110 (inc fees)
Pay it at £160 per month and in 20 months you'll be debt free!

THEN

Either never use your overdraft again or switch to a bank that doesn't charge a fee as it's quite the scam halifax has going there!

Barclays don't charge a fee, just 19.something% annually. thats less than £45 a month.