Need help fast please guys!

llcooljayne1

Hi,

Would really love some help with a bit of a boo boo I have got myself into. I currently have £4400 on my barclaycard and also am totally in my £1200 overdraft with Barclays also. I pay a load of interest every month so decided to get a 0% balance transfer credit card to pay these off quicker. The only one that would offer me one was tesco at 0% on balance transfers for 30 months with a £6500 credit limit. The card hasn't come yet but what I'd like to know is how to pay the overdraft off using the card as I don't think they do money transfers??? Should I just withdraw the cash from my current credit card and put in my current account to pay the overdraft off and then do the full balance transfer to tesco? I want to find a way to do it that benefits me the most as this debt is causing me to loose sleep now

I hope that all makes sense

SeduLOUs

To clear the overdraft you could do with a 0% purchases card and do your normal spending on that instead of with your debit card which will have the effect of transferring it to the new card.

0% balance transfer card won't work as it's not technically a transfer, but it depends what the purchases interest rate is on the BT card as to whether is will be worthwhile shifting or cheaper to leave in overdraft if you can't get a 0% purchases card.

grumbler

auntloo wrote: »

Should I just withdraw the cash from my current credit card and put in my current account to pay the overdraft off and then do the full balance transfer to tesco?

Yes, but this will cost you extra ~3%.

luckystars_26

We have debt just under 3000 and doing our best to make min payment each month but have one wage coming in as my partner is not working,doesn't seem to be changing anytime soon,u seem to pay more interest than debt as usual,any ideas on the best transfers as I don't know how long it will be till he finds work so can't limit the time period to pay it off??help??

Tixy

luckystars_26 wrote: »

We have debt just under 3000 and doing our best to make min payment each month but have one wage coming in as my partner is not working,doesn't seem to be changing anytime soon,u seem to pay more interest than debt as usual,any ideas on the best transfers as I don't know how long it will be till he finds work so can't limit the time period to pay it off??help??

You could look at this link for a list of the best buys and also the eligibility checker to see if you would likely be accepted for any of those cards http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#eligibility

That said if there are months where you haven't been able to make the minimum payments recently then its probably unlikely you will get accepted for a new 0% card.

llcooljayne1

Thank you I called tesco and they have said they can do a money transfer but the interest rate is very high so they don't recommend it. I would use the credit card to do my usual spending ie shopping, petrol etc but problem is most of what comes out are direct debits so can't do that

Looks like I will just have to withdraw £1200 cash from my barclaycard to put in my main account to clear the overdraft then do the balance transfer.

So wish I hadn't been so stupid with money then wouldn't be in this mess.