Want to transfer loan to Credit Cards 0%

FrancoG

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

stephane_2

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.

stephane_2

What is your annual income?
What is your total outstanding debt (excluding mortgage)?