6.9% interest until cleared

little_miss_muppet_face

I wish to BT £2615, i have been offered 6.9% until cleared plus 2.5% transfer fee, is this a good deal, ive usually worked with 0% so unsure if this is alot or not..
I can get a 0% if i applied im sure but hoping someone can give me figures anyway,
I usually pay minimum £150 a month or Maximum £250

Anyone help me ?

Appreciated

guesswho2000

It's a good offer, but depends how long you are going to take to clear it.

Factoring in the 2.5% fee, if you paid £150 every month, adding on 0.561% interest per month (6.9%pa) you'd be clear completely in 19 months, pay £250 you'll be clear in 12 months, pay somewhere in between it'll be 12-19 months.

Although with it being LOB, you have no nasty high interest rate to return to if you need to reduce payments for any reason, although make sure you always make the minimum at least, of course!

alfred64

Most people would give their right arm for 6.9% life of balance - so yes, it is a very good offer.

I would be in no hurry to clear this one.

little_miss_muppet_face

Thanks guys... thats good to know...:T