Need to move my loan

Jo_Bones

Hi all,

I have a Career Development Loan from the Co-Op that I have to start paying off three months after I graduate, which means payments start in October. I took it out as the payments were deferred, and I haven't worked during the last two years of my course due to attendance requirements.

The problem is once I qualify I need to start building a business (Osteopathy) and so income will be sparse to start with while I'm building a patient list. The deferred nature of the loan means a high interest rate of 13.9%, and with my mortgage holiday and council tax exemption (student) ending in August, my monthly outgoings are due to almost double.

What would be the best way to rid myself of the career development loan and transfer the debt to a cheaper (preferably free) loan? It's £7000.
Are there any cards at 0% that I can transfer a loan to, or do they only take card balances? Remember my income is likely to be minimal at first, so that might make getting a loan tricky.

Alternatively, how amenable do you think the Co-Op would be to renegotiating the loan?

Any advice you could offer would be greatly appreciated.

Cheers.

JB

lynzpower

Barclaycard takes loans at 0% but they seem to be only offering half of what youve got.

the thing is if you have no income, why would any creditor take you on? Can you at least get part time work before transferring them over?

Emmzi

Can you go in to employment first, and build your business evenings/ weekends? More likely to get a loan then.