Looking to pay of personal loan I have with credit card but loan company will NOT

shez11

Help, plz can someone advise I have a tesco personal loan. I am looking to pay this off in full with a new credit card I have as there is a balance transfer/purchase offer of 20months so due to my personal circumstances this would give me better flexiability regarding my payments. When I called tesco to do this they refused to take payment as it was a credit card surely they are getting there money so why is this. Can anyone help or advise me whats best to do or am I better taking out a new loan and making the term/ yrs longer to lower my payments?

Thank you any help would be greatly appreciated!

opinions4u

If they have to pay the credit card company a fee (e.g. 1.5% of the settlement) why should they accept it?

Will your card company allow a balance transfer to a current account? Then you could pay the loan with a cheque.

paulmapp8306

Worse case, if the 0% is on purchase's as well, pay EVERYTHING with the CC, and use the money your not spending from you bank to pay the loan off.

Cat2011

You cannot pay off credit with credit. Ditto the above - spend on the credit card as long as it is also 0% on purchases, then use the cash in your account to over pay the loan.

balmk

If it is a Super Balance Transfer card, e.g. MBNA, you can transfer an agreed amount to your bank account, and then pay the loan off that way. There is still a fee involved, so you will need to check with your card provider.

If you can tell us which card you have it may get you more responses in terms of advice.

Idiophreak

I'd also suggest that the debt isn't going to go away just by shifting it on to 0%....It seems you're struggling with the affordability of this loan...maybe you should post in the DFW board and they can help you look at areas where you can make some savings....

CHR15

You're trying to pay credit with credit, this is fictitious money. There is nothing to back up the numbers on the page. The way to clear debt is to repay it, not shift it sideways.

I would say this is not allowed but it is happening on a larger scale with Quantitive Easing, print paper money with nothing to back it up.

As above, use the credit card to buy your "stuff", then use your Salary to repay the loan.
Still doesn't solve much though does it as your credit card bill will be rising each month as your loan debt decreases? All you are doing is shifting things without addresing the debt itself.