Cheapest way to get rid of a £5000 bank loan?

Jimnick

Hi,

I'm wondering if I could transfer the bank loan that I have to a credit card 0% interest rate card which Martin has links to on this site. Would this be the best way, the chaepest way, for me to pay off this debt?

Thanks Jim

betti911

It depends on your credit rating and also how quickly you can pay off your loan. I did this with the Virgin 0% deal and its worked out okay for me.

poorandindenial

My Virgin 0% has sorted me out a treat on my last remaining credit card debt and I have worked out that I can pay off the balance before the promo period expires. I pay the minimum off the card each month and chuck the rest into an ISA (or will do - needs will of iron though to make sure you don't dip into it) then will use the ISA to clear the card at the end.

Try putting the details of all your scenarios in www.whatsthecost.com/snowball.aspx and it will tell you what the interest is.

Jimnick

Thanks to the replys, looks like I can pay of the debt via a credit card. I shall seek independant financial advice as well, thanks