Question about transferring overdraft

Borntoholiday

Hi I am looking at the virgin card to transfer my overdraft to but my husband also has an overdraft i would like to transfer too. Anyone know if this is possible? Thanks

Ebe_Scrooge

You can't "transfer an overdraft" as such using a standard Balance Transfer card. What you need is a Money Transfer card, which puts money into your bank account and puts a corresponding debit onto the card ( usually plus a fee ). You can then use the money for any purpose, so if you are offered a high enough balance, then you can use the money to pay off both overdrafts.

Borntoholiday

Thanks. That's the card I'm looking at. Charges 1.69% fee to do transfer into bank account to clear overdraft. Only small o/d so hopefully credit limit will be enough. Many thanks

Dobbibill

Hopefully you will get a limit that will cover both overdrafts. Then get the total amount needed paid into your account and you transfer the money over to your OH to cover his OD.

My suggestion would be to also remove the ODs as soon as they are paid or you will be back a few months down the line with double the debt, looking for a bigger credit limit.

Borntoholiday

Totally agree Dobbibill! We don't have any other debt and it is frustrating me to see two lots of interest bring paid to these OD. Thank you both for your help.

jonesMUFCforever

How much is a small overdraft?

Why cannot it be paid off using normal salary - you put normal shopping on a purchase free card thus saving any money transfer fees?