Two weeks to sort out £2500 overdraft
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ldnlass6
Posts: 3 Newbie
Hi all,
I've got a £2,500 student overdraft that I need to sort out before the end of July as that's when they will start charging me stupid amounts.
I tend to find find my wages get swallowed up in the account so I'm off to HSBC today to open up a new current account to start getting paid into, and then each month, I'll pay a bit into my overdraft. Should hopefully force me to monitor my spending more.
However, this still leaves me with the issue of the overdraft which is going to charge very soon. As it's so large, I don't imagine I'll get a credit card for the full amount and I don't want to start applying everywhere in case I get rejected... any thoughts would be very very welcome!
Thanks in advance
I've got a £2,500 student overdraft that I need to sort out before the end of July as that's when they will start charging me stupid amounts.
I tend to find find my wages get swallowed up in the account so I'm off to HSBC today to open up a new current account to start getting paid into, and then each month, I'll pay a bit into my overdraft. Should hopefully force me to monitor my spending more.
However, this still leaves me with the issue of the overdraft which is going to charge very soon. As it's so large, I don't imagine I'll get a credit card for the full amount and I don't want to start applying everywhere in case I get rejected... any thoughts would be very very welcome!
Thanks in advance
0
Comments
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Try an eligibility checker.0
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and don't forget that you will need a money transfer deal not a balance transfer deal to pay off an overdraftI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Here is the eligibility checker for money transfer cards - what do the results show?
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.249953926.1632103625.1500025477-913909542.1500025477I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Are you sure they will charge you interest on the full amount?
My student account (2k overdraft) has just started charging too but they are only charging interest on 1k of it, and the other 1k remains interest free.Debt Totals July 2019::
[STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0 Total £7,0000 -
If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?0
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jonesMUFCforever wrote: »If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?
My thoughts exactly as most banks if not all do offer a graduate account in order to keep your business.0 -
I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.
I need to get my HSBC overdraft down by £1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a £1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.
To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!
Thanks all0 -
So you going to be living in another overdraft with Halifax. That's just stupid to doMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.160 -
So you going to be living in another overdraft with Halifax. That's just stupid to do0
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I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.
I need to get my HSBC overdraft down by £1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a £1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.
To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!
Thanks all
OP, I'm trying to understand what your plan is here.
What is the advantage of using an overdraft with Halifax rather than with HSBC, are their charges lower?
What's the plan with the credit card, get a 0% purchases offer? If that's the plan, why pay it off every month or do you just mean pay the minimum?0
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