Loan to credit card

shittus

Hi to everyone out there,i'm new to this site,but I'm looking for a bit of advice.
I've had a loan from the Natwest which has £6500 left (£9000 initial amount) which will be paid off by 2013. The apr rate is 10.2% which was lower thant the initial 16.9%. I do have a virgin card but that's maxed at 0%.
Would anybody recommend geting this £6500 onto another 0% credit card to get it paid off quicker or should i say pay less back? At the moment I pay £195.00 to this loan. Or is it recommended to try another loan at a lower interest rate with 3 years remaining, I cannot afford to pay anymore and I know there are no "short term" solutions, apart from winning the lottery,but any advice would be welcome

Cheers

[Deleted User]

if you went for another loan for the £6500 the apr would be higher than 10.2%,if you went down the cc route would you get a limit of £6500+?not forgetting the 3% transfer fee plus the 18.9% apr after the 0%period and the payments would be £180 a month anyway
if it were me i`d carry on with the existing loan.

shittus

Cheers thanks for the help, but if i went down the 0% apr cc route then opted to change it to another 0% apr card before the original 0% apr finished could i not then be saving from the chop and change route?

Tixy

Quite hard to get 0% cards at the moment - particularly for £6.5k limits. Even harder to get 2 at the same time which you need at the handover period.

You probably won't get mainstream total credit above 50% of your salary and you'd need say £6500 limit on the first card, say £5000 limit on the second card, you'd also have your virgin card which is maxed and any other credit accounts/overdrafts you have open whether they have balances or not) All in all unless you are earning a pretty high salary is seems unlikely.

From the info you have provided I'd stick with the loan you have

Tixy

Plus there are only a few cards that will do a transfer from a new card to a loan. These include the mbna stable of cards but as you already have a virgin card on 0% you won't get another 0% card from the MBNA folks. So your choice on initial card lenders will be limited.