Repay loan quicker options?

Options
PositivityArchie
PositivityArchie Posts: 3 Newbie
in Loans
Hi there new to the page I have a loan of £4113 to repay over the next 34 months on my Halifax account and I'm just wondering if there's an easier option to paying it quicker instead of the £137 I'm currently paying monthly, I keep seeing people on here and on the Hotukdeals mention 0% balance transfer cards or money transfer cards but I have no idea what they actually mean and if they are a quicker / better way to pay back my loan ?

I hope this is the right section I'm in to ask these questions :D

Any advice will be very helpful thanks

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    You would need a money transfer card.

    Start here.

    https://www.moneysavingexpert.com/credit-cards/
  • Dobbibill
    Dobbibill Posts: 4,136 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Paying it off quicker would be to make overpayments as soon as possible.

    Paying it off cheaper would be to use a MT card with a 0% promo offer. (This would not necessarily be quicker as you may be tempted to only pay the minimum meaning it would take a lot longer to pay off and will incur interest when the promo runs out) Remember there is a fee for the MT.

    There is no guarantee you would be eligible either so you would need to investigate that first. ;)
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • Herzlos
    Herzlos Posts: 14,703 Forumite
    First Anniversary Name Dropper First Post
    Options
    You can over pay to bring the balance (and interest & time) down.

    Transferring it about isn't going to pay it off faster.
  • cmc_entertainment
    cmc_entertainment Posts: 338 Forumite
    First Anniversary Combo Breaker
    Options
    Try this spreadsheet

    [url]Http://www.servethemembers.com/images/Loan_Amortization_Daily.xls[/url]

    All you need is your current balance and interest rate

    Put in payment on specific dates and it will show you the current balance (to pennies if you get get the interest but correct) and show you how quick it could be done

    :money:
  • beanielou
    beanielou Posts: 90,576 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    You cant overpay on all loans.
    You need to check your terms and conditions.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • nic_c
    nic_c Posts: 2,931 Forumite
    Name Dropper First Post First Anniversary
    Options
    Ask Halifax how they handle overpayments and partial & full settlements. Also ask if they accept CC payments. I paid most of mine off by credit card and then BT that under a 0% low fee offer.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.7K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards