We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advise needed on BT
Options
michaeldc
Posts: 66 Forumite
Hi all, here's my situation, hopefully someone can offer some sound advice.
I currently pay off a loan with 13 more payments of £141.54 to go - the total being £1840.02 left to pay - my friend told me that if i could pay off my loan in one go i would pay less and they couldn't charge me the whole interest amount. I also have a £500 overdraft that i am being charged £5 a month on for having, i would like to get rid of this amount (and the facilty as well) but can't imagine being able to afford to do that while paying this amount off.
Is there a credit card system i could exploit for a year that would give me enough money to pay off my loan and overdraft? A 0% deal that would be financially better for me than what i currently do? I know i would be paying more a month becuase of the overdraft but if this is offset by a reduction in the total i owe for the loan then i wouldn't mind so much and i would plan to get it paid back in 12 months as i currently am now.
I guess i'd need a loophole, a way to get cash from 'purchases' on the credit card that comes with 0% on purchases for a year or something.
Hopefully someone can help.
Many thanks for reading
Michael
ps, not a new user just forgot my old login!
I currently pay off a loan with 13 more payments of £141.54 to go - the total being £1840.02 left to pay - my friend told me that if i could pay off my loan in one go i would pay less and they couldn't charge me the whole interest amount. I also have a £500 overdraft that i am being charged £5 a month on for having, i would like to get rid of this amount (and the facilty as well) but can't imagine being able to afford to do that while paying this amount off.
Is there a credit card system i could exploit for a year that would give me enough money to pay off my loan and overdraft? A 0% deal that would be financially better for me than what i currently do? I know i would be paying more a month becuase of the overdraft but if this is offset by a reduction in the total i owe for the loan then i wouldn't mind so much and i would plan to get it paid back in 12 months as i currently am now.
I guess i'd need a loophole, a way to get cash from 'purchases' on the credit card that comes with 0% on purchases for a year or something.
Hopefully someone can help.
Many thanks for reading
Michael
ps, not a new user just forgot my old login!
Debt free!
0
Comments
-
please ignore, posted in wrong forum here. SorryDebt free!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards