Transfer personal loan onto credit card??

tallulah8

I need your help PLEASE!! -

I have 4258 left on my personal loan which is being paid off sept 2012 (I pay £150 a month a present - 9.45% ANNUALLY).

I have had an idea – if I put this on an interest free credit card (and continue to pay it off - £200 a month - which is £50 more a month than my personal loan monthly repayments) then I would be better off than keeping it as a ‘loan’ as I wouldn’t be paying the loan interest and I would be paying off £50 extra a month to reduce the time left on my loan???? After the 12 months free interest, I would then transfer it to another credit card??? What do you think??? I could pay it off in a smaller amount of time really.........???? on my loan, I have worked out that I pay £50 a month in interest (i think!).... So confusing!!

i look forward to hearing all your advice!! thank you!! xxx

Infidel

Sounds good if you can afford the extra £50 a month. Though you should check your loans terms and conditions regarding early settlement as the majority seem to charge an early settlement fee (though it's prob still less than the interest you'll pay).

cooltt

It's a brilliant idea and i've done it loads of times. You just have to make sure you get a credit card that allows you to do a balance transfer of the loan because most don't allow this, MBNA and EGG do.