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Advice on overdraft & credit limit PLS???
HI.
Me and my wife are trying for a baby via the IVF route and the clinic wanted at least £5000 in one go for the start of the treatment.
My plans is to use £2500 of my own money and my wife will use £2500 of her own money for the IVF.
My situation is my current account's overdraft limit is £3000 and i have to pay 50p per day i'm overdrawn. My credit card limit is £3000 and is set at 9.9% interest APR i think.
Now, based on that circumstances which works out as cheaper or more practical to use?
Need advice quickly as we will be going to the clinic in the next 3 hours/ this afternoon.
ANY ADVICE WILL BE HELPFUL.
THANK YOU..
Me and my wife are trying for a baby via the IVF route and the clinic wanted at least £5000 in one go for the start of the treatment.
My plans is to use £2500 of my own money and my wife will use £2500 of her own money for the IVF.
My situation is my current account's overdraft limit is £3000 and i have to pay 50p per day i'm overdrawn. My credit card limit is £3000 and is set at 9.9% interest APR i think.
Now, based on that circumstances which works out as cheaper or more practical to use?
Need advice quickly as we will be going to the clinic in the next 3 hours/ this afternoon.
ANY ADVICE WILL BE HELPFUL.
THANK YOU..
0
Comments
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Well it is going to depend on how long its going to take you to repay the loan/overdraft. If you were to do it in a year then the loan would cost you £163.30 and the overdraft would be £182.5.
Do remember though that an overdraft can be withdrawn at any time by the bank so you would have to repay the amount in full.0 -
What about paying for it on the card and sorting out a 0% balance transfer card later (assuming you are accepted for one).0
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I'm trying to avoid getting a loan from my bank as 1. I have been declined before (because i have been paying my money monthly and regularly) 2. I will end up paying more because of the interest.
In the end i had to use my debit card but i feel i have done the wrong thing because of the 50p "charge" everyday i am overdrawn.0 -
You obviously can't afford IVF, which is prohibitively expensive, and should put your plans on hold while you sort your finances out.0
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I'm trying to avoid getting a loan from my bank as 1. I have been declined before (because i have been paying my money monthly and regularly) 2. I will end up paying more because of the interest.
In the end i had to use my debit card but i feel i have done the wrong thing because of the 50p "charge" everyday i am overdrawn.
If you can get a 0% balance transfer card then some of them allow you to transfer an overdraft balance to them.0 -
Sorry Pixie but can you explain in plain english. sorry.
As far as i know i don not have a 0% balance transfer card.0
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