Loan transfer to 0% card - is it possible?

adarynefoedd

Thanks for the support so far. Does anyone know if I can shift the balance of a flexiloan (£4300 now) to the Virgin card. The flexiloan is an HSBC loan, basically an awful arrangement where you can spend up to £5000 and they then take £200 a month by direct debit. I have taken out the Virgin loan and they have given me a credit limit of £5600, can I shift this loan as a balance transfer?

GeorgeUK

Not a straight transfer, but you can do it.

First call flexiloan to see what the settlement figure is - sometimes there is a charge for early settlement, but i'm not sure how the flexiloan works.

For the balance transfer, you can't transfer the funds directly to the loan. What you can do though, as the virgin card does "super balance transfers" (allows 0% money transfers as well as balance transfers to a credit card), you can transfer the required funds to your current account and then you can transfer the cash you now have there to pay for the loan.