Reducing Interest

nickbrat

Hi

I have a loan for £15,805 and i am curently paying off £360pm to reduce the debt

From this repayment amount i have to pay approx £125/£130 pm in interest.

Does anybody have any ideas as to how i could reduce this interest payment therefore paying off the debt quicker.

Nick

CLAPTON

whats the APR

if you can get a lower APR loan you could use it to repay the original loan

nickbrat

CLAPTON wrote: »

whats the APR

if you can get a lower APR loan you could use it to repay the original loan

Thank you, the reason i'm asking is that i did a credit check through oney supermarket and i came out with an excellant rating.

Following that and in a real spooky way the Halifax phoned me and asked if i would like a credit card, interest free for 10 months within an hour of me doing the check (big brother or what)

I refused but came off thinking that if i was to get a o% credit card or maybe even 2 to cover the loan and then become a bit of a tart i could get rid of the interest all together. Going along the "Egg Money" route.

Does this make sense or am i being a total idiot? It wouldn't be the first time, lol

CLAPTON

you can try... but you're unlikely to get a sufficiently high CC credit limits and you then have the risk of not finding another card at the end of the 0% period.

what's the APR ?

nickbrat

CLAPTON wrote: »

you can try... but you're unlikely to get a sufficiently high CC credit limits and you then have the risk of not finding another card at the end of the 0% period.

what's the APR ?

The Apr is 9.9%.

The interest is calculated daily, and only on the outstanding amount.

If i settle the loan early, i will only pay interest up to that day and there are no administration charges for this.

CLAPTON

you could try to get a loan at a lower APR and pay this one off.. if you can get a loan at a couple of %age points lower and maintain the same payments you would save about a 1,000 over the life of the loan