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  • FIRST POST
    • elvis69
    • By elvis69 12th Jan 18, 9:56 PM
    • 42Posts
    • 66Thanks
    elvis69
    Overdraft fee
    • #1
    • 12th Jan 18, 9:56 PM
    Overdraft fee 12th Jan 18 at 9:56 PM
    Ooh first post!
    I've got a virgin credit card with 4000GBP on and currently got a SO set up for 200pm
    I've also got an overdraft of 2500GBP which I'm up to 2100, currently paying 50p a day on it.
    Would it make more sense to do a cash transfer from my virgin card to pay off my overdraft then I increase my payments to the card to 400 (which I can afford to do)
    OR
    Do I leave as is and pay o200GBP pm into a savings account for a year then use that to clear the OD?

    I feel a bit nervous about having 6500 on a credit card!

    Thank you

    SOA:

    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 2000
    Partners monthly income after tax....... 800
    Benefits................................ 130
    Other income............................ 40
    Total monthly income.................... 2970


    Monthly Expense Details

    Mortgage................................ 887
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 143
    Electricity............................. 80
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 55.17
    Telephone (land line)................... 47.56
    Mobile phone............................ 0
    TV Licence.............................. 8.33
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 450
    Clothing................................ 30
    Petrol/diesel........................... 250
    Road tax................................ 18.33
    Car Insurance........................... 33.33
    Car maintenance (including MOT)......... 66.67
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 40
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 9.56
    Contents insurance...................... 6.53
    Life assurance ......................... 55
    Other insurance......................... 22
    Presents (birthday, christmas etc)...... 60
    Haircuts................................ 16
    Entertainment........................... 49
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2327.48



    Assets

    Cash.................................... 0
    House value (Gross)..................... 300000
    Shares and bonds........................ 0
    Car(s).................................. 1000
    Other assets............................ 0
    Total Assets............................ 301000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 206000...(887)......0
    Total secured & HP debts...... 206000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Overdraft......................2500......0........ .25
    Credit card....................4000......200.......0
    Total unsecured debts..........6500......200.......-



    Monthly Budget Summary

    Total monthly income.................... 2,970
    Expenses (including HP & secured debts). 2,327.48
    Available for debt repayments........... 642.52
    Monthly UNsecured debt repayments....... 200
    Amount left after debt repayments....... 442.52


    Personal Balance Sheet Summary
    Total assets (things you own)........... 301,000
    Total HP & Secured debt................. -206,000
    Total Unsecured debt.................... -6,500
    Net Assets.............................. 88,500
Page 1
    • sourcrates
    • By sourcrates 12th Jan 18, 10:39 PM
    • 14,367 Posts
    • 13,551 Thanks
    sourcrates
    • #2
    • 12th Jan 18, 10:39 PM
    • #2
    • 12th Jan 18, 10:39 PM
    We move posts if we think they will get more help elsewhere.

    You posted in the stepchange debt advisors thread, it!!!8217;s better in the general DFW forum.

    Moved.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • elvis69
    • By elvis69 13th Jan 18, 6:35 AM
    • 42 Posts
    • 66 Thanks
    elvis69
    • #3
    • 13th Jan 18, 6:35 AM
    • #3
    • 13th Jan 18, 6:35 AM
    Thanks. Can u link to it please. I can't find it
    • elvis69
    • By elvis69 13th Jan 18, 6:38 AM
    • 42 Posts
    • 66 Thanks
    elvis69
    • #4
    • 13th Jan 18, 6:38 AM
    • #4
    • 13th Jan 18, 6:38 AM
    Don't reply! I'm an idiot!!!! !!!55357;!!!56835;!!!55357;!!!56835;!!!55357;!!!56835;!!!55357;!!!56835;
    • enjoyyourshoes
    • By enjoyyourshoes 13th Jan 18, 10:40 AM
    • 1,061 Posts
    • 1,302 Thanks
    enjoyyourshoes
    • #5
    • 13th Jan 18, 10:40 AM
    • #5
    • 13th Jan 18, 10:40 AM
    OD 0.50 play on 2100 OD is 8.69% apr

    If CC is less than that then its worth considering.

    Key is to stop spending that has got you into this position and eradicate OD.

    Reconcile bank accounts daily

    set upon accrual for annual etc bills and account for this monthly

    pay insurances annually as this saves on their crafty credit charges

    stop the little thing in your head saying I want this .
    Debt is a symptom, solve the problem.
    • elvis69
    • By elvis69 13th Jan 18, 11:00 AM
    • 42 Posts
    • 66 Thanks
    elvis69
    • #6
    • 13th Jan 18, 11:00 AM
    • #6
    • 13th Jan 18, 11:00 AM
    Thanks for the reply. I've downloaded the trees app which is helping and I've done really well with not spending this month. My silly car needed 400 on it this month which has thrown me back a bit.
    I rang my bank to ask them to waive the charge for a bit but they wouldn't do it.
    I've thought about switching but my friend did this and ended up having a nightmare with her DD messing up and her life insurance being cancelled as a result
    • enthusiasticsaver
    • By enthusiasticsaver 13th Jan 18, 1:56 PM
    • 6,614 Posts
    • 13,917 Thanks
    enthusiasticsaver
    • #7
    • 13th Jan 18, 1:56 PM
    • #7
    • 13th Jan 18, 1:56 PM
    Are you still spending on the credit card? How did you accrue the 6500 debt in the first place? When does the interest free period on the Virgin card finish and what is the limit? You can only transfer to repay an overdraft if the card is a money transfer card.

    50p a day for the overdraft is 15 per month in charges. I would make getting rid of the overdraft a priority but it does not have to be by transferring from a credit card. You have 2100 now so the best thing to do is reduce it by 200 each month until it is repaid. Avoiding overdrafts is a good idea especially as they can be withdrawn at any time and are getting more and more expensive.

    You should also start up an emergency savings account as I warrant some of that borrowing is because you had an unexpected bill and no savings to cover it.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • elvis69
    • By elvis69 13th Jan 18, 2:14 PM
    • 42 Posts
    • 66 Thanks
    elvis69
    • #8
    • 13th Jan 18, 2:14 PM
    • #8
    • 13th Jan 18, 2:14 PM
    Thanks for the reply. The credit card is a money transfer one that I put another overdraft on (virgin) It also paid for two university courses (1500) then a 500 car bill so currently has 4000 on it that I'm paying off 200 a month. It charges a 3.5% transfer fee then 0% for 12 months I'm not spending on it and I've cut it up
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