ok please help !!

clarissa_D

but she could also say she wants to see the loan statement wich is y i wont use my savings im hoping to have a budgeted wedding next year.. so i would be really stuck on that

clarissa_D

thank u music man i dont want to use my savungs i would like to know how i go about getting a credit card to get 0% interest and if i have savings in the bank would that have any effect on credit rating to get the card ?? this was origional question.

CLAPTON

seems to me

a. have you asked what the cost of paying the loan off is if you pay it now ...if so what is it?

b. is your credit rating good enough to get a 0% credit card ..and will it have a balance transfer fee? and will it allow you to clear a loan? (some do and some only allow CC balance transfers)

Toomuchdebt

I have no idea about whether savings will affect your credit rating however being a single mum on benefits definitely will(I am unable to get any kind of 0% card and haven't been able to since becoming a single mum).All you can do is apply and hope for the best.Also if she wants to see the loan statement if you transfer it to a 0% card you will have the same problem as if you paid it off yourself-she will see a balance of 0 and might not pay you any more(I don't know how well you get on with your friend and how likely she is to refuse to pay you back once the loan statment says 0 )

clarissa_D

right there isnt a penatly for paying it off

and also what cards can i get to do a balance transfer? i have a couple of months i really wanna sort it and clear it i would be soo happy

clarissa_D

yer but i would get a statement from the 0% balance transfer and the total amount ect so there still a statement for her to see..

CLAPTON

for best credit cards deals read

http://www.moneysavingexpert.com/creditcards

but it depends upon your credit rating whether you will accepted.

southernscouser

Clarissa, sorry if I have got the wrong end of the stick but it is late!

You took a loan out for your friend. But she is paying it back? And the interest on the loan aswell?

If so (please don't take this the wrong way, it's not meant to sound harsh) why are you worried about paying it off early?

If I've assumed correctly above, I personally would be against getting a credit card to pay it off. What would happen if your friend stopped paying you? Would you be able to pay the debt off before the interest free period runs out?

Also the temptation would be there, if say your friend gives you £65 a month and your minimum payment is only £30, to only pay the minimum some months when you might be short and it will end up costing you more in the long run. Also if you were to spend on the card if ever you were desperate it would balls everything up. I know you might say you never would spend on it but learn from my mistakes hun! :rolleyes:

I think you realised that you made a mistake in getting the loan for your friend in the first place, my advice would be not to make another mistake by getting a credit card.

clarissa_D

thanks for the advice i know i wouldn't spend any of the credit card i have my partners credit card details and i don't spend on it i have loads of oppertunities to but i never do thats why i managed to save £700.. the card would also enable me to start tarting e.g even more money.

clarissa_D

well after a couple of really horriable days im looking a little more positive..
apart from having a teething 7 month old little un.. having to put my poorly rabbit down i have had for 9 years so im really gutted then i had a majour pregnancy scare !!.
anyway well paid another £70 on loan so were getting there..
also another shocker my fella told me how much debt he has £7k loan he got out a year ago repays £180 pm with natwest he got a high 1 as he already had a £2k loan and he needed to get out money for me as i needed help starting new job ect plus the overdraft he had and credit card needed paying he dosn't know how much in total.. but really hoping that it will be sorted soon i thought of mystery shopping but the tax stuff worries me as i don't want to lose my benefits ect.
thanks guys im trying to get debt free asap