Trying to pay off student overdraft

Ck27

Hi,

I'm not sure if this is in the right place, I just need some advice as I've tried reading the information on here but I'm more confused now!

I had a student overdraft when I was at uni. I graduated 4 years ago but I still have a £1800 Natwest overdraft. As I'm no longer a student I now pay fees. A LOT of fees.

Each month I only manage to pay off £50 however I then pay £30 in charges. As you can imagine, I'm getting nowhere fast!

What is the best way to manage it?! Is there a good bank that I can transfer my overdraft with a low interest rate too so that I can start chipping away at the amount.

Just need some advice.

Thank you in advance!

[Deleted User]

Most banks charge high fees for o/drafts, you could try for a money transfer credit card, that would allow you to transfer cash from card to bank hopefully with a low or zero interest rate for a few months

bobcat2

Alternatively depending on your circumstances you could look at getting a credit card that has a long 0% rate on purchases. Use the credit card for your normal day to day spending and use the money to you would have spent to clear the overdraft.
Once the overdraft is cleared stop using the credit card and start repaying it. Make sure you have sufficient interest free period to be able to clear the balance on the card before the interest free period runs out. This would avoid a balance transfer fee that you would most likely have with a card that allows you to a transfer to bank. You need to be sure that you will not end up running up the overdraft again and end up owing the credit card and the overdraft though so you need to make sure you have plenty of self control and budget effectively to avoid getting into more debt.

EssexHebridean

Get yourself a Statement of Affairs (SOA) in place ASAP, to - you'll find the link in the "Sticky" post at the top of this board. It means you get all your income and expenditure in one place - the first thing it will tell you is what surplus you "should" have at the end of the month. If you don't have that amount, then a spending diary is the next step - note down everything you spend, and you know where it's going. That enables you to see how much extra you can put to paying this off. If you post the SOA in here then we can also offer suggestions on anywhere else that you might make savings.