Overdraft

brunnle1

At the moment split over two current accounts I am about £2750 overdrawn

I would like to remove my overdraft and pay for it some other way.

I am considering a loan of £3000 to pay of over 2 years. Is there a better way to manage this debt other than a loan. Can I transfer the overdrafts into an Credit Card perhaps.

When it comes to managing my money. I manage, but do know that with a bit more understanding I could probably be saving money!!

I hope one of you 250,000 or so moneysavingexperts can help me!!

cifpower

With Egg and MBNA you can pay off an overdraft. They transfer funds from the credit card to the current account so your card is in debt but your account is not. However, there is a balance transfer charge for this.

grumbler

Start with reading 'Best Balance Transfers' article.
0% periods do not last long. You need 2 years - be prepared to switch to other card(s) every 6/9/12 months. This is not easy without good credit history and good income. Cards with low rate could be more suitable for you, but they do not allow for paying overdraft without charges. If you are lucky to get Egg or Virgin card that you can use to pay overdraft at start you can later try to transfer balance to a card with low ‘Life-of-balance’ rate.