overdraft hell

thecrazy1_2

hi all
please can anyone offer some much needed advice

i have an advantage gold account with natwest which i wish to cancel, i also have a £2000 overdraft on that account the charges are something like £35 per month.
my question is i would like to clear my overdraft i looked at transfering to a credit card if i can get one but they saind it is only 0% on balance transfers from another credit card.

can anyone tell me the best way to clear the overdraft and are the charges on that account something i could possibly reclaim

cheers

lindens

The 0% card thing will work but instead you get a cash advance and put the money in your bank account. so check out the cash advance %rate and fees to see if its worth it.

thecrazy1_2

also i'm on a fixed income

i did manage to swap my credit card balance of £2000 to another card which has helped but it is just this other £2000 overdraft.

what will happen to my overdraft if i close the advantage gold account

lindens

They wont let you close the account until you pay off the overdraft

Richard019

If you can get one apply for either an MBNA or Virgin Bank credit card. They let you do their 0% balance transfers to your current account. Both are run by MBNA (if that's the right phrase to use) but the plain MBNA card only gives 12 months compared to the Virgin Card's 15 months and both charge 3% (as near as makes no difference).

Providing you could get a limit of just over £2k you'd be able to just pay it straight into the current account to wipe out the overdraft. I don't know if it's the same for new customers now but my transfer with MBNA only needs me to pay back £5 a month.

That sorts out your problem for a year. It's your job to deal with how you'll repay the amount at the end of the year/15 months.