First National 13.97%APR

Andrew_Peacock_2

Hello,

This is my virgin post so please bear with me if this is a familiar question!

I have an outstanding loan with First National taken out to buy a timeshare!! The balance is £6'700. 'm paying a Hooge 13.97% apr.

Obviously, I want to reduce this. I have a saving plan due to come to fruition in Septmber 2008. This will be for approx £8K.

Would I be better off getting a loan for the next 18 months, (over a longer term) and then paying the balance off - if so, what product would you recommend?......OR

Trying to shuffle the £6,700 around on credit cards until the savings plan comes home?

Any help or advice would be very much appreciated.

Andrew.

Rafter

Andrew,

What a shocker,

If your credit rating is up to it, you should certainly try to save yourself some interest.

Credit card shuffle is harder these days but still possible. You need a card where you can transfer to a current account - something like Egg works like this.

With a loan (or credit card transfers) watch out for early settlement charges and balance transfer fees. You don't want a lot of your savings to be wiped out by charges.

Good luck.

R