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Balance transferring to current account to pay off loan?
Hello All
I made a few mistakes during my early 20's which really stunted my finances. Namely taking out a £10k loan with Egg to spend on a car... I've learnt from that mistake now!
8 years on I'm down to the last £2k left to pay on the loan with £0 on credit cards and £650 in the bank.
When my loan was with Egg I was happy with it. Their online system was very easy to use and very easy to make additional payments with or get the settlement figure. Now they've sold my loan to Moorgate I find it's near impossible to get them on the phone so I've put a request in with them online. Still awaiting reply 2 days on.
My question is, can I use my Barclaycard's balance transfer of 0% and transfer £2k onto my CC and drop the money my Current account? Then use that £2k to pay off Moorgate and wipe out my loan. I then cruise the remainder of the debt on 0% paying off at least the £170 I paid previously or more if I can afford it.
With the debt on 0% I would save money on interest as well as giving myself the easy opportunity to make additional payments when possible - hassle free.
This sounds all good to me, but is there a better way to do this or can this even be done? I'm pretty sure in the past when I had an Egg credit card years ago they let me balance transfer at 0% like this.
I made a few mistakes during my early 20's which really stunted my finances. Namely taking out a £10k loan with Egg to spend on a car... I've learnt from that mistake now!
8 years on I'm down to the last £2k left to pay on the loan with £0 on credit cards and £650 in the bank.
When my loan was with Egg I was happy with it. Their online system was very easy to use and very easy to make additional payments with or get the settlement figure. Now they've sold my loan to Moorgate I find it's near impossible to get them on the phone so I've put a request in with them online. Still awaiting reply 2 days on.
My question is, can I use my Barclaycard's balance transfer of 0% and transfer £2k onto my CC and drop the money my Current account? Then use that £2k to pay off Moorgate and wipe out my loan. I then cruise the remainder of the debt on 0% paying off at least the £170 I paid previously or more if I can afford it.
With the debt on 0% I would save money on interest as well as giving myself the easy opportunity to make additional payments when possible - hassle free.
This sounds all good to me, but is there a better way to do this or can this even be done? I'm pretty sure in the past when I had an Egg credit card years ago they let me balance transfer at 0% like this.
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