Overdraft or Credit Card

charliemouse

Hi

thought i would start a new thread as need some more advice on sorting my debts.

Posted a thread a week or so ago about sorting out my debits & posted my outgoings etc.

one question though i am still pondering over...is our overdraft.

we have an overdraft of £6200 at the moment and the overdraft limit is £5000. so for every £5 we go over we are being charged £30 by barclays (total of 3 charges per month).

Would i be better moving this overdraft onto one of the other credit cards and then reducing the overdraft limit down so we can't use it!... or should we just leave this debt where it is?

Overdraft £6200 Limit £5000 Monthly rate 2.05% (APR 24.6%)
EGG Balance £7065 Limit £7500 APR 0% until july 08
EGG Balance £6563.72 Limit £7500 APR 18%
MBNA Balance £850.00 Limit £7000 APR 19%
Virgin Balance £ 627.16 Limit £5000 APR 17% + new Offer on of 0% on balance transfers until july 08


Can any one advise please?

toontastic

By the looks of things your CC would be less interest and no charges so that would be my advise. To stop any further problems, cut the OD (don't get rid of totally it's a decent backup) and cut up all your CCs.

Idiophreak

...and get the MCNA/most of the egg onto the virgin CC too....

charliemouse

Idiophreak wrote: »

...and get the MCNA/most of the egg onto the virgin CC too....

thanks for your help.

Unfortunatly I cannot transfer the MBNA onto the virgin CC as it is also by MBNA....checked the small print & you can't transfer from other cards with MBNA.

Have found this problem with most of the 0% cards that are around...when you look at the small print they are actually by MBNA... they seem to own everything!

betti911

Thats right as I had to shut my MBNA card to open a Virgin card.

trying-very-trying

Hi, cm. How about transferring a lot of egg onto virgin, then transfer mbna onto egg. Sorry don't know what the transfer charges would be

charliemouse

trying-very-trying wrote: »

Hi, cm. How about transferring a lot of egg onto virgin, then transfer mbna onto egg. Sorry don't know what the transfer charges would be

Trouble is they both charge a handling fee of 3% so to do two lots of transfers would incure alot of extra money which i am desperatly try to avoid.


Just not sure if its just better to leave the overdraft where it is

findingmyownway

why not transfer the barclays overdraft to the virgin CC?

charliemouse

findingmyownway wrote: »

why not transfer the barclays overdraft to the virgin CC?

Do you think this would be the best thing todo?