Consolidate loan and overdraft?

lbneedsadvice

Hi all

Can anyone help on this?

I've got a loan (originally £5k but now down to £3k) and an overdraft (£1k which is nearly at it's limit). Is it possible to consolidate these onto a credit card as I can't stand being in the red in my current account?

Any help would be appreciated.

Thanks
L

grumbler

If it's just the overdraft that your "can't stand", why do you want to "consolidate" it together with the loan - and on a CC?

Consolidation makes sense only if your debt gets cheaper as a result.

If you mean a 0% credit card, see Money Transfers.
However, IMO it's very challenging to get £6.5K credit limit on a 0% card (in addition to the existing available credit), especially if you live in your overdraft, i.e. seem not earn a lot.

And get more rational rather than emotional. There is no anything wrong with "being in the red in ... current account" if this costs you nothing or very little. Some banks offer free overdrafts, e.g. FD and Nationwide (for the first year).