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Change overdraft and credit card to term loan.

  • 25-01-2011 4:25pm
    #1
    LETHAL LADY
    Registered Users, Registered Users 2 Posts: 3,145 ✭✭✭


    Basically just wondering if it would be a good idea to approach my bank and ask them to change overdraft and credit card to a term loan instead. There is about 9000 owing combined. Also if I was to clear overdraft would this mean they would take away overdraft facility completely. Husband was out of work through injury for 3 months and we unfortunately had to use our overdraft facilty to meet our financial commitments but we may need to use it every now and again in the future. Any advice would be appreciated


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    In the current (risk-averse) climate they would probably seek to remove or seriously reduce the overdraft facility if they convert the existing overdraft to a term loan, otherwise there's nothing to stop you spending your way even deeper into debt.


  • #3
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭Rebel1977


    Provided credit card is with same bank as your overdraft no problem, heard of cases where card is with i.e. ulster and current accout with aib, some banks wont lend to clear outside debt


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