How To Get Rid of £1,500 Overdraft

fusionx212

AngelEyes81 wrote: »

My ex had a period of eight months off work last year due to operation and recovery. This led to financial trouble. Now still at in debt with the overdraft of £1,500.

What is the best thing to do?

I've heard you can either:

Get bank to agree to reducing overdraft payments per month.
Get a 0% credit card and pay it all off.
Get a interest free personal loan to pay it all off.

So you're not having the fees the bank charge per month as well.

Just not sure what's the best to do and how you go about it?

Hello angeleyes, I managed to get barclays to turn it into a resolve loan at 8% interest. to pay off at £70 a month on £3500.

You'll need to do an expenditure breakdown with them. it's worth asking your bank collections team.

They have to be seen to be offering you the ability to resolve the debt.

AngelEyes81

weebit wrote: »

Therefore it sounds like your best option is a 0% credit card. A balance transfer won't work though,, you'd need a "money transfer" which pays money into your bank account rather than from another credit card. MBNA and offers these, plus others.

Could anyone explain if a balance transfer which we've been reading on all the 0% credit cards is the same as a money transfer?

I think that he's decided on going for the 0% credit card, wants all the £1,500 OD on that and he wants to put £1,000 overdue rent on the card as well.

He's been reading on all the ones that you can get, why are Virgin and MBNA better for this? Or are they, one from Barclycard came up top of the list of most likely to get on the checker thing.

Thanks for reading.

AngelEyes81

I think he's on the verge of going with the barclycard one now.

On here it says when you apply for a card it will include do you want to transfer debts from other cards section and you just put in the details of the other card and then that one will pay the OD off.

Is this right please?

AngelEyes81

Just tried the Barclay card one and it can't be done with a debit card.

Can you do it with a Virgin or MBNA credit card?
The checker thing says that there's only a 70% chance of being accepted for the Virgin one though.

Not sure what to do now but still want to go down this route?

AngelEyes81

I started another thread specifically about CC for this reason.

https://forums.moneysavingexpert.com/discussion/comment/70677927#Comment_70677927

Thanks for any help given, desperately need it