Advice for partner

rayquaza94

Hello I am posting here looking for some advice I could then pass onto my partner. He currently has around £1000 worth of CC debt and is around £1000 into his overdraft. (Rough figures, but nothing more than that amount). He has been this way for a while so I think his credit score will be low, but I am going to show him the Experian website so he can find that out.

I am basically wondering what would be the best way for him to tackle this so he can start paying it off? I was looking into a 0% balance transfer credit card but that doesn't sort out the overdraft, so is there a way that covers them all?

I have never had experience in anything like this before, so I really appreciate any replies or advice.

enthusiasticsaver

He needs to budget before trying to move his debt. Work out his income and outgoings and make a plan to reduce the overdraft and credit card by a regular monthly amount. That is the only way to tackle repaying debt.

If he has a good credit rating (£2k of debt is not huge so unless he has missed payments or exceeded his overdraft limit he should not have a low credit score) then do a money transfer card to clear both and then make a regular payment plan. He should not just move it without making a plan to repay it as this does not address the problem of overspending.

Clearscore and Noddle are both free. Don't pay for Experian.

enthusiasticsaver

He needs a money transfer card

http://www.money.co.uk/credit-cards/0-money-transfer-credit-cards.htm

He should ditch the credit card and cancel the overdraft limit after so he is not tempted to go back to spending on them. I cannot stress this enough.