How to shift my debt?

bex993

Hi.

I am looking for some advice. I have £2038.75 of a loan paying £116.18 a month. I want these repayments lowered but they won't do it for me.

Is there a way of paying this off with an interest free credit card?

Thanks

jonjamie1970

If you can get a card with another organisation then you should be able to clear the loan with the card, unlikely you will get one for longer than 18 months though, whats your current interest rate ?

NeverAgain_2

Nothing to stop you if you can get a card which will do it.

Most of the blurb talks of 'balance transfers', which really refers to other cards, rather than loan accounts.

Credit card cheques would have done the job, but they are no longer issued.

You might need a card which will let you put the 0% balance into your current account.

Not sure if there is such a thing, but I am sure someone on the credit card board will know.

The other thing to check, and double check, is that you have the correct settlement figure - not the balance outstanding - for the loan.

lvm

The transfers to your bank account are called Super Balance Transfers (I think...) and I'm sure the most recommended companies for them area MBNA/Virgin.

I called up MBNA for a friend to see if they had any existing offers for balance transfers and the answer was "No" but there may be some good New Customer deals...