what should my next move be?

whereisjames

Ok so heres my current financila situation, and ideas on what my next move should be?

Natwest Master Card (Platinum Card)
Available = £2700
Banance = 0.00
* this is a long over used platinum card 15.9% (i have recently cleared the balance)

Natwest Current Account (Overdraft)
Available £3300
Balance = - £1000
* overdraft limit £4300

Halifax Master Card (0% 28 Months Remaing)
Available = £170
Balance = -£1339.00
* credit limit £1500

Sainsburys Master Card (0% 5 Months Remaing)
Available = £15
Balance = -£1985.77
* credit limit £2000

M & S Master card (0% 18 Months remaing)
Available = £2700
Balance = -£1785.32
* credit limit £4500

Paypal Credit (0% 3 Months remaining)
Available = £406
Balance = -£699.94
* credit limit £1100

Total debt = -£6810.03

Any advice or recomendations apreciated, currently im paying NO FEES on any of the credit cards

I am however paying fees on the natwest overdraft and paypal balances, the paypal balance of 699 needs to be payed in 3 months time as the 0% period is ending. Also the sainsburys master card 0% period ends december this year.

[Deleted User]

You pay as much as you can to the highest rate debt and work your way down. Then focus on the 0% that expires first.

Obviously if you can get another BT offer, you could move some of the short expiry debt, which could help.

whereisjames

thanks for the quick reply, that was my thoughts exactly

my question is how to clear the overdraft on natwest current,

lee111s

How to clear it? Spend less than you earn per month will bring it down. Pay just over the minimum on the other accounts until the O/D is clear

whereisjames

in this moment im spending no money, theres no money going out and a small pocket money income from ebay.

is it possible to transfer from a credit card to current account? and would this be best done from the natwest platinum card attached to the current account.

For example cash transfer from natwest platinum to current account

- clearing the overdraft

then take new barclays 36month 0% card £3000

- balance transfer to natwest platinum (cleared) £1000
- balance transfer to sainsburys (cleared) £2000

whereisjames

I understand it will cost me a few quid in fees but in the long run, itll help

that way my debts will be:

-Barclaycard platinum (0% 36 months remaining)
Available = £0.00
Balance = -£3000
* credit limit = £3000

M & S Master card (0% 18 Months remaing)
Available = £2700
Balance = -£1785.32
* credit limit £4500

Halifax Master Card (0% 28 Months Remaing)
Available = £170
Balance = -£1339.00
* credit limit £1500

* The paypal balance i can pay back slowly over the next 3 months with funds from ebay sales
-

whereisjames

bump, any advise?

SuperHan

You would need to a card that offers a Money Transfer at 0% to pay off the overdraft. MBNA and Virgin offer them the most I think, but you may struggle to get one with your current debt levels and no income.

Otherwise, you will pay the fees and interest on the balance transferred to your overdraft from the day you transfer it, and likely at a higher rate than you would pay for purchases on.

whereisjames

ok, so maybe the post office card that is offering free money transfers would do the job?

eskbanker

whereisjames wrote: »

ok, so maybe the post office card that is offering free money transfers would do the job?

Which one is that? Their website only shows two cards offering balance transfers rather than money transfers, and the MSE article on money transfers doesn't mention them either....

whereisjames

i saw the post office thing on another money website

post office card is advertised as a "super balance trasfer card"

• 0% on money transfers for 18 months with a 2.98% fee
• 0% on balance transfers for 18 months with a 0% balance transfer fee
• 0% on purchases for 3 months
• No cash fee when you purchase Post Office Travel Money
• Representative 17.8 APR variable
• Representative Example: Purchase rate 17.8% p.a. (variable). This is equivalent to 17.8% APR representative (variable) based on an assumed credit limit of £1,200

or am i missing something?


ive been researching as much as i can,