Just got a loan from my bank... Only went in to pay a cheque in!

mummybearx

Well, what a strange day so far! Went to the bank this morning to pay in a £10 cheque from a comp win, chatting to the woman about needing to pay off my credit cards, store cards etc. I said I had applied online to get a loan to pay them all and was refused. Long story short, she applied in branch for me, and I was instantly accepted! :j

She got the money transferred instantly into my bank, so Im sitting with £12000 in the bank right now, have never even seen that amount in my life! Covers all the credit cards, the store card and will clear my overdraft!

So maybe a daft question, do I now just log into my online banking and pay what is outstanding to my credit card? Ive just had a payment taken from my bank, so should I wait for this to update before I pay the balance? In fact, all my bills have just been paid, when is the best time to pay so I don't gain any more interest, but so I don't end up in credit or needing to make another payment?

x

I should say, I've been paying back the minimum on these cards for about 7 years now, never missing a payment, but never paying more than the minimum. So basically getting nowhere anytime soon. I'm still in shock that my bank accepted me for this loan!

Tixy

I'd pay them all now the balance that shows to pay the least amount in interest. You will still probably have trailing interest to pay on all cards anyway next month (the interest due from the date the last statement was generated to when your payment is received) and so you should be able to clear the account to nil when you pay that next month.

Hope you are going to cancel most of the cards and overdraft so you don't slip back into them?

mummybearx

Oh yes yes yes, all cards are being cancelled as soon as they are all paid!

Will log into the bank just now and pay... Oh my this feels very strange :rotfl:

rdchick

I did something similar last year... however unlike you I didn't close the cards or overdraft. Just wish it could happen now as I have my head fully screwed on and know what/how to do it - would be great to have 1 fixed amount and that's it