Natwest Overdraft Advice

mattwilde123

Hi,

I have a Natwest Graduate account with an agreed overdraft of £3500.

At the moment, my balance is -£1631.16. On pay day at the end of the month, my balance will be about £0 for a day or so.

I'm just wondering if I should pay off my overdraft with a credit card maybe? Would this be good for me with regards to my credit rating or the monthly overdraft fees?

Sorry if this is the wrong place to post this.

Thanks,
Matthew

sourcrates

Hi,

Why not just put aside £100 a month, or whatever you can afford, and pay it off gradually.

Forget your fictional credit rating.

mattwilde123

I seem to struggle to save anything at the moment. I put money away at the start of every month but find I have to dip into it regularly.

pursuitofmoney

You are just transferring the debt from one place to another.
To do this you'll need a money transfer card. check the eligibility calculator for the card which will offer you the longest term.

The main problem with transferring the debt is you'll see a unused overdraft and start dipping into it to create additional debt. You need to ensure you don't do this as it will most likely create a downward spiral. You could either reduce or close your overdraft. Best Thing to do would be to make a budget and make saving where you can and use the saved money to pay off the credit card.

mattwilde123

Thank you. I'll look into this in the upcoming days.

Dobbibill

Is the overdraft costing you money in fees/interest charges?
If not, you are better to budget it as a bill - like sourcrates suggests paying off a bit each month.

Use the SOA template to make sure you are budgeting correctly for everything. If it's interest/fee free then there would be nothing to gain by moving it and a MT would possibly incur a fee so cost you £x more which is better used to be thrown at the debt.