Please Advise

jacquelinenicholas

i have an number of loans with a bank. could i get a credit card and put the outstanding amounts on to a card and pay it off that way. i have 4 loans in total and have managed to get two of them down to under a thousand pounds. any advise appreciated.

thanks

M_Thomson

jacquelinenicholas wrote:

i have an number of loans with a bank. could i get a credit card and put the outstanding amounts on to a card and pay it off that way. i have 4 loans in total and have managed to get two of them down to under a thousand pounds. any advise appreciated.

thanks

Can you post how much is outstanding on these loans and at what percentage rate?

jacquelinenicholas

i think im paying at about 17% on my loans. two with black horse and two with lloyds. i did once ask if they would reduce the interest rate but they said they couldnt.

£2.777 - black horse personal loan, 36 months left on this one
£1.870 - left to pay for a car. with 26 months left
£788. - left on a lloyds tsb loan and another
£590 - on another lloyds loan

The_Boss

Hmm.

Do you have an Egg or MBNA card? I'd apply for one of those if you havent got one. Then a couple of weeks later, apply for a Lloyds TSB card with the promotional rate on transfers. I imagine that if your repayment history with them is up to date they will be happy to provide a decent limit.

Then you can transfer from Lloyds to Egg or MBNA and then from there to your current account. Blackhorse told me you can only pay off in full rather than extra amounts, so depending on your credit limit, I'd pay off one of the two big loans and if there is anything left then settle one of the smaller loans.