Advice Please

SCO

I have a bank loan 3 years left on it roughly £6500 left at 7.9% but took PPI so the real APR will be higher. I also have just got a credit card with £2200 on it at 0% for 15 months.

• roughly £360 a month, loan has PPI, credit card has not.

Would I be better taking a new loan to cover both the loan and credit card at roughly 8% for the 3 years

• roughly £260 to £270 a month, no PPI.

it it worth putting the credit card balance to a 8% loan than keep it on the 0% for 15 months to get a cheaper monthly payment.

Kazipoo

I wouldn't imagine so.

I have worked out that you should be paying roughly £180 - £200 on your loan monthly and roughly £110 on your credit card. Therefore monthly payments roughly should be £290 to £310 shouldn't they?

You might save by not having the PPI, but then you are not covered should something go wrong, and also you will have additional interest to pay that you wouldn't have been paying on your credit card. Plus, your credit card would be paid off in roughly 20 months just by paying the minimum and you would be extending that to 36 months if you include it in the loan.

LeeSouthEast

What kazipoo said. PPI in the current economic climate is a very good idea to have.