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Transfer a Loan Question

Gunderful
Gunderful Posts: 443 Forumite
in Debt-free wannabe
Hi,

I have a loan with Bank A - is it possible to transfer that loan to Bank B that offer a better rate, a bit like a credit card balance transfer?

Or is the best way to open a new loan account at Bank B and then pay off Bank A?

Thanks
Gunderful a.k.a JudgeJules8165

Comments

  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    Whats the difference ?
  • Tixy
    Tixy Posts: 31,455 Forumite
    Usually it would need to come through your bank account I think.
    Some providers may agree to pay it direct. But one poster this week is suddenly being chased for an old debt they know was paid by a new loan from welcome and is struggling to prove it. So I'd say safer to have the money to you and then you pay it out.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • DGJsaver
    DGJsaver Posts: 2,777 Forumite
    Isnt there some small print when youa pply for a loan , about what its for ? and if you say its too pay off another loan they wil do it for you ?
This discussion has been closed.
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