How do i do this?

methrift

Hai!

I am grateful for your advice.

I have got a personal loan of 6000(for 24 months) with 3 months deferred payment, so my 1st payment starts in February. The letter said, if i repay before my 1st installment, i dont have to pay any interest or charges.

I opened A&L bank account, which let me apply for 9months 0% balance transfer credit card. They have approved me with 5000 credit limit. Also i opened premier direct account and premier account with A & L with overdraft limit of 1000 each. This again with 0% interest for 12 months.


Now, what is the best way of saving money?. I dont have any unpaid credit cards.And i could afford 300 per month (which i thought of paying for the loan from feb onwards).

I appreciate all the help. Thanks

ps: the A&L card is with 0.5%cashback with 10%bonus on a years spend

[Deleted User]

Stick it in a mini cash ISA and get a tax free return on it?

mountainofdebt

two things strike me immediately.

Ok so you are not paying any repayments towards your loan until february but I guess you are paying interest on the balance NOW unless you repay before febraury.

IF you can repay your loan without incurring any interest charges or penalties and would only repay the capital you borrowed if the loan was repaid before the 1st installment I personally would consider tarting using your A&L card and your overdraft limits.

This may not fit in with your plans for the over drafts etc