Northern rock loan to CC

Barry_Badrinath

Hi, i'm just looking at moving some debt around with a view to reducing my monthly bills overall, i currently have a loan with northern rock, about halfway trhough the agreement with about £1800 paying off about 110 a month at an interest rate of 8.9%.

I'm considering paying this off with my hsbc visa card (19.9%) also with a balance of roughly 1800, which after xmas i'veput a plan together to be paying off £100 a month.

Hopefully with the two combined i'd have the flexibility to vary each month if necesary but still be paying at least the £110 or even as much as the £200.

i'd just like thoughts or advice as i've a nagging doubt against giving up the good rate from northern rock for more than double. also slightly bothered about what the interest per month would be on the top end.

thanks

CLAPTON

maybe I dont understand but what I think you are saying

1. you have a loan from NR of 1,800 at 8.9% paying 110 per month
2. you have a CC HSBC with a balance of 1,800 at 19.9% and pay 100 per month

3. you are thinking of combining them on the CC at 19.9% and pay between 110 and 200 per month?

frankly sounds madness but maybe I'm not understood... you'll end up paying much more interest.

Moggles_2

Would your loan provider accept payment with a credit card?

Also, please bear in mind that your standard balance transfer rate, whatever it happens to be now, is not fixed. It's variable. HSBC could decide to raise this rate even higher at any
time :eek:

Barry_Badrinath

That was just sounding off mainly, couple of suggestions made by the wife, after a few phonecalls this afternoon though i've managed to get a balance transfers sorted for the 1800 on the hsbc card to my halifax cc, on a lifetime balance of 3.94%, and with very little mithering they reduced my annual apr from 22% to 17%.

Many thanks to MArtin lewis and his Credit card shuffle advice, he's really helped me today, i was surprised at how easily halifax agreed to my request, much unlike hsbc who don't do any BT offers at the moment, they don't discuss reductions of APR rates over the phone, and don't allow you to arrange direct debit payments over the phone either.

Rosiebear_2

Hi, slightly off subject but can you confirm the lifetime rate of 3.94% on the halifax cc?

I phoned today and they offered me 7.92%

I have a reasonable limit of 14000 on the card and have banked with them for years with never a missed payment and until fairly recently paid off in full every month.

Is the rate offered at the discretion of the person answering the phone? and did they give you a time limit as to how long you had to transfer the balance?

Sorry for the thread creep.

Barry_Badrinath

Rosiebear wrote: »

Hi, slightly off subject but can you confirm the lifetime rate of 3.94% on the halifax cc?

I phoned today and they offered me 7.92%

I have a reasonable limit of 14000 on the card and have banked with them for years with never a missed payment and until fairly recently paid off in full every month.

Is the rate offered at the discretion of the person answering the phone? and did they give you a time limit as to how long you had to transfer the balance?

Sorry for the thread creep.

yeah, they suggested two options zero % balance transfer for 9 months and 3.94% rate for life, both offers were available till the 25th of february(iirc).

Chances are the 3.9 was so low as may credit limit was £1800, i presume they adjust it for for higher limits.