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Dealing with Debt: Help! Christmas Cash Crisis

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    Hope someone on these boards can help me. I've gone overdrawn by about £600 because of Xmas shopping and increased mortgage payments. I've got an overdraft, but the amount of interest I'm being charged is horrific.

    There's no way I can afford to pay it all off in one lump sum or even over a few months. It's probably going to take me until the middle of next year.

    I've thought about getting a balance transfer card, because I've heard some of them let you transfer money from an overdraft, but I'm not sure which card allow this and which ones don't.

    Does anyone know which cards allow this, or alternatively can suggest a different way to pay off my overdraft cheaply.

    Thanks
    • CommentAuthortonytoo
    • CommentTimeDec 20th 2006
     
    Hi,

    I was recently given a Virgin credit card with a interest free limit for so many months (can't remember the exact period, probably about 6 months). In addition to the usual facility to transfer money from an existing card, it can with a cheque to be used to pay off personal loans etc. I presume this could also be used to pay off your overdraft. You will have to ask Virgin to be sure.

    Note that although there is no interest, there is a fee for transferring any money, paying a cheque! (It will probably be less than you are paying now, but nothing is totally free.)

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