Loan Settlement with A credit card?

Jamie_Coveney

Hi, i have a settlement figure of approx. £1,500.00. I applied for a credit card to pay this off as the repayments on the card would be cheaper at 0% on purchases for 9 months than the loan. Both the loan and the card are with Halifax. Halifax are saying they wont take a credit card payment, only a cheque or bill payment. Is this right or can i persist with this?

You cannot do this with the card as the will charge me astronomical charges for drawing cash.

Any ideas?

Rafter

Jamie,

Although it might take you a few months, how about putting all your spending on the credit card, and the cash you save build up to repay your loan.

Otherwise you need to get hold of a card that will allow transfers to loan accounts - think MBNA still do this.

R.

Dollywood

Hi Jamie

You could try applying for a Virgin credit card, they've got one of the better offers on the market at the moment, 15 months 0% on balance transfers, and they also allow you to transfer money into your current account which goes as credit on your card, thus giving you the money in your account to settle your loan and 0% interest on your credit payments. I did it myself with my overdraft as was fed up of paying interest to HSBC every month for overdraft which was costing on average £16-£18 per month, so asked Virgin to transfer money into my account and now paying off my overdraft interest free :-)