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Cutting the cost of existing loans
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Hi all,
I've been quietly reading and learning from this site for the last 5 months. Thus far I have got control of my debt problems in the short term and I'm now ready to actively look for the best deal.
I'm hoping you can help me with a problem I have to solve...
I currently have £1486.98 left on a personal loan with HSBC. I am paying off £135.18 on the 15th of each month, meaning that my final payment is in August 07 (can't wait :j ).
I have read through the article 'cut the cost of existing loans' and the 'cut price plastic loans', and this sounds like a great way to save myself some money.
However I have a couple of questions:
I have read through the articles carefully and can't see any reasons why this shouldn't be a viable option, but wondered why it wouldn't be mentioned in Martin's guide.
If anyone has any comments or advice to offer, that would be great.
Thanks and keep on saving :beer:
Don.
I've been quietly reading and learning from this site for the last 5 months. Thus far I have got control of my debt problems in the short term and I'm now ready to actively look for the best deal.
I'm hoping you can help me with a problem I have to solve...
I currently have £1486.98 left on a personal loan with HSBC. I am paying off £135.18 on the 15th of each month, meaning that my final payment is in August 07 (can't wait :j ).
I have read through the article 'cut the cost of existing loans' and the 'cut price plastic loans', and this sounds like a great way to save myself some money.
However I have a couple of questions:
- Is there any reason why I can't transfer the balance to a 0% card once I've done the 3 steps in the cut price plastic article?
- Are there any alternatives to the Egg Money card?
I have read through the articles carefully and can't see any reasons why this shouldn't be a viable option, but wondered why it wouldn't be mentioned in Martin's guide.
If anyone has any comments or advice to offer, that would be great.
Thanks and keep on saving :beer:
Don.
0
Comments
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First find out if there are any penalties for early redemption, and your settlement figure. That will tell you if its worth your while.0
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Hi - thanks for replying.
I have looked into the settlement amount, and it is £1459.56.
As I understand it, if I could shift this to a 0% credit card, then earn interest in a savings account, this would be worth my while?
Cheers,
Don.0
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