Getting rid of an overdraft?

[camgear]

Hi guys,

I have a 2k overdraft at the moment in my main account (where my wages come in), I keep dipping into it by about £1600 each month, I'd like to get rid of it entirely as it's about 10%APR interest, what's the best way to do it?

[scotal]

Spend less, then ask your bank to lower the overdraft limit each month until its at a more comfortable level?

[camgear]

Not a bad idea, I was thinking about shifting the balance to something with a better interest rate? I am gradually getting out of it but it's too easy to go 'Ah fuggit' and slip back into it!

[Tino]

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

[camgear]

Tino said:

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

So I'd get a card with a 2 grand credit limit, and pay that into the account? And then pay the card off at 0%?

T

[scotal]

camgear said:

Tino said:

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

So I'd get a card with a 2 grand credit limit, and pay that into the account? And then pay the card off at 0%?

T

And make sure you get rid of the overdraft limit at the saem time, or you will end up with a 2k overdraft, anda 2k credit card bill.......

[Podie]

scotal said:

camgear said:

Tino said:

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

So I'd get a card with a 2 grand credit limit, and pay that into the account? And then pay the card off at 0%?

T

And make sure you get rid of the overdraft limit at the saem time, or you will end up with a 2k overdraft, anda 2k credit card bill.......

Good advice from scotal

[dtmpower]

Tino said:

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

Would that not incur a cash advance fee ?

[Podie]

dtmpower said:

Tino said:

Get a virgin car with 15mths balance transfer, and pay the amount into your account(Yes you can do that)

Would that not incur a cash advance fee ?

Typically about 3% these days.

[Chilli]

I'd suggest not to get a credit card to sort this. I don't mean to sound harsh here, but if you have the attitude of "Sod, it, I'll have a spend" (as I do) you'll end up with balaces on both! Try and reduce it by a couple of hunded a month.

[wolf1]

I did it by opening a new current account transfering all bills and money in to the new account and then set up a standing order to the old account to pay it off.