Using a credit card for current account debts

Hairybuffalokiller

Hi, please forgive any ignorance that comes across - I am a student taking a-levels who has relatively little understanding of the way in which credit cards/loans etc work. Also for those of you with much larger debts than mine, I apologise for the trivialty of my problems, but they are problems all the same in the sense that I have debts that are getting bigger, with little money coming in.

Basically I've got myself into a bit of a bother - I recently went overdrawn on my Barcalys current account by around £15. They charged £35 for going overdrawn. Then I had a £30 direct debit paid in, but another direct debit for £35 paid out, and I went a further £5 overdrawn, with another £35 charge on top. Then my gym membership direct debit was paid out to the sum of £55, and I had another £35 charge all on top. This brings me to being about £180 overdrawn.

I have about a month before any further direct debits are paid out and I'm trying to think of the best way to stop my balance going further into minus numbers without resorting to parents for help. I have about £105 income per month but have to pay £55 to the gym every month, so I'm left with £50 cash to spend each month.

Is it possible to sign up to a 0% credit card deal and somehow pay money INTO my current account to bring me back up into the black? I occassionally have little bursts of income e.g. if I ebay something/work during holidays etc so I know that I can pay off the £180 fairly soon, just not in the next couple of months.

Help?

Money_Man

Can you cancel the gym membership? or opt for a cheaper mothly payment?
You could apply for a credit card and transfer some funds to your current account. Would it not be better to speak to your parents and explain the situation?

Hairybuffalokiller

I can't cancel the gym membership - I enquired about it but I'm with Esporta and once you've signed up with them, you're locked in big time. (I went over the contract with my Dad and suggested the idea that because I hadn't ticked a "contact me by text" box, yet they had sent me text messages, they'd breached the contract terms and I was therefore entitled to quit, but he said it was pretty weak and wouldn't realistically stand up.) I'm already on the cheapest deal for my age - their student option.

So how do you transfer funds to my current account? Will I be able to withdraw cash from my credit card at an ATM just like a debit card?

I would try and ask my parents but I hate asking to borrow their money and they shouldn't have to bail me out when I get into difficulties. I don't want to start seeing them as a scapegoat now, because I might decide that there's an easy way out of debt in the future if that makes sense?

CannyJock

Hairybuffalokiller wrote: »

So how do you transfer funds to my current account? Will I be able to withdraw cash from my credit card at an ATM just like a debit card?

You'll get whacked senseless with interest charges if you do.

Hairybuffalokiller wrote: »

I would try and ask my parents but I hate asking to borrow their money and they shouldn't have to bail me out when I get into difficulties. I don't want to start seeing them as a scapegoat now, because I might decide that there's an easy way out of debt in the future if that makes sense?

That's up to you in the long term. For now, realistically they're the only chance you have of avoiding other charges. If it helps, ask them to read the post of this "Hairybuffalokiller" guy on a really interesting forum, and ask them what they would do if they were that kid

If they give you the cash short-term, tell them to go to www.virginwines.com/eggcard and register a new account, then select "Redeem voucher" and punch in voucher code EGGCARD with voucher password CHAMPAGNE and hey presto, they're £ 25 in credit that they can use to buy themselves a case of wine (mix your own to save even more money). Tell them to knock the £ 25 off the money you owe them and look forward to some really good wine arriving in a few days time.