nationwide secured loan to credit card

must_stop_digging

Hi
Sorry bit of a long post
As part of my debt reduction plan I was considering moving a secured loan with nationwide for £7100 at 6.6% to credit card ,preferably Morgan Stanley 5.9% life of balance. The main reason was not for reduction in apr (as the transfer fees from egg and then m/s would wipe this out) but the ability to snowball current credit card payments when cleared in Jan 07 . however have found nationwide to be very good no problem when asked to cancel ppi a few months ago , and when I called today to get a settlement figure was told that there would be no problem making additional payments by sending cheques. Just wondering whether should stay with nationwide and is it normal to allow extra payments

Jule$

I have a secured loan with the Nationwide and am now regularly making extra payments. I have to say they are excellent to deal with and always helpful (so far anyway!!)

They allow it because of the way the interest is charged, they did explain it to me but can't remember what way it works but by making extra payments you are reducing the interest owed and obviously the principal.

By moving from them you wouldn't be saving anything really so why not just plow in the extra you have to them each month by cheque and as soon as its clear concentrate on the rest.

Good Luck

Jules

must_stop_digging

hi jules
that has confirmed my thoughts
thanks
john