Pay off loan BT to LOB BA Amex?

Rate_tart?_sticks_and_stones.....

We have just over £9500 outstanding on a cahoot fixed rate 5.7% loan with 38 months remaining.The early repayment penalty would be £45 but if we could get a LOB @ 4.9% we could repay the loan in 24 months (we would set up a direct debit and never use the card) thus saving a lot of interest.

However, this is where we're getting out of our depth.I understand that we would have to apply for an Egg card and then do a SBT into our current account from which we would clear the loan balance. We would then do a BT from Egg to say BA Amex then set up a DD to make the monthly repayments. Please correct me if that's not right. However, does anyone know how likely it is that we will be given a high enough credit limit by both Egg and BA Amex to do this as I gather from other posts that credit limits are getting tighter?

So I would be really grateful if someone would tell me if I have this right and is it worth doing?

Thanks