Which CC to pay off Overdraft Please? Please Help!

AngelEyes81

Trying to find a 0% credit card at the moment as per my other thread, found that some won't do a balance transfer to debit card.

OD is maxed at £1,500 and want to put £1,000 of overdue rent on the CC as well. Would this be possible without paying huge interest? On the Virgin one was trying to do it said that purchases are interest free for 3 months, does this affect the overdraft 0% over 3 years or so?

This is the one that he is maybe wanting to go with:
http://uk.virginmoney.com/virgin/credit-cards/pre-apply/?agg=MSE&source=MSM-MTC-00001-00802&product=mt-card-02

Money transfers
0% for 32 months then 20.9% p.a. (variable)

Purchases
0% for 3 months then 18.9% p.a. (variable)

Any good for paying off overdraft and putting £1,000 rent onto the card as well?



Also, on the second page of the above it states this


Choose which features you would like to use

If you are making a money or balance transfer please read the important information by selecting each of the 'information' icons

Make monthly payments by Direct Debit? y or n ?
Transfer money to your bank account? y or n ?
Make a balance transfer? y or n ?


which needs to be clicked from the above? Transfer money to your bank or make a balance transfer? for the overdraft to be put onto the CC? Also is the make monthly DD meaning to pay the credit card off? And should that be set up?


On the checker thing on here it states that Virgin is a 70% chance of being accepted, should I try for this one and can you do a balance transfer with this or NBMA?

I don't really understand any of it so just trying to get to grips with it but want to apply tomorrow.

Really feeling sick about this and the rent is now not being paid as well because of it, so really need to sort it asap if someone is nice enough to try and help my understand what is being done above. Thank you.

AngelEyes81

Any help with the above today would be really really appreciated. I haven't even been to sleep for worrying over it all.

[Deleted User]

To pay an overdraft you'll need a money transfer option to put money into your account. And unless you can pay your rent with a credit card, you'll need to do the same there.

A DD is a way of making payments to your card. It's the safest way if you're prone to forgetting to pay.

AngelEyes81

Thank you for your reply.

So the Virgin card above, would that be able to be used to pay off the overdraft and have the rent put onto it as well? So the overdraft would be £1,500 and the rent about £1,050.

Also when this section comes up on the form:
Make monthly payments by Direct Debit? y or n ?
Transfer money to your bank account? y or n ?
Make a balance transfer? y or n ?

What do you click yes or no to?



I'm going to have to try and get a few hours sleep can't see straight let alone think.

Thank you for any further replies in advance.

Dobbibill

AngelEyes81 wrote: »

So the Virgin card above, would that be able to be used to pay off the overdraft and have the rent put onto it as well? So the overdraft would be £1,500 and the rent about £1,050.

Also when this section comes up on the form:
Make monthly payments by Direct Debit? y or n ? Y
Transfer money to your bank account? y or n ? Y
Make a balance transfer? y or n ? N

What do you click yes or no to? see my answers above in Red.



I'm going to have to try and get a few hours sleep can't see straight let alone think.

Thank you for any further replies in advance.

In theory this will work, please remember to factor in the transfer fee. If you are borrowing £2550 then the fee will add approx a further £43 odd so you would owe just short of £2600. To clear it before the 32 months is up, you would need to pay just over £81 a month, this is assuming they give you the full 32 month offer, which is never guaranteed.

Before you do this you need to consider why you are in your OD and why you have rent arrears in excess of £1000.

Where is the £81 a month going to come from?
If you had this previously where was it going?

If you don't understand how you got here then the chances are it will happen again. Close down your OD once it paid and make sure you have a workable budget that you can stick to.

AngelEyes81

Thank you so much for your reply. I think that I've got my head around it a little more now, just feel sick with it all. Don't know what will happen if the CC is turned down later on when he does it.

So he wouldn't just ask for the £1,500 on the card for the OD he's ask for £2,550 and then pay the rent from his bank and not put it on the card after the OD has been sorted?

The problems are all because he had a serious injury last year which needed surgery and resulted in 7 months off work, which accounted for the financial situation now and the OD. One of the missed rent payments is apparently from last year which we didn't even know about, and the other is this months. He's been back at work full time now though for a bit and wants to get right.

Made a budget last night. So the budget was just with his pay and if he kept the car and not factoring in the CC repayment he'd had about £200 for the month after everything, so he's thinking the car needs to go. Just had a letter from EON today as well that that bill has gone up from £88 to £113 from next month as well.

He's thinking of getting rid of the car as well as that's on HP so that would free up money each month. And we'd hope to pay back more than the minimum per month as just want it all sorted.

AngelEyes81

Also. If the card above is rejected, what happens then, do we just move onto the next one on the list and apply for that and so on?

I know each time you apply it goes against you a bit, but this is the only way I can see out of this right now, we don't have time to do anything else.

sourcrates

AngelEyes81 wrote: »

Also. If the card above is rejected, what happens then, do we just move onto the next one on the list and apply for that and so on?

I know each time you apply it goes against you a bit, but this is the only way I can see out of this right now, we don't have time to do anything else.

Hi,

I would stop trying to borrow your way out of debt, pay your rent first before your unsecured credit, if the money won't stretch, don't pay it, seek sone debt management help instead, I would do it now before you increase your debt anymore to be honest.

Your post seems very desperate, I don't think you should borrow any more, draw a line and say enoughs enough !!

AngelEyes81

sourcrates wrote: »

Hi,

I would stop trying to borrow your way out of debt, pay your rent first before your unsecured credit, if the money won't stretch, don't pay it, seek sone debt management help instead, I would do it now before you increase your debt anymore to be honest.

Your post seems very desperate, I don't think you should borrow any more, draw a line and say enoughs enough !!

This is the only way out that we see. What is wrong with using a 0% CC to pay off the overdraft and the two months missed rent and then being right with the bank and then easily being able to pay off the CC payments?

Money_maker

Because if it was so easy to pay off then you wouldn't be in that position in the first place. Bit like debt consolidation where it looks so 'easy' to change all those payments to one simple 'low' payment each month. What invariably happens is fresh debt is run up on the released cards/accounts and you're back at square one again. The only way to solve this is increase your incomings and reduce your outgoings. Have you thought about doing a SOA at all?

AngelEyes81

Thank you. So if the repayments can and will be made, which they will be even if I've got to pay them myself, the CC isn't a bad idea then?

Getting the money put into the bank off the credit card will take care of the two pressing issues right now, the OD and the rent won't it, then spending has been cut already, the car is looking like it's going to go so that will free up at least £160 a month, easily enough to pay the CC payments off each month and I'm currently applying to jobs as well as I just want it all over with.

And as stated this is only happening because he had an injury and had 7 months off work, then got behind with everything.