How to clear overdraft

CLAPTON

Virgin is an MBNA card and most (all?) MBNA cards allow BTs from your current account.
It will not be treated as a purchase and you will benefit from the 0% deal (if you have one) but you will pay the BT fee.
Obviously it's important not to spend on the CC during the 0%BT promotion period.

steve_r123

I BT my O/D to my Virgin Atlantic (White) Amex card, and it is at 0%. They did charge a fee though, but the interest that I am saving easily makes up for this.

betti911

CLAPTON wrote: »

.
Obviously if important not to spend on the CC during the 0%BT promotion period.

Good point. I don't carry any credit cards with me. I leave them with my mum to keep them out of reach. I don't even know the pins for them and they are not activated.

1977

Thanks so much for the support...the fog has lifted slightly and I think I can see a path that suits (Virgin)...must say, and I don't mean to be sappy, this has been eating at me for months now and total strangers have helped me where no one else could ...kinda puts your faith back in humanity...thankyou...I am clinking our virtual glasses !

:beer:

betti911

Everyone on here is happy to help I've found it a great support.

If you go for the virgin credit card rem to set up a direct debit to pay monthly installments towards your debt. I know its obvious but my friend forgot, didn't make the 1st monthly payment and then lost her promotional 0% deal.

sammiboo

Hi

I meant to post on this earlier but got distracted

I have done the exact same thing, put my O/D on my new shiney 0% virgin card.

I treat this as a fully flexile loan, my overdraft used really cripple me and make me so miserable as i had no control over it.

I am soo much better now finanically, I dont worry about if i am going to go over my overdraft as i dont "live" in my overdraft as i used to, I'm sometimes in my overdraft just before i get paid but i dont worry about it.

For me it was the best way to deal with my overdraft, BUT it only works if you dont spend on the card and remember once your are out of the overdraft in your current account, its not an excuse to go mad and spend. You still owe the money, you just need to manage yourself.

There was £1500 on my virgin card

now there is £400 (depending if the DD has come out yet) The interest free runs out end of feb so this will be cleared well in time

Keep us updated and remember to pay it off before interest starts to get charged

theamazinggem

ok how do i do this SOA business then?

sammiboo

theamazinggem wrote: »

ok how do i do this SOA business then?

Start your own thread - so its easy for you to keep an eye on.

You need to post up your incomings (wages, benefits)

Average this on a month

post up your out goings - this is everything that you spend, all your bills, what you pay towards debt repayment. Money you spend on going out. EVEYTHING

You also need to post what you owe and to who and what interest it is at.

You must post up everything though - rack your brains on what you spend.

We can take a look at it and see where you can cut back and save

HTH

1977

sammiboo wrote: »

Hi

I meant to post on this earlier but got distracted

I have done the exact same thing, put my O/D on my new shiney 0% virgin card.

I treat this as a fully flexile loan, my overdraft used really cripple me and make me so miserable as i had no control over it. /quote]

Thats how I see it as well, and I'll make sure that it only gets paid off

As for the SOA...I'm an analyst (not financial obviously!) so pretty used to getting the most out of Excel...but I think there is a tool on this site to work out where you are financially and this will help you plan

theamazinggem

ok that'll take some work / time.
thanks very.