Barclaycard balance transfer on overdraft?

torncurtain

Hello everyone:

I have a friend who has a considerable overdraft (£3k+), they said their interest is about 19-20%, and it's been ever present for the past several years. They can't get on top of it. So, I'm wondering, can they use something like the Barclay card balance transfer facility to pay it down, as it offers 0% interest? I wasn't sure if it's possible.

I used the MSE Credit Card soft search for them and they could be approved for it (80% chance), but I don't want to tell them to go ahead and apply if it's pointless.

They're doing all they can to pay down the overdraft (selling belongings, earn extra money here and there) but I think this has become a major weight around their neck.

Any other suggestions would be welcomed! Thanks.

eskbanker

Balance transfer cards are only for transferring balances from other credit cards - getting cash from a card into a current account for overdraft repayment is possible but needs to be done with a money transfer card instead.

Other suggestions at https://www.moneysavingexpert.com/banking/cut-overdraft-costs/.

torncurtain

eskbanker wrote: »

Balance transfer cards are only for transferring balances from other credit cards - getting cash from a card into a current account for overdraft repayment is possible but needs to be done with a money transfer card instead.

Other suggestions at https://www.moneysavingexpert.com/banking/cut-overdraft-costs/.

Unrelated, but I love your avatar.

Re the CC and OD, he doesn't qualify for the money transfer CCs that MSE provide. I tried the CC tool for him. There are other CCs that allow money transfers that aren't listed, but despite trying tools from other websites to see if he qualified, he didn't appear to. I don't know his chances of succeeding with his application and that could make more of a mess for his credit. The only CC he would stand a chance getting is the Barclaycard (which obviously isn't an option) and an Aqua Advance CC which seems to allow money transfers, but his chances are only 70%.

Thanks for the link, I've sent it to him, he needs to get out of the hole.

Many thanks for clarifying, it makes it easier to know what the differences are.

[Deleted User]

torncurtain wrote: »

I don't know his chances of succeeding with his application and that could make more of a mess for his credit.

One search won't make a mess of anything.

Neither will two, for that matter, but I'd stop there.

torncurtain

Deleted_User wrote: »

One search won't make a mess of anything.

Neither will two, for that matter, but I'd stop there.

Do you mean a soft search, through the MSE CC Tool? Oh dear! We've done several, and several more, bout 10+ through several sites. Oh no! I really hope I haven't caused more problems for him. (eskbanker's avatar is appropriate atm!)

What's possibly odd is straight away on the first soft search he didn't qualify for the cash transfer CCs, he earns enough according to the pre-requisites and his outgoings are low too. He thinks it has something to do with his address, but I don't believe so. I'm stumped. I'm wondering if a low interest loan would be his best option as CCs don't appear to an option, aside from the Aqua Advance Card.

[Deleted User]

A soft search isn't visible to lender so they're OK.

It's likely because of already being £3k in debt due to the overdraft for such a long period of time.

Regarding their address - are they on the ER at their current residence?

[Deleted User]

torncurtain wrote: »

I'm wondering if a low interest loan would be his best option as CCs don't appear to an option, aside from the Aqua Advance Card.

If he's only being offered aqua, he's not going to be offered low interest loans.

Stepping away from further credit for a moment - has he actually looked at his budget and worked at getting the overdraft down the old fashioned way?

[Deleted User]

Warmq wrote: »

Neither will two, for that matter, but I'd stop there.yes.

It's always an honour to have my posts used by post builders and spammers.

Strong work there, fella.

Reported for dimwittery.

torncurtain

!!! wrote: »

A soft search isn't visible to lender so they're OK.

It's likely because of already being £3k in debt due to the overdraft for such a long period of time.

Regarding their address - are they on the ER at their current residence?

Ah, this is good news, thanks for alleviating my concerns!

I'm uncertain what ER means, is that something like income support?

Again, thank-you!

[Deleted User]

Close.

Electoral Roll.

torncurtain

Deleted_User wrote: »

If he's only being offered aqua, he's not going to be offered low interest loans.

Stepping away from further credit for a moment - has he actually looked at his budget and worked at getting the overdraft down the old fashioned way?

This is very useful information, I won't suggest an investigation into acquire a loan. Thank-you.

Short version:

Yes, he's sold most of his possessions to get a much larger debt down. He went from have over £10k+ in debt about 8 years ago if I recall correctly to this OD debt AND another debt which isn't accruing any interest but he's paying off each month.

There's a longer version of his life circumstances but I don't feel that it would add anything to finding a resolution. At present, he's re-applying for the housing register for the 3rd time. Only now have they decided to consider as part of his application that he has long-term, incurable health conditions which may put him at risk should he find himself homeless. He's already approached his letting agent/landlord and asked if the would reduce the rent, but this didn't go over very well (not blaming the landlord, at all).

Going forward, I had thought that acquiring a CC or loan at 0% interest for a period of time may help. I think the reality is he needs to get the £3k+ down to £2k+ sharpish, and that may give him a better chance of getting a lower interest/0% CC to help with some or all of the remaining debt/OD.

Thanks kindly.