Barclays resolve loan for overdraft

fusionx212

Hi All, I have an overdraft of £3500. I have been getting crippled quite heavily by it to be honest. I took it during a time when I was low on money and was fairly happy with it before barclays introduced the daily fee's paying about 120 a month.
i phoned barclays up and spoke to them about trying to clear the balance, they ran through an expenditure form with me and we agreed £70 a month reduction for 3 months and it would turn into a resolve loan. continuing the £70 a month. I work that out at about 70 quid for 5 years comes to about £4536 including the 8%

the discussion I had was 8% interest on the loan. does any one have experience with these and does it impact your credit score in any way? is it worth me waiting it out taking the hit of the overdraft then seeing about a loan.

I do have a loan with another company £5000 for 3 years Yes i had to pay a bit more for it due to bad credit report. but it's alot less than i was paying in toxic debt. but they were pretty good and sat with me went through my credit report and expenditure and was willing to consider increasing my current loan in about 6-9 months to cover my overdraft but they wanted to see my finances be stable etc.

and overdrafts arent as bad as pdls and credit cards, which is definitely correct.
So I cleared them all off. bar my overdraft which off my own back I spoke to Barclay's who offered me the resolve loan and it definitely puts me in a better financial position straight away.

so again just any general advice if possible does anyone know if you can pay the balance off early for the loan from barclays and can I overpay..

Super_Whiskey

A quick Google search and based on what you've said here, it seems like some sort of financial difficulties loan aimed at business customers so it will probably affect your credit rating if you can't make the repayments.

In terms of paying it back early, if you've got the ability to then there's no reason why not as you'll save on the interest. There might be an early repayment charge. I'm sure you'll be able to over pay as well.

fusionx212

thanks Super whiskey, Has anyone got any experience with these at all? I just want to know will it be set-up like a loan which will have a credit agreement etc. I don't want to rush off and be locked into paying 70 quid for 5 odd years.
I know I won't really find out until I speak to barclays but some people must have had these recently can only see info relating to around 2009-2012 for them online.