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over draft & cc - debt building - help please
alandimi
Posts: 9 Forumite
Hi
I have a student overdraft with Lloyds TSB which is £1490 over drawn and has been for the last two years (I don't use it). It is currently a 'graduate account' and so has no interest being charged on it. However, come June they are going to be charging me 19%.
I also have a Lloyds TSB credit card which has £1266 on it which has an interest rate of 21%. It was a 0% when i got it ages ago but that's run out. I currently pay £35 per month but as the interest is so high I only manage to pay off £15 per month.
I am on Income Support as a single mother so money is tight. I have spoken to Lloyds and they have suggested consolidating both debts into a loan but want me to take out £2900 which includes the interest I will have to pay for the first year (I think?) which they say will cost me £43 per month for the next seven years. I think the rate was 9%.
Personally I think this is ridiculous. Does anyone know if it is possible to pay off the overdraft using an established credit card and then move the debt from that credit card and my LLoyds TSB credit card to a new one with 0% interest. Obviously I can't get a new credit card as I am on benefits (or I would have already done it) but can someone else (e.g a parent) transfer my credit card debt to a card in their name?
any advice would be gratefully received. Thanks.
I have a student overdraft with Lloyds TSB which is £1490 over drawn and has been for the last two years (I don't use it). It is currently a 'graduate account' and so has no interest being charged on it. However, come June they are going to be charging me 19%.
I also have a Lloyds TSB credit card which has £1266 on it which has an interest rate of 21%. It was a 0% when i got it ages ago but that's run out. I currently pay £35 per month but as the interest is so high I only manage to pay off £15 per month.
I am on Income Support as a single mother so money is tight. I have spoken to Lloyds and they have suggested consolidating both debts into a loan but want me to take out £2900 which includes the interest I will have to pay for the first year (I think?) which they say will cost me £43 per month for the next seven years. I think the rate was 9%.
Personally I think this is ridiculous. Does anyone know if it is possible to pay off the overdraft using an established credit card and then move the debt from that credit card and my LLoyds TSB credit card to a new one with 0% interest. Obviously I can't get a new credit card as I am on benefits (or I would have already done it) but can someone else (e.g a parent) transfer my credit card debt to a card in their name?
any advice would be gratefully received. Thanks.
0
Comments
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For the best help, I'd suggest you post on the Debt-free Wannabe part of the forum.
I've got to be honest with you. The bank has given you money free of charge for many years. There is nothing ridiculous about them expecting you to pay your own way now. Calling it ridiculous is unlikely to get you sympathy.Personally I think this is ridiculous.
Good luck.0 -
have reposted in debt free wannabe0
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