Loan to card,have I got this right

Marty.L

Hi folks,
having read Martin,s piece on this topic,I just want to double check I am taking the right steps before I plunge headlong into oblivion.
Have 5,000 remaining loan with Northrn Rock at 5.9%.
Can I,
apply for life of balance card(hopefully for 5,000)
apply for Egg moneycard and BT the 5,000.
BT the 5,000 from there to Northern Rock,to clear my loan.
If I now have 5,000 on life of balance card at 3.9%
Can I then BT that to my existing Scouts card where I have 0% and enough available credit.

Are these the right steps or am I going the long way round the houses.
Thanks,
Marty

nomoneytoday

You are thinking along the right lines, although you may find that the interest on the original loan has already been paid upfront, so the saving won't be as straight forward as 5.9% to 3.9%

grumbler

First get a settlement figure from Northern Rock and estimate the actual APR you will pay if you don't settle the loan early.

Also if you want to transfer the balance to your Scouts card, you can do this in a shorter way:

1. BT from Egg to Scouts
2. Use positive balance on Egg to pay off the loan (directly or through a current account)

Simon_B_2

This loan to credit card move sounds ideal could you please tell me where to find it on the site, can't seem to. I'm currently paying 18% APR on my Halifax Loan and shifting it could be a helpful boast. The Loan was a poorly thought through idea in the first place. Live and learn.

grumbler

Cut Price Plastic Personal Loan

See the links to different sections in the brown box on the left ....

Simon_B_2

Many thanks i'm getting on to that right away