Getting rid of my loan...I'm confused to be frank!

burntout_2

Hi, my name is Tom, not Frank.

First post on here and before I get flamed for not searching I have used the search thread and am still unable to find an answer so hoping one of you lovely people could help me!

I owe £3500 to Egg on an 14.something% Egg loan which is due to be paid off in May 2011 - which is far too far away, and I want to be clear of debt by next August in order to get the missus the engagement ring she deserves.

I have a good credit rating as have never missed a payment on any previous debt and have cleared 2 loans and a credit card before.

Current monthly payments are at £140 but I want to up this to £200 as well as including my payrise due in Jan (not known yet but hopefully another £80 or so a month after tax.

So, am I able to transfer this debt accross to a 0% credit card (on balance transfer) as a standard balance transfer? I'm aware there is a transfer associated with this.

If not, is there a cunning way around this?

I read something about being able to get a credit card which can credit your account with the cash, could you guys direct me this way and have clear instructions?

I apologise in advance as I've not doubt this has been discussed before but I'm after clear answers to get me on track.

I'm more than happy to put the effort in to be a card tart and move around as necessary.

:beer:

CLAPTON

MNBA CCs allow you to BT from your current a/c ... so if you can get a 12 month 0% BT card then this will reduce the interest .. however, there is no guarantee you will get another 0% card after the 12 months but hopefully you would have paid most of the debt off by then.

burntout_2

thanks for the swift reply and loving the use of Acronyms - what is BT?

I appreciate there is no guarentee of getting another 0% card but with so many about the chances of not must be slim, no?

Or do some companies have problems with you switching from lender to lender?

Does the transfer charge earn interest at a certain rate?

From this day on - if I need something, I'll save for it. Or steal...I have no problem stealing!

CLAPTON

BT means balance transfer which is the mechanism you use to transfer money so you can get cash in your current a/c and a debt on your credit card

usually there is a BT fee of about 3%

burntout_2

I was on the way home yesterday when it clicked it meant balance transfer, but thanks for the explination.

I'm going to go this route I think and hopefully the next post will be in 10 months when I have no loan, a huge smile on my face and something in my savings account!

regards and good luck to all of you searching for your solution :beer: