Can I balance transfer my overdraft?

daysleeper23

Hi,
My husband spent most of 2006 out of work after being made reduntant (and is still pursuing money that is due to him for unfair dismissal). We'd built up some debt from our wedding the year before, and from him investing in a management buyout, but I've got these under control with balance transferring credit cards and finding low loan rates.
The problem we don't seem to be getting anywhere with is his overdraft. It's between £4,000 and £7,000 depending on the time of month, and is costing £90+ interest each month. Our mortage has gone up £135/month since January (yes, we're moving it), and this means that basically by the time we've paid all the bills (which I've cut right back) and paid his ex-wife, there is nothing to actually pay off any of the overdraft.
So my question is, can I balance transfer the overdraft to a 0% card? And who with?
Thanks guys,
Debby

Bokkens

Firstly is the overdraft limit authorised ? As the charges seem high.
Okay so you wanna move the overdraft but I would still keep the facility as it can be very useful tool along with a MULE card for shifting debt or saving around between accounts.
You will need a credit card from MBNA(Virgin,Alliance and Leicester)MINT or Lloyds.
All of these allow Balance Transfers to your bank account either via the phone or they issue you cheques which you then write to yourself the money appears i the bank account wiping out the overdraft and the debt is then transfered to your credit card.
MBNA give reasonable first time limits so if you go for one of these cards you may get all of the debt moved in one go.
Watch out for Balance Transfer fees they should be about 3% of the balance moved.

daysleeper23

Yes, it's authorised with a limit of £12,000! Unfortunately it's with NatWest, so their rates aren't the best. That was my husband's security blanket when he was out of work. If I can shift this overdraft I may be able to persuade him to move the account.
I'll have a look at those providers, thanks very much for the advice.
Debby

Bokkens

You don't have to stick with one bank account you can have several and use them as tools as we do with credit cards.
Cheer yourself up and go and open a Alliance and Leicester bank account as they are paying £50 for joining!If you and your OH do a account each you'll be a £100 better of than you were this morning.
What are you gonna spend your £100 on??(sorry you should really save it)
You could try a (LOB) life of balance card and pay the debt off over several years at a lower interest rate of say 6%.

daysleeper23

Just been approved for a Mint card, although only for £3000. Still, it's a start, will make a big difference to the interest on the overdraft.
Will have a look at the A&L thing too. Brain's had enough for one day though.
Thanks again,
Debby

choidivision

is the mint card 0% interest for you the balance transfer? i rang them to ask about this and they said it wouldn't be

Grade_A_Reject

Bokkens wrote: »

Cheer yourself up and go and open a Alliance and Leicester bank account as they are paying £50 for joining!

A&L also match your current overdraft limit (I'm not sure whether their is a ceiling on this but they matched my £3000 that I had with the Halifax).

The Premier Direct account also gives 12 months 0% interest on the first £2500 of this with the remainder only being charged at 5.9%. From my experience I haven't been charged any interest on overdrawn balances over the £2500 but still within my limit.

choidivision

Grade_A_Reject wrote: »

A&L also match your current overdraft limit (I'm not sure whether their is a ceiling on this but they matched my £3000 that I had with the Halifax).

The Premier Direct account also gives 12 months 0% interest on the first £2500 of this with the remainder only being charged at 5.9%. From my experience I haven't been charged any interest on overdrawn balances over the £2500 but still within my limit.

did you apply for this online?

Grade_A_Reject

choidivision wrote: »

did you apply for this online?

I applied for the account online via either Quidco or Greasy Palm , I can't remember which. If you get someone who is already an account holder to refer you both of you get a £50 payment if you use their switching service and pay a minimum of £500 a month into the account.

The bit about the overdraft matching is in their FAQ

http://www.alliance-leicester.co.uk/faqs/index.asp?page=currentaccounts

choidivision

thanks for this (i've thanked you!)
i love this forum
i'm switching from barclays to A and L as my interest free overdraft runs out in august. i'm hoping a and al will match my current overdraft of £1600 but am a bit concerned as i onely take home around a £1000 a month.

CopperPlate_2

Doubt it. :spam: reported, please don't post after this