Career Development Loan - Full Repayment

moneysavingmaniac

Hi,

My Career Development loan repayments start at the end of the month 30/12/09

As the rate is going to be 12.9% I want to take out another loan and pay it off.

Can someone please tell me how I do this?
Do I take out another loan and pay it directly (im guessing to the sort code and account number on my loan statement) or do I instruct the new loan company pay the old one?

Cheers

Also are there any pitfalls I should watch out for?

CLAPTON

you ask your CDL lender for a settlement figure so you know what you owe.

you then get a new loan and use the money once it gets into your bank a/c to the CDL loan

however 12.9% isn't a bad rate

moneysavingmaniac

Thanks,

Its just I have seen loans as low at 7.9% and thought over 4 years that will be a substantial saving

dmg24

moneysavingmaniac wrote: »

Thanks,

Its just I have seen loans as low at 7.9% and thought over 4 years that will be a substantial saving

But will you be able to get a loan at that rate?

moneysavingmaniac

Im an optimist