Money problems - HELP please - what can I do?

enthusiasticsaver

Jay442 wrote: »

Can you explain what you mean?.. when you say 'Balance transfer cards are no good as the debt is on an overdraft not a credit card' - is a balance transfer card a credit card?.. what card should I be after?.. I imagine i need a money transfer card like the 3 possible ones I'm entitled to a few posts up, then transfer the whole £1800 across to them, split the payment of them into how ever months interest free I have to make sure it's cleared by the time the 0% interest is over... am I right to be thinking that way?... I'm afraid to commit to any other card without knowing there's no horrible small print

Yes that is correct. If the MBNA will let you put £1800 in to your bank account at 0% then you pay it off over the 24 or 36 month period at 0% and make sure you clear it within that period by so much per month. You want a money transfer card not a balance transfer. You then don't use an overdraft after that. There is a fee though so do not forget about that. It is a one off so make sure this is less than the interest you are paying on your current overdraft.

LannieDuck

jay442 wrote: »

i'm doing a spending diary to really see where the money goes and going over my last 3 months bank transactions to have a better picture of things.

Good job :T

Jay442

enthusiasticsaver wrote: »

Yes that is correct. If the MBNA will let you put £1800 in to your bank account at 0% then you pay it off over the 24 or 36 month period at 0% and make sure you clear it within that period by so much per month. You want a money transfer card not a balance transfer. You then don't use an overdraft after that. There is a fee though so do not forget about that. It is a one off so make sure this is less than the interest you are paying on your current overdraft.

I'm trying to apply for the MBNA card now and to move my £1800 overdraft over to it, you say I need a money transfer card and not a balance transfer - I've been asked which one I want and given this information about them:

'With a Balance Transfer, you can move an outstanding balance from another credit or store card to your new credit card account, often in order to benefit from a lower or promotional interest rate.

With a money transfer, you can move funds from your new credit card account to your bank or building society account, giving you access to cash when you need a little more flexibility.'

Is it certainly the latter one I want?.. the money transfer?... only the first one talks about taking advantage of the promotional interest rate which is what I want to do

Farel01

Yes it is.

1. the balance transfer WILL NOT allow you to transfer money to your overdraft as it's not a credit card. the overdraft is seen as a bank account

2. You are still benefiting from a 0% deal so promotional rate. They just advertise with what most people use the money transfer card for.