How do I pay £11,000 loan using credit cards

langleybear

Hi all,
i have £11,000 loan which was used to consolidate various things like my car finance , credit cards etc. Unfortuantly i didnt find this website until i already got this loan which now of course i realise getting it was stupid. It was £13,000 over 4 years paying back £3000 in interest from Barclays. I only got it because i got turned down last minute from tesco which was only £800 interest over 2 years, this was beacause i had been over my overdraft the previous month . All i had to do was wait a bit .
I read Martins article about using credit cards to pay it off by getting them to transfer the money into my account paying off the loan and then doing balance transfers on the cards so that im paying it off intrest free but this costs money for them to put the money into my account and then more to do the balance transfers . I would also need alot of credit cards to do this which will damage my credit scoring which i want to make good as i want to buy a house when this is all sorted . It only costs £100 to pay the loan off early. Pleeeeeeeese does anyoneone have any tips or easier solutions i would be very gratefull.
Chris

tom188

My first tip would be to spend some time looking through the dozens of threads on the subject both on this board and the credit cards board.

The advice is always the same.
Consider your credit worthiness.
Get an MBNA card and or egg money + other credit card.
Space out applications and dont apply for too many.
Transfer to current account.
Pay off loan.

And you may be better with Life of Balance cards if you dont want to have to do it all again in 9-12 months.

jonesMUFCforever

What APR is the loan?
Can you not overpay into the loan thus reducing further the interest charged and will bring the number of months left to complete repayment down.