Best way to pay off a overdraft and credit card together?

[whichwaytodublin]

Hi
My boyfriend currently has £500 on a credit card, £1000 overdraft and £4400 on a personal loan.
His overdraft is a student overdraft which he was stupidly leaving until the last minute to pay off (was going to pay off 250 a month in the 4 months up to when his account will change to a normal account. However, he has now had a letter from Natwest to say his student account will be closed on 23rd November, meaning he doesn’t have time to pay the overdraft off.
He went into the bank and was told to get a 0% CC with another bank which he could transfer both his overdraft and current CC onto.
He has just been online to apply for a Barclays CC and when we put in the balance transfer details for both the overdraft and CC it said the overdraft cannot be accepted, upon googling it seems to be because it’s on a current account?
So what’s the best way to go about paying off the overdraft if we can’t transfer it into a CC?
He has applied for a NatWest consolidation loan of £6k to pay off the overdraft, CC and his current personal loan all at once, and has been accepted (contract not signed yet) but this is over 5 years and he is capable of paying off the CC and overdraft much quicker than that, and his current loan has a much shorter term left on it and a better interest rate (so he is happy to keep his personal loan as it is).
Other than this consolidation loan does he have any other options for paying off the CC and most importantly his overdraft?
Thanks

He needs a credit card that offers 0% money transfers as well as balance transfers. He would then transfer the money into his current account to pay off the overdraft.

Have a look on USwitch for the best offers: www.uswitch.com/credit-cards/ppc/money-transfer-credit-card/?ref=ppcgoogle~gen~PFG748016&gclid=Cj0KCQjwquTbBRCSARIsADzW88yGJFPMr2TTfEtEhgo2w_18BS7BASRJxS7-gyx4_1eKhvCuBQDc0oAaAi9uEALw_wcB

Loan - leave it running. Change nothing.

Credit card - cut it up so that no more borrowing can take place.

Then change the direct debit on it into a standing order for last month's payment rounded up to the nearest £10.

Then throw every available penny at the overdraft.
It will be tough.
Use the opportunity to have a health kick month and cut out booze and takeaways.
See if you have anything you can sell on ebay / gumtree
No more coffees out.

Each time you decide not to buy something, write down the amount you have saved
you will be shocked when you realise how much can be frittered away in a week

The overdraft will go pretty quick.
With the card on standing order it will be gone in 18 months

And then the loan will run through.

Good luck.

Thanks both for your advice, he is going to try his hardest to get rid of the overdraft (we have a holiday coming up but other than that we are already cutting back wherever possible) and resort to a money transfer card if need be which sounds like the best option, and then move the CC onto a new 0% card.

If he can afford it, once the overdraft is gone and credit card on 0%, he should look at overpaying the loan, unless it's very very low interest. This will save quite a bit of money in the long run.

If he can't overpay the loan, he can save the money to pay it off and when he has enough, ring up for a settlement figure and pay it off there and then. The settlement figure should be less than the monthly payment multiplied by the number of remaining payments, hence is cheaper to do it this way as you pay less interest than you would if you let it run to the end.

Barbara yes I’ve told him he needs to look into paying the loan off early. He’s going to check if he can increase his repayments as once the CC and overdraft have gone he will be able to afford to increase them by about £30pm. If not the early settlement idea is something I hadn’t thought of so thanks for that .