overdraft advice please,,,,,

[linconlass]

Hi we have an overdraft that is larger than our wages so that when we get paid we are still in overdraft.this is very disheartening!we managed to make a smal dent in this this month say of £200 but it wd take years and years with no holidays to our retirmant id guess to clear as is 5,000 overrdraft for which we pay huge bank charges.bank have offered loan so that we can pay some capital off- this a bad idea? also ive looked at transfer balances and it seems that they only pay cards off not overdrafts - were not v financially astute - is there a way of getting a o % card so we can pay off our overdraft.i just contacted barclays and the" computor said NO!!!" IE CAN ONLY PAY CARDS NOT OVERDRAFTS-- THnks v much x

When you do a balance transfer it doesn't matter where the money ends up, be it a current account or credit card. I've done balance transfers into my current account before then sending it on to another credit card so surely you can do that and then not transfer it on?
Just be aware that 0% interest periods are only for a limited time - 9 or 12 months and that the interest rate following that period will go up! If you can't afford to clear the amount within that space of time then something else like a loan with a lower interest rate over a longer period may suit you more.

Also, don't forget that when you've transferred your overdraft to whatever product to reduce your overdraft facility or else you could end up in the same predicament in a year or so's time.

I'd suggest that if you're in a situation where your debts are becoming unmanageable you urgently book an appointment with one of the free debt advice services such as CAB, CCCS or National Debtline and talk through your circumstances with them.

Also check that you are claiming all the financial help available by looking at the Benefit Checker on Turn2Us website.

An overdraft is a particularly expensive way of borrowing money. Depending on what interest rate you are being charged, a bank loan may be cheaper. However, if servicing the loan and paying your day-to-day bills and expenses means you are still spending more than you receive, that would not be a good solution. But, as I say, I strongly recommend you speak to a proper advisor about your whole financial situation. Especially if you're not comfortable with money matters. Good luck