creditcard?loan????

moggy

i have a car loan of £3700 & a credit card of £1900,i am trying to consolidate the two to get the monthly payments down(car loan £190,minimumpayment so far £40 on credit card,)what & how do i do this,please advise!!!!

grumbler

Start with reading Martin's articles:

Cut the cost of existing loans?
Personal Loans: how to get the UK's cheapest
Cut Price Plastic Personal Loan
The Best Balance Transfers: cut the cost of existing credit card debts

And think about getting down not monthly payments, but APRs ...

Julia_Jaffa

I am in a similar position but have a 13.000 loan to run for another 40 months at 6.2%. I have read the above articles and the advice seems to indicate that I transfer money to a good life of balance card and also become a 0% tart. Amex will give me up to 9500 for transfer on 4.9 BUT... won't transfer the balance from a loan. Presumably I need to find a credit card company that will give me a cheque book so I can write a cheque to pay the loan company in the first place. Then I could transfer the balance from that company and do the tart bit ... phew a bit complicated. Any advice on credit card cheque accounts or am I going about this in the wrong way entirley folkes?

must_stop_digging

grumbler`s links are best way to go

my personnel experience last year i used egg card to pay off a&l car loan ,this can be done like cc transfer details are on the egg site . I then transferred to 0% card .The trick to debt freedom is not to reduce the payments but continue same repayments either on the card or another higher % debt .So far this strategy has brought my debt free date forward by 4 years, still skint financially
but boy does it feel good :j

grumbler

Julia_Jaffa wrote:

...Presumably I need to find a credit card company that will give me a cheque book so I can write a cheque to pay the loan company in the first place. Then I could transfer the balance from that company and do the tart bit ... phew a bit complicated. Any advice on credit card cheque accounts or am I going about this in the wrong way entirley folkes?

See:
REVENGE! Make Free Cash from Credit Cards => The Middle Route

Egg Money card even with a small limit will be a very usefull supplement to any low LOB card ...

Also: What is a Super Balance Transfer?

moggy

thanks for the help,it is much appreciated