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Halifax Credit Card to Loan
hummy
Posts: 194 Forumite
in Credit cards
Having evaluated my finances recently, i called the halifax up to see if they could help me with the credit card i had. Although i wasn't struggling with my payments and could meet the minimum payments, i really would like to have it paid off.
They suggested converting the credit card debt which is charging 24.9% APR with a min payment of £110 to a personal loan with an APR of 6.8% and a payment of £75 a month over 5 years (i think). I am continuing to pay the £110 anyway to try and pay this loan off as quickly as possible. But i thought it was a great thing they did for me and it has no adverse affect on the credit rating. I've just ordered mine and it shows the credit card as being settled in full and showing the new loan.
Obviously making the minimum payment on this loan is at least bringing the balance down compared to paying the minimum on the credit card, and i'm hoping with a good few months at work i will have that paid by the end of the year.
Is this something that all credit card providers do? I tried with marbles but unfortuantely this was not possible to do. And haven't tried with Barclays yet.
But maybe this is a good solution for those of you who want to pay off the credit card debt quicker. The downside however is that they do close your credit card account, but for me that is not an issue, as i seriosuly regret taking so many of them out now.
They suggested converting the credit card debt which is charging 24.9% APR with a min payment of £110 to a personal loan with an APR of 6.8% and a payment of £75 a month over 5 years (i think). I am continuing to pay the £110 anyway to try and pay this loan off as quickly as possible. But i thought it was a great thing they did for me and it has no adverse affect on the credit rating. I've just ordered mine and it shows the credit card as being settled in full and showing the new loan.
Obviously making the minimum payment on this loan is at least bringing the balance down compared to paying the minimum on the credit card, and i'm hoping with a good few months at work i will have that paid by the end of the year.
Is this something that all credit card providers do? I tried with marbles but unfortuantely this was not possible to do. And haven't tried with Barclays yet.
But maybe this is a good solution for those of you who want to pay off the credit card debt quicker. The downside however is that they do close your credit card account, but for me that is not an issue, as i seriosuly regret taking so many of them out now.
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