Transferring a foreign loan

Bryn_2

Hi,

Bryn here; newbie - thought I'd jump straight in as I couldn't see an intro forum or anything like it (but shout if you want to know).

My question is to do with my student loan. I'm Dutch, moved to the UK in Sep 99. In 97 I started paying off my Dutch student loan; currently left to be repaid EUR6460.99 at current monthly repayments of EUR 80.25. It comes down to just under £4,500.

I have a monthly transfer of £125 set up from my Barclays account to my Dutch account; £15 of which are transfer costs. I can't help but think that there must be a better way of doing this.

The Dutch student loan authorities don't allow repayments from foreign accounts, which is why I've had to maintain my Dutch account.

The way I'm seeing it is that I'm losing £15 per month in order to pay off a foreign debt (split at EUR2,327.64 @ 3.52% and the remainder at 5.18%), and I'm sure that once I close down my Dutch account and free up that £125 I'm transferring each month, I'm going to be better off taking out a loan here, in the UK, use the funds to pay off the student loan in one go, and just pay off the UK loan.

What's the best way to do this? I think my credit rating is okay, although I have completely overlooked an old credit card once or twice, so there may a mark somewhere. As far as I can remember, I haven't ever had any loan applications declined.

Your thoughts will be most appreciated.

Cheers,

Bryn

Alt

£125 = EUR170
Forgetting about the difference, as your repayment is only EUR80, I suggest (if you afford) to transfer larger amounts less frequently i.e. quarterly transfer.

Bryn_2

Alt wrote:

£125 = EUR170
Forgetting about the difference, as your repayment is only EUR80, I suggest (if you afford) to transfer larger amounts less frequently i.e. quarterly transfer.

Hey, thanks - that's a pretty good option!

Bryn

rich0148

OK - here is my go

Step 1. Look at the chapter on the forums about stoozing and learn.

Step 2. Apply for an Egg Card https://www.egg.com

step 3. Ask for a 4500 pound credit limit.

Step 4. Pay 4500 into your uk account and pay off Dutch debt in full.

Step 5. Using what you have learnt about stoozing, keep moving the debt around various cards using the balance transfer at 0% option and pay 125 into a high interest account until it reaches 4500, then pay off the cards,

Step 6. Stop stoozing (or contunue - its up to you!!!!)

Oracus

Bearing in mind the interest rate that is probably charged on your student loan, it could well be worth doing what is suggested above - trasferring more on a less regular basis - at a guess, you'd pay more in interest if you paid ot off with a cheap personal loan, that you would in transfer fees quarterly.

Os`

jonesMUFCforever

As all posts above offer good advice I am wondering as a non Uk national whether any bank or credit card company would accomodate Bryn?

That's a Welsh name though isn't it? Are you sure you 're Dutch?