I want to pay off my loan but I'm not allowed!

lisa76

I took out a loan with Black Horse last year for £2900. I hate being in debt and I want to pay it off. I thought the best way for me to go is to put it on a 0% credit card and pay it off that way. I've just rung now and my balance is £2746 :eek: which frightened me, but they won't accept payment with a credit card, only a debit card.

I obviously haven't got the funds to put in my bank, can someone please give me some advice on the next step. Obviously the £50ish I'm paying a month isn't reducing my balance by much at Black Horse, and it's brought home with a bang the reason why I've never had a loan before!

scotsgirl_3

BIzarrely, the collections centre does take payments by credit card - go figure I know! Although you ren't behind, just call up and give them the agreement number and say you want to make a payment. they'll just ask for the card number, not what type it is! You may get transferred to customer services, but if you do then just try again - the majority of people won't bother as it takes longer to transfer you than it does to take the payment! No guarantees it will work but it is definitely your best bet

hope this helps.

i suppose the phone number wld be useful! its 08702402262 - i wouldsuggest not putting your details into the IVR as it may put you thru to cust services. just hang on an when you speak to someone give them the agreement number and act dumb if they point out that you are up to date "os someone must have given me the wrong number, i just want to make a card payment for £xxxx" could you take it for me etc etc

lisa76

i got through to customer services but they now said they'd accept payment on a credit card up to £500, so I've paid £500 off - leaving my balance now £2246.

any ideas when i can ring and pay off another £500????

thanks in advance for any replies - i feel better just paying £500 off today!

scotsgirl_3

I woul actually try again today - the card payment won't show on your account summary until tomorrow - they credit overnight - so it would rely on whoever took your payment having made a note on your account. Ths often doesn't happen. Again it totally depends on who you spoke to but it's worth a try. Basically the cust service guys aren't able to put thru a credit card payment of more than £500 at any one time, but i'd be surprised if it would pick up multiple payments.:rolleyes:

lisa76

thanks a lot scotsgirl, i will try again tomorrow then

Rafter

Lisa - be careful your payment doesn't get treated as a 'cash advance' by your credit card company - this could cost you a lot in fees and be exempt from any 0% offer you have.

You could get hold of a 'super balance transfer' card like egg or mbna that allow you to make transfers to current accounts or loan accounts.

You could use a 0% on purchases offer to buy all your shopping and petrol and put the money you save into a high interest savings account until you have enough to pay off your loan.

R.

lisa76

Rafter wrote:

You could get hold of a 'super balance transfer' card like egg or mbna that allow you to make transfers to current accounts or loan accounts.


R.

Thanks for your reply rafter, what do you mean by this? do you mean that i could somehow get £2000 from one of these credit cards into my current account or pay off my loan without incurring a fee?

i don't really want to pay for everyday items on a credit card and then pay it off as i don't think i'm disciplined enough for that - i'd lose track of what i'm spending on a daily basis

i know that this sounds like i wouldn't be able to pay off the loan on my credit card, but i would, it would be nagging me day in day out that i'd have to pay it and i'd more than likely pay off a bit each week

justruth

You might just as well balance transfer the whole amount, it will incurr a fee of about 2.5%, but then the lot is at 0% and you can over pay very easily on acredit card amount and clear it in record time.