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Overdraft charges looming

Gidged500
Posts: 40 Forumite

Hi guys I’m new to this forum , thankfully I am a MSE regular and keep on top of my finances as much as possible.
My dad on the other hand isn’t he has a big overdraft with NatWest at 7k. He is 65 and works full time. His credit score isn’t great and he’s not a fan of credit cards at all.
If I was to get him to get a credit card in his name I fear it would only be for 6 months. I don’t know if a credit card for people with bad credit would be allowed to move 7k. Even if I shifted some debt into a 0% card for 6 months then got him another he would end up paying some interest but less than on 7k. Is this my only option or is there something else I can do?
Really hoping you guys can help a little as I’m worried he’s going to get hit with the 39.9% interest that’s looming.
Thanks guys
My dad on the other hand isn’t he has a big overdraft with NatWest at 7k. He is 65 and works full time. His credit score isn’t great and he’s not a fan of credit cards at all.
If I was to get him to get a credit card in his name I fear it would only be for 6 months. I don’t know if a credit card for people with bad credit would be allowed to move 7k. Even if I shifted some debt into a 0% card for 6 months then got him another he would end up paying some interest but less than on 7k. Is this my only option or is there something else I can do?
Really hoping you guys can help a little as I’m worried he’s going to get hit with the 39.9% interest that’s looming.
Thanks guys
0
Comments
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My dad on the other hand isn’t he has a big overdraft with NatWest at 7k. He is 65 and works full time. His credit score isn’t great and he’s not a fan of credit cards at all.
If I was to get him to get a credit card in his name I fear it would only be for 6 months.
[...]
Is this my only option or is there something else I can do?I don’t know if a credit card for people with bad credit would be allowed to move 7k. Even if I shifted some debt into a 0% card for 6 months then got him another he would end up paying some interest but less than on 7k.
In your shoes I'd sit down with him and show him how to check his credit files (for any inaccuracies or suggestions) and review likely eligibility for credit cards.
Also read through https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ and consider completing a Statement Of Affairs and posting it on the debt-free wannabe board for other ideas about how to address this debt.0 -
Just make sure its not a"Balance Transfer " card. he will need on that allows for cash transfers. Which seem no to be hitting 5% charge.
Might be better looking at a low cost loan.Life in the slow lane0 -
Go to MBNA or Barclaycard. Get a money transfer card. Clear overdraft with it. Treat it as if it's a loan, set up a fixed Direct Debit for the resulting balance divided by however many months the card is 0% for. Job's a good'un.urs sinserly,
~~joosy jeezus~~0 -
Thanks for all the reply’s. I understand what you’re saying eskbanker. I think he’s just been a bit careless and he should take care of his finances better. I feel that because I’m so good with my money I should help him get out of this sticky situation.
Thank you for the links aswell0 -
born again , JuicyJesus
I shall look into a money transfer card see what is an option for him.
Also going to look at a loan. I never thought of that ! Thanks again guys0 -
If he,'s got a bad credit history, might struggle to get a card with a decent credit limit to cover the £7k. For £7k a loan might be a better option and if can't get one from banks could try one of the P2P lenders. Might end up paying 15% but it's a lot better than 40%0
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That’s very true I’m going to look into loans with him as well thanks for the advice0
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