Does anyone know if I can transfer Egg loan to Marbles credit card?

chocaholic110

Have just been accepted for Marbles credit card and it says they will send balance transfer cheques to transfer balance to their 0% for a year card.

Does anyone know if I can send one of these to my Egg loan account to reduce some of the balance to 0%?

And is it worth doing? Am currently paying 7.7% on Egg loan

FriendofDorothy

I would have thought that the interest on the egg loan was already worked out into the repayments, therefore saving you nothing.

Phoenix79_2

Surely you can transfer the funds from Marbles into your bank account then settle the loan with Egg.

FriendofDorothy wrote:

I would have thought that the interest on the egg loan was already worked out into the repayments, therefore saving you nothing.

Yeah but you'd get an interest rebabte as such. Say if you had 10 payments of £200 left on your egg loan, if you asked for a settlement it might be £1850...and then your transfer that debt onto a 0% card therefore paying back an overall smaller debt due to no interest on it. That is just a very rough example!

crawley_girl

I have an egg loan and was told that interest was not front loaded on to the loan and was worked out on a daily or monthly basis - sorry I forget which.

Phone marbles up and ask them but I would imagine that you could write a cheque for the outstanding loan balance and thus it would be transferred on to the Marbles credit card.

:heartpuls CG :heartpuls

chocaholic110

FriendofDorothy wrote:

I would have thought that the interest on the egg loan was already worked out into the repayments, therefore saving you nothing.

The interst is added monthly I think, I know that I pay £245 a month but the loan only goes down by about £177 a month.

chocaholic110

crawley_girl wrote:

Phone marbles up and ask them but I would imagine that you could write a cheque for the outstanding loan balance and thus it would be transferred on to the Marbles credit card.

:heartpuls CG :heartpuls

Thanks, think I probably will do this once I find out my Marbles credit limit (Watch, it will be for about £500 or something!!)