Overdraft/debt advice greatly needed

System

Pay it of monthly I meant.

Dobbibill

If you aren't eligible for a MT card then you need to pay down as much as possible to the ODs and as soon as possible.

Are you disciplined enough to move your bills to the end of your month (just before the next pay day) so that you use the overdraft less throughout the month therefore costing less in charges/interest.

If you really have £400 you are able to throw at the debt then it isn't going to take too long to clear - it's relatively small at the moment. You don't want to increase that with a Cap 1 card so approach with caution.

All the best

System

They are clearly not disciplined with money so people stop telling them about credit cards. It seems they are a person who earns 1700 a month and spends 1800 thinking one or two months il lay low and clear it. It hasn't happened. It was exactly like myself as a young 20 something male. Weekends on borrowed money and new shirts for a Saturday night when the one I bought the month before would have sufficed.

fatrab

I wouldn't go down the credit card route that you are thinking either, that's a recipe for disaster if you ask me.

As you're not eligible for a MT card your next best option is to simply pay back the overdrafts. You could have Natwest paid in 2 months, Santander 3 months later. You can do this without risking any more debt.

Best of luck:)

GTR_King

Don't go down the Credit card Route...

Once Overdraft Cleared on one account reduce that to £0...

Then get other account into positive balance & have overdraft £100-£200 just to cover you

enthusiasticsaver

Don't go down the credit card route. In 4 months time the interest rate on that will hike up. You can't use the credit card to clear the overdraft so presumably you are thinking of spending on the card while you try to clear the overdrafts. All that means is in 4 months time you will still have the overdrafts plus a credit card to deal with.

First option is money transfer card which you have already said you can't get so your credit must be bad, this is borne up by only being offered a short 0% deal on the capital one.

Second option is the hard slog of cutting back and reducing the overdraft limits each month. Do a spending diary and live within a budget. Cut all outgoings to essentials only. If the overdrafts are £2200 and you can afford £400 per month they will be clear in 6 months. I suspect you may be over optimistic though as if you have £400 spare each month why are you overdrawn not just on one account but two? Debt busting requires you to be honest with yourself as to where you are spending your money. Do you have savings?