We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
a lloyds loan
mando_mando
Posts: 1 Newbie
in Loans
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
0
Comments
-
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards