I wanna pay off a loan quicker.

Andybez38

I have an existing loan with barclays with just under £9k remaining. They will not allow me to overpay the loan each month.

I have a barclaycard with a £5350 limit....... Currently £900 owing at 0%

Egg card with £4k limit..... nil balance

Have applied for the m&s &more card been accepted.... dont know balance yet. ( shows on credit record) Can balance transfer at 3.9% untill paid

Applied for an egg money card sucsessful with £1300 limit. Not shown on credit record. (as im with them already)

What can i do to pay off the barclayloan quicker? Any ideas? Not sure what apr i took it out at but am paying £332 pm

CLAPTON

if you can't overpay each month then your only options are to let the loan run to completion or to get a settlement figure and see whether its worthwhile paying it off early.
to assess whether its worth paying off early your need to post the settlement figure and compare this with the normal monthly payment and the number of months left to pay.

all_hours

You'll also need to know the credit limit on M&S to see what you can move around. When I phoned M&S to do a transfer they increased my limit by £1000 without me asking.

You'd be able to use the egg money card to do the transfer into your bank account to pay the loan but you need to check if you can transfer from your other egg card - you usually can't do this between cards of the same company.

Find out what all the different transfer fees, current APRs and LOB APRs will be on each card.

crawley_girl

I had a barclay loan and was able to overpay by paying in from a non-barclay account. I did this regularly and no-one ever said anything and once it was repaid, it just disappeared off my list of account on online banking. Nobody said a thing!

HTH

:heartpuls CG :heartpuls

FatJock

Andybez38,

with regards to overpayment on the loan. If the compnay will not take increased payments, could you not simply go into the branch each month and pay extra off 'over the counter'? That was the regular monthly amount stays the same but the total owed is reduced.

Have you considered this option?

Cheers,
FatJock