Clear one overdraft with another?

Naomim

Hi All,

My Husband and I have a joint account but we still have our own current accounts from when we were single but don't really use them. Anway, stupid hubby used his account and got it £500 overdrawn with no overdraft limit. We don't have £500 spare to pay it off and are being charged interest. We do have an authorised overdraft on our joint current account (which is also in a bit of a mess) but I was thinking of using our authorised overdraft to clear and close hubby's old account. Does anyone think this is the way to go then I can concentrate on sorting out debts from one account only?

Thanks

Naomi

skyrider007

It sounds like using the authorised o/d to pay off your hubby's unauthorised o/d is the best way to go. I'm still astounded by how your hubby's bank (which bank?) allowed him to go overdrawn by £500.

Anyway it is usual for unauthorised o/d to have high interest and lots of fees and charges, so it's best to pay them off by all means.

Naomim

Thanks. It's what I thought but just wanted a bit of confirmation! lol

Both of the bank accounts are with Natwest.

Naomi