can i change bank accounts when ive got an overdraft

lincs1205

Hi all, im quite new to this so just bear with me. I recently qualified as a nurse and during my training i managed to build up a load of bad debts. EGG which is nearly paid off i defaulted on and have been paying 266.19 a month for the past six months. 2000 overdraft with natwest which i usually end up paying about 10 interest charges, car finance of 269.69 a month which i really want to pay off and finally a capital 1 credit card which i am in arrangement with and i pay 30.79 a month.
Would i be able to switch bank accounts as i really want to pay my overdraft off but just dont think its going to happen while im banking with natwest, however i dont know if another bank would take me with my credit history, i havent missed any payments since october of last year on my cards and have never missed a payment on my car.
any suggestions would be greatly appreciated

skyrider007

You can switch bank, however you will not be able to settle or close your existing account until your overdraft has been paid off.

cifpower

If you want to pay your overdraft off why not ask your bank to reduce it by £50 or £100 a month?

brightonman123

ask new bank if they wil ltake on the o/d, or maybe even transfer to a fixed rate loan?

highlight you are a in a 'super' job (or some term like that- local councils seem to give priority / favourable treatment for people wrking in the emergency services?), they may even have better rates

(afterthought- checked what on offer from the union, if you are on one?)

lincs1205

thank you, do you think i would have to pay a hefty penalty fee if i wanted to settle my car loan at the end of the year?

also what order would you prioritise paying things back would it be credit cards have got just over a thousand with capital 1 or overdraft 2000 or car loan 7500.

cifpower

Don't pay your credit card? You'll be chased be debt collectors and get Defaults and CCJs recorded against you. Not pay your car? You get it taken away from you. You could come up with a payment plan with your CCs if you are finding repayments difficult. Why not go over to DFW (Debt Free Wannabes), post a Statement of Affairs and you will get some cracking advice.

jonesMUFCforever

If your credit files is littered with late payments or defaults don't expect the red carpet treatment from your new bank after they have done the credit score.

brightonman123

rent./mortgage needs to be no.1, then food.. actually i reckon food should be no.1, or else you will DIE!!!

then utilities- see if any budget / low user options available- pay same amount each mnth- so more in summer than needed, builds up 'credit' for the expensive winer months..

cards- pro rata by balance, so £2,000 + £750 = £2,750 total.

2,000 into 2,750 = 3/4 or so? whatever you have allocated for cards, pay 3/4 to larger balance..?