Graduate overdraft not reducing

Cerbera_2

Alleycat wrote:

I've had a look on the Virgin website and it only mentions balance transfers from credit cards. Did you transfer directly from your overdraft then, or via another credit card?

I'm still in the process of doing this but the plan is to transfer the balance of my overdraft [£1000] and my Halifax card [£1500] to my shiny new Virgin card.
Pay as much as I can while it is interest free for nine months and hopefully find a new 0% deal at the end and so on and so forth until it is cleared.

To be honest this all new to me but thanks to Martin and the members of this site I am more 'Money - Aware' than I ever was and plan to use every system and tip available to become debt free.

Look here for information if you plan to do this :beer:

Alleycat

Well, I applied for a loan with Nationwide and have been refused Am feeling really deflated now. I really want to get debt free but have realised that it is going to take a very, very long time. Basically because I am being penalised for being a woman and working part time to take care of our daughter. If only they took joint finances into consideration, but I know, we may not be together several years down the line and wouldn't have the 'luxury' of my partners wage to consider, blah blah blah. I understand etc, but its just soooo frustrating.

I've opened a beer and am now drowning my sorrows (a bit, got crappy work tomorrow).

Just thought I would update anyone who may be interested. Sorry feeling really low at the moment and don't see a way out. Am following most of the old stylie stuff and don't spend much at all. Just bloody bills etc. :mad: Days like today I hate working in housing dealing with so many (I know not all, some are lovely) morons who can't be *rsed to get off their lazy backsides and claim everything under the sun and still have the cheek to want more :mad: Don't know if I will be able to hold my tongue tomorrow and be nice to them all. If anyone tries to gob off with me tomorrow, they may not live to see the end of the day.

Apologies for the mad rant, but thats life I guess.

Cerbera_2

Hi Alleycat,
Sorry to hear about this. :grouphug: There is nothing worse than be refused finance; it's like a great big kick in the wotsits.
I applied for a loan a few months ago and was turned down which really put me back and made me feel like s*@t.
I don't know how I stumbled upon the Credit Card forum but I did and got into these SBT's which hasn't cleared my debt but has tidied it up. Whereas before I was making minimum payments on the card and interest only on the overdraft and not actually decreasing the debt.
Now I feel a little more in control of things
Maybe an SBT is the answer, maybe credit cards are easier to get than loans, maybe I'm talking rubbish

Anyway, enough babbling from me and good luck Alleycat :beer:
Keep us posted :grouphug: :A

Devo

I know exactly how you feel Alleycat. I too have a graduate overdraft, which isn't getting smaller. It is at 0% (like my credit card) but I just can't seem to make a dent in it :wall:

I have just got myself an Egg Money card and hope this may help me reduce it a little. My wages still get paid into my graduate account and all my direct debits (payment to CC, bills etc) come out the day after payday. I then transfer my spending money for the month onto my Money card and use that for all my spending. This helps because I do not see me going back into my overdraft during the course of the month. It's more of a mental help and my overdraft is slowly, but surely reducing each month. The cashback on the money card is also a bonus, especially when it's 2% leading up to Xmas :T