Just realised I'm paying 29.4% Interest - Help

Shuggie

Help - I bought a PC this time last year and took the 6 months interest free offer. I had all good intentions of repaying the full amount at the 6 month period but...........didn't. I have now just realised I am signed into a 42 month credit deal at 29.4%, this means I'm paying back £1000 in interest over this period. What's the best option to pay it back at a lower interest rate? I don't think I can pay it off with a credit card (0% One) as the leader wont let me do that. Is a bank loan the next best deal? What do you think?

Thanks for any advise

Old_iron_balls

read the t&c carefully - question is are you allowed to settle early ? if so is there a charge ?

robnye

do you have any credit cards with available balance that you could pay it off with.

as mentioned you may be charged for paying it off early but it will still be less than you would have paid after 4 years

youngmoney_2

You should be able to pay it off by credit card, I'd be very surprised if you couldn't.

Bank loan is probably the next best thing as long as you keep to the repayments. I've done exactly the same thing as you with a camera I bought from Jessops and instead of the 23.9% interest I just took a loan from Nationwide (very good at short term small loans) at 5.7% and now only have to pay £60 more than the original price (works out about £177 p/m without PPI).

Rebob

You could always get a 0% super balance transfer. Get a cc with a 0% balance transfer thing. Apply to get the transfer money which can be paid into your bank account so you can pay off the debt with cash.

HTH