Can I pay off a bank loan with a credit card?

Humph08

My Mum recently had a bank loan, unknowing that the interest alone was £3600 over 5 years. I am now trying to help her pay it off sooner, does anyone know if she can pay it off with a credit card please? Or any other ideas?

Thank you

jd87

Get a credit card that allows Super Balance Transfers (transfers of money from the card to a bank account) and then use that cash to pay off the loan.

Cards that allow it include Virgin and MBNA Platinum.

CLAPTON

maybe some details would help

how much is the loan for
what is the APR
what is the monthly payment
over what period
any PPI

what does her credit record say

calebdylan

without the above details we wont come to a conclusion you need to provide more details ........... cause paying a loan with credit card is some serious topic to be discussed

Humph08

loan was for £6000 over 5 years, monthly payment about £160, not sure bout PPI. She has a good credit history but she is 67.

CLAPTON

based on the limited info you have provided then the APR is about 22%

who was the loan taken out with and for what purpose?

Humph08

loan was taken out with halifax

to pay off other bills

CLAPTON

first issue is about her spending: at 67 she really should not be in debt at all.
has she addresed the issues that caused the overspending

is this her only debt?

what is her income?

depending upon her other debts and income it's relatively unlikely that she will get a better rate elsewhere.

maybe a relative could get a loan at a lower APR and then she could pay them instead?

speaker1798

What's a super balance transfer?

tony_the_typer

I dont know what a super bank transfer is but I want one!