The best way to pay off an overdraft?

gary_ingham_2

HSBC have suddenly changed their terms and conditions on my graduate account, and where previously promising to reduce the interest free portion of my overdraft by £500 each year, they have now said they are removing it all and charging 18.8%.

To make it worse they have given me 21 days notice. What is the cheapest way for me to pay off my overdraft, so that I can close all my accounts with HSBC for screwing me over.:mad:

I read about 0% super balance transfers (Virgin etc)?? Does this mean I basically pay money into my bank account from this new 0% card? If so do I look for card providers that say they allow cheque transfers?

Or, would it be best for me to pay off my HSBC overdraft with my HSBC credit card and then do a balance transfer from my HSBC credit card to this new 0% card?

agsnu

You might want to think about switching to NatWest's Graduate Account.

In particular, they have a Graduate Overdraft Repayment Plan.

You'd probably be best off going into a branch and discussing moving your account, though.

gary_ingham_2

Thanks for the tip on Natwest.

I had a look but unfortunately don't think its the best option for my situation. I graduated 2 years ago in July, and Natwest will basically only give me another year until they change it to a current account (so a total of 3 years) and apply charges.

Effectively HSBC have reduced theirs to 2 years, as their terms and conditions have changed to apply to all those that graduated in 2006. I therefore wouldn't trust Natwest not to do the same and reduce theirs to a 2 year period.

Based on other posts the 0% for 15 months with Virgin might be the best option for anyone in my situation.

Damn you HSBC! You'll never get my custom again.

jpwjpw

Same happened to me. I am moving to Alliance and Leicester which give you 0% for 12 months on your whole overdraft. Plus you should get £50 from quidco for doing it.