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Advice needed
shelldanielle
Posts: 153
Forumite
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
Michelle
2013 Wins
Jelly belly - still awaiting prize
Sanctuary facebook game - Odeon Club card with 3,000 points
Jelly belly - still awaiting prize
Sanctuary facebook game - Odeon Club card with 3,000 points
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Comments
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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Once you have withdrawn cash into your account, you can pay whoever you want.0 -
sorry its been a long day, what do you mean? shall I get the balance transfer then put the money in my partners account?2013 Wins
Jelly belly - still awaiting prize
Sanctuary facebook game - Odeon Club card with 3,000 points
0 -
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-transfers0
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