a lloyds loan

mando_mando

hi martin just read yer book what an interesting read... about 1 ago i got a lloyds tsb loan of £3,000 i pay 100 amonth l have just checked the total and it has risen to £4,500 the money l pay is making no difference could i transfer this balance to a credit card and use your 0% interest for six month tarting method of switching from card to card :xmassign: thanks if you get back to me thank you mark

johannamse

It will have gone up because the interest will be "front loaded", ie: added on the day you took the loan. You might want to try to cancel the PPI (Payment Protection Insurance) if you have any, as this will save you some money.

Or...yes you can swap it to a 0% card. You have to be very disciplined though. You will have to move it every few months and you will have to be careful to NEVER spend on the card, as this debt will be paid off AFTER the 0% section.

Good luck.