Potentially stupid question re: paying off a loan

Reluctant_Mollusc

Hello everyone,

As the title suggests, I have a question about paying off my Natwest Loan that may or may not be really stupid:

What I am hoping to do is pay the loan off in one go in the next few months. I heard somewhere that the outstanding balance could be transferred to a credit card just like a standard credit card balance, but given my less than perfect credit rating there is no way I could get a card with a large enough limit to take on the outstanding loan balance.

Now, my girlfriend has a far better rating than me, and has suggested that she could apply for a 0% card and take on the debt in this manner with me making the necessary payments to her. I'm not happy with this option as i'd guess that taking on my debts would damage her rating, but does anyone know if a bank would even allow this in the first place?

Thanks very much,

-Reluctant_Mollusc.

ANewEra

You would need to read the T+C's carefully, you might find out that they consider this a 'cash balance' not a 'card balance transfer' which could incur charges at much more than 0%

Nothings ever as simple as it looks!

CLAPTON

in general you can't pay off a loan with a credit card

however, some credit cards will allow you to 'BT' to your current account; so once there you can use the money to pay off the loan. These are mainly MBNA stable of cards

Tixy

This is the list of super transfer cards (which your girlfriend would need to do this) http://www.stoozing.com/sbt.php

but she would become legally responsible for paying your debts. She needs to be made aware of that.

Have you got a settlement figure from the bank? Could you pay this all off within the 0% period (usually 12 or 14m).