Loan and credit card advice...

pugzy

Ahh right, never heard of that, thanks for the knowledge

And when I search for these cards through my Credit Expert account (to ensure I'm only applying for what I have a chance at being accepted with), what terms and conditions or small print am I looking for to make sure I know I'm applying for the right product that could do this Super thing? Last thing I want to do is apply for one I have no need for lol!

I apply, get the card, remove the funds by cash and pay the loan, then just pay it as if it's a BT to the credit card lender each month at the rate they've offered, correct?

[Deleted User]

Correct.

MBNA cards mostly do SBTs. Have a read of this -

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

pugzy

Thank you, that link is great and I think I understand it now

I feel this could be the way for me if I can be accepted for it, I won't have it paid off by the end of the promo rate but I'll have made a large dent in it if I'm given the opportunity so could shift it again on another BT at the end.

Could save me £hundreds on interest if so!

If anyone else has any suggestions then please leave them here, thanks!

pugzy

Just looking at the MBNA site, I'm guessing that what I am actually looking for is this "0% on money transfers for 18 months from the date your account is opened (4% handling fee). For this great rate your balance needs to be transferred within the first 60 days of your account opening ".

Yes?

Not the "0% on balance transfers for 18 months from the date your account is opened (2.88% handling fee). For this great rate your balance needs to be transferred within the first 60 days of your account opening "?

For the sake of £130 or so for the 4% handling fee that it would cost to shift the circa £3.5k to my bank account to pay off the Lloyds loan, it would be saving me £40-£50 per month on interest as it currently stands so think it's worth it if they allow me

[Deleted User]

Yes - it's the MONEY Transfer facility you need, not the BALANCE Transfer.

You're getting the hang of this now, aren't you? ::)

pugzy

I am and it's all thanks to you pal!

I just want to get it right, all my life I've done things on the spur of the moment without checking the small print, have learnt from my mistakes and am now over-cautious lol.

All of this and I'll probably be declined anyway knowing my usual luck

I'll be back with more q's no doubt

pugzy

Have now applied for the MBNA card, will see what happens, wonder how long it will take for a response...:)

Worked out that with my repayment plan, I could clear both this £3.4k and the £1k I have on my Barclaycard credit card in 18 months if I could play them both so they were constantly on 0% APR BT deals. I'd up the £3.4k card payments to £200 per month, and pay £30 per month to cover the minimum on my Barclaycard - this combined is what I'm currently paying after both are added together. At the end of the 16 month MBNA 0% period, £3200 will be paid off the MBNA card and £480 off the Barclaycard - leaving 2 months to clear about £500 with a couple of large payments where I can BT the last couple of bits off to other companies.

All of that is only worth it though if this deal works, but doesn't take into account that I will have birthdays and Christmas money factored into that where I can up payments briefly and bring the DFD closer

Fingers crossed...

[Deleted User]

Good luck. Let's hope you'll be accepted and get the credit limit you're looking for. Let us know how it works out, so I can calculate my commission.

Let's see....10% of 3.4k.... plus 5% of 1k Barclaycard balance....plus online advice at £30 per post....plus random unexplained admin fee of £100....

pugzy

Still waiting for a reply from MBNA, how long can it take? Will it be by e-mail or post?

zx81: You can have a meal on me at my restaurant

pugzy

I've just checked my Credit Expert account too as I forgot I had a text message from them earlier saying that some details had been checked, turns out it was MBNA and my new car insurance company, how long after this check (03/04/11) should it take for a decision?

I don't know how good my actual credit score is but all my accounts are on the green/satisfactory and no payments have ever been missed.