What to do, I'm in a credit card mess, please help :-(

[mattk1]

Re: What to do, I'm in a credit card mess, please help :-(

Hey guys,

Ok so not really much to update you with yet, just have to sit and wait for the letters to start arriving on the doorstep

I wanted to ask your opinion on a bank account I have that has an overdraft setup on it.

It is a Halifax current account with a OD limit of £2100, of which all is available.

I would like people's opinion of whether I am being stupid/greedy if I were to transfer this entire overdraft out the account and basically do what I'm doing with the credit cards.

Since my credit history is going to blown to pieces anyway, should I take the money and run or are overdrafts different to credit cards?

Just one of many a passing thought of mine throughout the night

Cheers

[Deepie]

Re: What to do, I'm in a credit card mess, please help :-(

I wouldn't recommend it................

[jon1965]

Re: What to do, I'm in a credit card mess, please help :-(

It makes me very uneasy and not something I would recommend although with my track record ....

[SaltnVinegar]

Re: What to do, I'm in a credit card mess, please help :-(

I would like people's opinion of whether I am being stupid/greedy

While I usually any activity that spanks the banks, this isn't something I would recommend as its not a case of changing circumstances, bad financial management etc.

Look at it another way - why not keep this account open as a 'parachute' account in the event you do need to return to the UK. If you can keep this account ticking over, with that O/D facility, then its a useful thing to keep should you have to return to the UK for an emergency or other reason.

[mattk1]

Re: What to do, I'm in a credit card mess, please help :-(

Thanks for all your honest opinions about this :-)

It is something I would of felt uneasy doing but when you get an idea in your head about it starts to spiral, you know how it is..

To Saltnvinegar; that sounds like pretty good advice to me, specially since my visa to stay in Vietnam is annually reviewed and nothing is ever guaranteed.

Cheers guys

[PlanB]

Re: What to do, I'm in a credit card mess, please help :-(

It is a Halifax current account with a OD limit of £2100, of which all is available.

I would like people's opinion of whether I am being stupid/greedy if I were to transfer this entire overdraft out the account and basically do what I'm doing with the credit cards.

Since my credit history is going to blown to pieces anyway, should I take the money and run or are overdrafts different to credit cards?

Your credit history will only be blown to pieces for six years from the day each account gets defaulted, and then the negative information will drop off. If you keep one bank account open and in good shape without any default it will stay on your file which can be helpful in the future if you ever need to return to the UK and apply for a mortgage etc. Sometimes a CRA *thin file* isn't helpful either. Banks check for good news as well as bad.

[mattk1]

Re: What to do, I'm in a credit card mess, please help :-(

Top advice PlanB, thank you :-)

[jon1965]

Re: What to do, I'm in a credit card mess, please help :-(

Top advice PlanB, thank you :-)

She does have her moments

But yes it would be very very useful to have a fallback account in the UK and assuming they do not reduce the OD as you aren't using it/no money is going through the account it could be good emergency funds if you did have to come home


Don't do what i would do. That is, let it niggle away then think sod it and ignore the advice....you will, as I have , live to regret it