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Want to transfer loan to Credit Cards 0%
FrancoG
Posts: 2 Newbie
in Credit cards
New to forum and would welcome advise advise from fellow users.
We have outstanding debt of £8000 with 2 loan companies and were thinking of transffering the debt to a current credit card and then using a 0% deal on balance transfer cards. We were then going to pay as much as we could in the offer period of 0% then transferring the remaining debt at the end of the period onto another card.
Would welcome some advise if this would be feasible and the best deals.
Many thanks
We have outstanding debt of £8000 with 2 loan companies and were thinking of transffering the debt to a current credit card and then using a 0% deal on balance transfer cards. We were then going to pay as much as we could in the offer period of 0% then transferring the remaining debt at the end of the period onto another card.
Would welcome some advise if this would be feasible and the best deals.
Many thanks
0
Comments
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You cannot just transfer a loan to a credit card, for that you would need a credit card which would allow you to transfer fund up to your limit onto your bank account then pay off the loan this way. Only a very few offer that option (mbna, egg, post office), but you are in no way guarantee a limit that high as you would need a credit card with at least £8500 to £9000 credit limit. You would also need to take into account the fee which would be about £320 for 1 transfer.0
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What is your annual income?
What is your total outstanding debt (excluding mortgage)?0
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