I am a bit? lost. Can someone help me, please

dinerodinero

hello,

I have got a loan with Halifax, I took it for 74 months in May 2009, the amount of credit is 11,098 and the total amount to pay is 14,254.56. APR 197.98 and every month I pay 197.98.

I rang them on 5th and they told me that if I pay the loan before March, it will cost me 8,786.68. At the moment I have not got the money however I was thinking to ask for 9,000 as a loan to another bank and do a balance transger to pay this one, hopefully paying much less interest with the new bank.
Well that is my idea but i do not know if it will work and I would like ot know if anyone has got some ideas, tips, ...

Thank you very much

USM

Providing your salary is adequate (>£40k per year) to cover the exposure for both of these loans it's undoubtedly worth taking out another to reduce the interest you pay.

CLAPTON

maybe re-read your post and correct the APR

Tixy

I think your APR is around 9.5% - based on the figures given. I'd think it might be unlikely you will find a cheaper loan in the current climate.

dinerodinero

Sorry the APR is 8.4%, thank you Clapton

CLAPTON

dinerodinero wrote: »

Sorry the APR is 8.4%, thank you Clapton

if you can get a loan with an APR significantly less that 8.4% APR then could be good if not then no good.