Advice needed

shelldanielle · 28 April 2018 at 3:05PM

My partner has an overdraft with lloyds, currently £900 and paying £1.70 per day to be in it. What’s the best thing to do, my credit is better and more chance of getting credit to pay it off. We are paying £100 per month at the moment to pay it off so wondered should I get a 0% credit card for 12 months? I wouldn’t be able to get a balance transfer would I as it’s his account? Also how would I pay it would I have to draw the money out of accepted and then put it in his account and cancel his overdraft?

Michelle

[Deleted User] · 28 April 2018 at 3:07PM

If you can get a 0% money transfer card, then that would be the sensible thing to do.

Once you have withdrawn cash into your account, you can pay whoever you want.

shelldanielle · 28 April 2018 at 6:48PM

sorry its been a long day, what do you mean? shall I get the balance transfer then put the money in my partners account?

ricky_v · 28 April 2018 at 9:05PM

The card has to be a money transfer card NOT a balance transfer card.

If accepted for a 0% money transfer card then ask the credit card company to do a money transfer of £900 to account number 12345678 sort code 12-34-56 (the Lloyds account with the overdraft). This will clear the overdraft and the £900 is on the credit card at 0% interest until the specified date. Ensure the balance is cleared when the 0% ends. The CC company will charge about 3% ish for this (about £27).

https://www.moneysavingexpert.com/credit-cards/money-transfers

Advice needed

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