Barclays loan

alexbryan

Hey guys,

Quick bit of advice please. I'm £8k in debt on three credit cards. Currently the minimum payment on the cards totals £172 a month. I've tried balance transfers, but I've got to the point where the amount I'm being offered on the new cards doesn't cover the outstanding amount on the old cards.

I think getting a bank loan to pay off the cards is probably the way forward. I'm a long time Barclays customer and they are currently offering a £10k loan at 9.9% APR over 5 years. I'd end up paying around £210 a month, but I'm guessing I'd pay more off that way compared to just paying the minimum payment on the 3 cards.

My question is, is it worth scouting around looking for a better loan, or is 9.9% APR pretty decent? As a Barclays customer am I more likely to get that loan accepted than if I went to a new bank? What do you guys think?

CHR15

Why don't you get an £8k loan and pay the cards off??

iblametheparents

Remember, Barclays have a Price Match Guarantee - find a loan anywhere for the same amount over the same term and they will undercut whatever you find by £1/month. You need to have been agreed by the other company and have a copy of the agreement.

alexbryan

CHR15 wrote: »

Why don't you get an £8k loan and pay the cards off??

Good point! Well I've got a graduate overdraft of £1,500 which I've pretty much used up at the end of each month before pay day, and I'm planning to start renting my own place quite soon so could do with having the OD as an emergency backup and bin the credit cards all together.

Kneale: IYO am I just as likely to get accepted for the loan by applying online, or would it be better to go in and talk to a personal banker this weekend?

iblametheparents

alexbryan wrote: »

Kneale: IYO am I just as likely to get accepted for the loan by applying online, or would it be better to go in and talk to a personal banker this weekend?

How do you know you can have a loan for £10k? Are you looking at your pre-approved offers on your online banking? If so, then you are guaranteed to get this, subject to you being able to afford the repayments and confirming eligibility, ie being a UK resident and taking the loan out for an acceptable reason, etc.

It makes no difference if you do it in the branch or online. If you'd like to go over it with someone but not go into a branch then you can call 08457 555 555 and do it via Telephone Banking.