pay off a loan?

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lfc_3
lfc_3 Posts: 2 Newbie
in Loans
I have a loan I would like to pay off as I don't wish to pay any more interest on it.

Is there any way to pay this off by using a O% interest credit card - or any other method???

Comments

  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
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    Yes.
    Details later,
    ...............................I have put my clock back....... Kcolc ym
  • savedup
    savedup Posts: 49 Forumite
    First Anniversary Combo Breaker
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    Hi,

    It may be a good idea to ring the loan company and ask for a settlement figure before sending that final payment (if you haven't already).
    Loan companies often add early exit fees and penalties if you try to pay the loan earlier than agreed.

    All the best .
    Chris.
    An economic forecaster is like a cross-eyed javelin thrower : they don't win many accuracy contests, but they certainly keep the crowd's attention !:rotfl:

    Money may not buy happiness - but misery comes free with debt.:o
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
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    savedup is right. The Rule of 78 is still with us.
    There is no likellyhood of it being abolished if there is a general election next year and various Bills are abandoned.
    ...............................I have put my clock back....... Kcolc ym
  • lfc_3
    lfc_3 Posts: 2 Newbie
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    Thank you both for your replies.

    The loan I have is a 12 month loan on which I pay a higher interest rate to enable me to pay off early.

    My request is for info on what is the best way to pay it off now.

    Will I be able to open a o% interest credit card to enable me to pay the loan off by credit card cheque then pay off the credit card before I incur any charges?
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