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  • FIRST POST
    • Anthony2121
    • By Anthony2121 20th Apr 17, 2:32 PM
    • 4Posts
    • 0Thanks
    Anthony2121
    Credit Limit to Low
    • #1
    • 20th Apr 17, 2:32 PM
    Credit Limit to Low 20th Apr 17 at 2:32 PM
    Hi there,

    I have joined here as i require some help with my current situation.

    me being impatient took out a loan for a car and didn't really read into it too much but ended up with 15.3% APR for 4 years - i currently have £5,918 left outstanding on the car however if i paid it off today it would be £5,069 and be clear from all the interest yet to be added.

    here is where my problem is as i cant get a 0% purchase card with longer than 24months with a credit limit as high as £6,000 to pay off the car loan and then pay the money to the credit card to clear this without interest. what can i do? am i doing this right? i can only get credit limited of 2.8K - do i need a balance transfer card?


    any help is appreciated!!

    thanks


    Anthony
Page 1
    • molerat
    • By molerat 20th Apr 17, 2:39 PM
    • 16,604 Posts
    • 10,825 Thanks
    molerat
    • #2
    • 20th Apr 17, 2:39 PM
    • #2
    • 20th Apr 17, 2:39 PM
    You need a money transfer card, unlikely you can pay off the loan with a credit card.
    www.helpforheroes.org.uk/donations.html
    • zx81
    • By zx81 20th Apr 17, 2:39 PM
    • 12,449 Posts
    • 12,624 Thanks
    zx81
    • #3
    • 20th Apr 17, 2:39 PM
    • #3
    • 20th Apr 17, 2:39 PM
    No - you need neither a purchases nor a BT card.

    You need a money transfer option. However, when you don't get the limit you want, accept it anyway and pay off what you can.
    • Anthony2121
    • By Anthony2121 20th Apr 17, 2:44 PM
    • 4 Posts
    • 0 Thanks
    Anthony2121
    • #4
    • 20th Apr 17, 2:44 PM
    • #4
    • 20th Apr 17, 2:44 PM
    i need a card with details to pay it off as its just there as an outstanding balance and i dont really want to only pay of £2,800 of the 5k and still be paying the £200 a month and then try and pay the £2800 off at the same time as it'll just leave me in a worse sitauation.... i want to get the £5k all in one place with interest free period i can clear it in or atleast get it to sub 1k
    • zx81
    • By zx81 20th Apr 17, 2:45 PM
    • 12,449 Posts
    • 12,624 Thanks
    zx81
    • #5
    • 20th Apr 17, 2:45 PM
    • #5
    • 20th Apr 17, 2:45 PM
    That may not be an option open to you. But all you can do is apply.

    But if an extra £28 a month is going to break you, then I think you're going to need to look at any option you can get.
    Last edited by zx81; 20-04-2017 at 2:48 PM.
    • Anthony2121
    • By Anthony2121 20th Apr 17, 2:48 PM
    • 4 Posts
    • 0 Thanks
    Anthony2121
    • #6
    • 20th Apr 17, 2:48 PM
    • #6
    • 20th Apr 17, 2:48 PM
    where and how do i apply and what do i apply for?
    • zx81
    • By zx81 20th Apr 17, 2:50 PM
    • 12,449 Posts
    • 12,624 Thanks
    zx81
    • #7
    • 20th Apr 17, 2:50 PM
    • #7
    • 20th Apr 17, 2:50 PM
    Use the soft search tool on this site, and look for a money transfer card.
    • Anthony2121
    • By Anthony2121 20th Apr 17, 2:53 PM
    • 4 Posts
    • 0 Thanks
    Anthony2121
    • #8
    • 20th Apr 17, 2:53 PM
    • #8
    • 20th Apr 17, 2:53 PM
    do you have a link?
    • zx81
    • By zx81 20th Apr 17, 2:57 PM
    • 12,449 Posts
    • 12,624 Thanks
    zx81
    • #9
    • 20th Apr 17, 2:57 PM
    • #9
    • 20th Apr 17, 2:57 PM
    https://www.moneysavingexpert.com/eligibility/credit-cards/
    • jonesMUFCforever
    • By jonesMUFCforever 20th Apr 17, 6:40 PM
    • 23,822 Posts
    • 11,028 Thanks
    jonesMUFCforever
    Why not overpay on the loan at no extra cost?
    What goes around - comes around
    give lots and you will always receive lots
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