Life of Balance Clarification

alunp

Hi

This is probably a daft question, but there's nothing like making a fool of oneself on a first post so here goes...

I have a HSBC Gold credit card, and I also have a loan with Virgin.

The credit limit on the HSBC card is pretty high and would soak up the Virgin loan. The loan, as well as being a nasty %age of interest, is very punitive in terms of not allowing me to be pay more than the assigned monthly payments.

I'm looking for an option which would allow me a cheaper interest rate and greater flexibility in paying off the loan.

Is it possible for me to get a life of balance transfer from the Virgin loan to the HSBC card, or can I only do that with a "Super Bank Transfer". I ask because I'm not sure I'd still get a card with a credit limit big enough to soak the loan in full.

Thanks for your help

Al

Robert_Sterling_3

Am I missing something.
You seem to be saying that you have a Virgin Loan and that you are not allowed to pay it off early.
What more can anyone say.

alunp

Robert_Sterling wrote:

Am I missing something.
You seem to be saying that you have a Virgin Loan and that you are not allowed to pay it off early.
What more can anyone say.

Sorry Robert, I've not explained myself well.

I'm able to pay off the loan in full, but I'm not allowed to pay it off quicker.

So for instance, if the monthly payments are 100 I'm not allowed to pay it off 200 a month so I can get rid quicker. But if I want to pay it off in total then I can.

As such if I were able to transfer it across to a card that would do the trick.

I'm thinking I'd need to do a SBT on this though

Milarky

Have you considered the intermediate option of applying for another personal loan which allows for flexibility on the repayments before trying to get in on to a credit card? [That way you could still reduce your debt faster according to circumstances -possibly getting a slightly lower rate too- and just use the LOB cards as these came on offer]

As regards HSBC - just ask them. Either they will endeavour to accommodate you on a LOB rate, or else they would surely put you through to their loans department to see if they can do better than the Virgin loan [it never hurts to ask]