Please help me with stoozing!

*Summertime*

I have a £13k HSBC loan (£18k inc. interest).

I am looking into a 0% credit card to pay off the loan, I would only need to transfer the balance twice (based on paying off £5k per year). However, I am having trouble searching for a card that would lend me that amount, although I know some people who have £20k on credit cards!!???

Thank you

Mrs_Jojo

It all depends on your credit rating what limit a company will lend you.

Also, a credit card company will charge (probably around 3% minimum) for a balance transfer/cash advance, if you already have the loan, just pay it off!

If you can make over payments, then do, if not, put any extra cash in an account and pay the loan off early when you have enough saved.

Putting a debt on an interest free card is only OK if you can pay it off within the interest free period,wanting to move that debt onto another 0% card in a year or so is a risk as you might not get another deal like that, meaning the original loan (which will already be front loaded with interest) could end up cpsting a fortune!

Stick with your loan :-)

La_escocesa

There's a board about stoozing - people on there might know http://forums.moneysavingexpert.com/forumdisplay.php?f=95

Tixy

£13k is a high starting limit for a new credit card.
MBNA/Virgin tend to give out some of the higher limits and they are one of the few cards that allows you to transfer cash to your current account, to then pay off the loan.

Have you tried to get an MBNA/Virgin card? If accepted the limit they give you will factor in how much you earn, what else you owe etc. If you can't get a big enough limit from them then it looks like a no go - at least in the shorter term.

What is the APR on your HSBC loan? Are you allowed to make overpayments to the loan and can you afford to do so?

Maybe you could rethink the option of moving it to a credit card once your balance is smaller (so you are more likely to get a limit), and perhaps when you could pay off the balance in just one promo period.
The danger of relying on being able to get a second BT when the first one runs out is that you might not be able to (especially in the current and future economic climate) and could end up with the debt stuck on a standard credit card APR, which could well be higher than what you are paying on the loan, and erode the savings you had made on the promo period.

MrsTinks

Stoozing isn't the same as putting debt on 0% cards just for clarification...

I know others have already pointed it out but there is a huge risk with going the 0% route, it's up to you if you are willing to run that risk Personally it was worth it to me and not including my car finance plan (personal choice - the car is worth more than the outstanding finance) I'm now down to under £6k left My loan has it's final partial payment next month (as in the final payment ever - but because it's the last one it's only 1/4 of the normal monthly payment) and then that amount will go on my 0% cards - I have 2
I've not had a problem getting new 0% cards but the limits have been getting lower and lower... annoying as it's meant I couldn't get down to just one card lol - ah well - getting there!