Clearing overdraft advice wanted

Cliff363

Can anybody offer some advice please.
My partner has a Barclays current account which is overdrawn and is paying about £50 a month in charges. He wants to clear this obviously. Barclays will only offer him a loan which he doesn't want.
He is looking at credit card balance transfers but a lot say they won't do it from a credit card to a current account. He has never had a credit card before.
Is there another way?
Thank you.

MallyGirl

you would need a card that does Money Transfers - MBNA and Virgin do them plus others - rather than a balance transfer card. With being in OD and no history of good credit management he may struggle to get a good deal or to even get one at all.

DD265

If he has a "spare" £100 a month, could he ask the bank to reduce the overdraft by £100 a month (or whatever he can reduce it down by)? That way he's not taking out new debt to pay the old.

If he'd prefer to try and find an interest free money transfer card, there are eligibilty calculators here: https://creditcards.moneysavingexpert.com/?money-transfers&_ga=1.168984679.710725221.1465563457

louby40

I had an overdraft for a long time. It was only £600 or so but it used to annoy me so much as I could never seem to get rid of it and never get straight.

Barclaycard we're offering 0% balance transfers so I decided to make use of it and shifted my overdraft to it.

BUT alongside that I decided to take a MAJOR look at my finances and budgeting. I switched bank accounts to one that was offering £100 switch incentive (which went to my od) and began using YNAB to budget.

I've paid a good chunk off the cc balance now and haven't gone overdrawn since June. The current account has the facility of the first £250 overdrawn amount being fee free. But I haven't dipped into it yet.

And don't ever intend to!

sourcrates

Hi,


If a balance transfer card is out of the question, then the other option is to write to the bank, explaining you are having trouble clearing the OD, ask them to stop interest and charges, and offer them a monthly amount to clear the debt, which is affordable.


Tell them you are in financial hardship, they are obliged to do something about it, also mention you have taken advice from a debt forum.