cc to clear loan

endisforever_2

i have 2.5k loan with halifax and i pay with around a year left to run.

i just got my annual statment and i pay 186 per month and 66 of that is interest.

my first question is do you think its wise to put the balance on cc to pay off as if i could pay manully on the net i would pay more than i do now.

second is, is putting a loan amount onto a cc classed as a balance transfer or is that only from another cc.

just take the 0% 12 months tesco c/c if i was accepted for this i would not pay any interest on thr remainder of mu loan as if would be paid with the 12 months.

but how would you go about getting the money from my loan to the c/c do halfax let you pay your loan off using a c/c

Moggles_2

Is putting a loan amount onto a cc classed as a balance transfer or is that only from another cc?

It's not possible to transfer a personal loan balance to a credit card, at least not directly, but you may be able route the money via your current account.

A few rather special credit cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. A handling fee applies, but there are no other charges during the introductory 0% period. You then have funds in your current account with which to pay off the loan

You need:

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

Moggles_2

P.S. I've just seen your edited post.

Take the 0% 12 months Tesco c/c: if i were accepted for this, i would not pay any interest on the remainder of my loan as it would be paid within 12 months.

Like most credit cards, the Tesco card does not have this capability.

Also, I believe the current deal offers 12 months interest-free on purchases, but for BTs, it's 0% for 6 months.

Moggles_2

Do you think it's wise to put the balance on a cc? If I could pay manually on the net, I would pay more than I do now.

You'll need to factor in the handling fees (3-4% depending on the card) and check the Hally's Ts & Cs. Some lenders charge an early repayment penalty, if the loan is settled in full before the scheduled date.

endisforever_2

there are no erc's on my loan

so the only way to do it would be to draw the money from the card and put into my accout then pay the loan with money in my bank

do you not get chargd extra interest on money drawn form a c/c

greenmantle

do you not get chargd extra interest on money drawn form a c/c

Yes you do, usually. Unfortunately - check your terms & conditions, the 0% might not apply to cash advances.

Moggles_2

endisforever wrote: »

So the only way to do it, would be to draw the money from the card and put into my [current] account, then pay the loan with money in my bank. Do you not get charged extra interest on money drawn form a c/c

Normally, yes.
Please read #2 above, which explains how to avoid this.