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Overdraft into Loan?

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  • 20-06-2011 2:10pm
    #1
    Resi12
    Closed Accounts Posts: 1,034 ✭✭✭


    Hey there, I am just curious what are the possibilities as a member of Ulster Bank to change my Overdraft of 600 to a loan of 1,000? I have some existing debts needed to pay off and this would be so much handier, I'm starting to get a bit bogged down with it all so any help would be really appreciated.


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    #2
    maddogcollins
    Registered Users Posts: 998 ✭✭✭maddogcollins


    Banks would not be inclined to do this as they ewarn more interest off the overdraft, but you may be able to get a credit union loan and pay into the overdraft removing the high interest rate for a lower interest rate credit union loan.


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    You basically need to get a loan to clear your overdraft. If you are constantly going into your overdraft your bank may see it better you have a loan and clear the overdraft as it makes better financial sense.

    Have a chat with you bank and see what they say


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    #4
    Resi12
    Closed Accounts Posts: 1,034 ✭✭✭Resi12


    It's a student overdraft, no interest till September and I get paid in and only take out my allowed amount weekly (if so), it's more to just pay off my 600 to them and 400 I owe for other debts. It's worth a shot anyway, I just wanted to ask on here just so I wouldn't go in making a fool of myself tomorrow.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Resi12 wrote: »
    It's a student overdraft, no interest till September and I get paid in and only take out my allowed amount weekly (if so), it's more to just pay off my 600 to them and 400 I owe for other debts. It's worth a shot anyway, I just wanted to ask on here just so I wouldn't go in making a fool of myself tomorrow.

    only fool is the one who doesnt ask as they will not recieve.

    It sounds a resonable enough thing to ask. Basically you will be applying for a loan to clear your debts. They will assess your ability to repay and that will be the main consideration and will have a look at your credit record.

    You may be best not clear your o/d with the loan as the loan will be charging interest and your o/d is interest free.

    I take it you are with UB and have the €650 student overdraft.


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