loan to credit card

halfpint55

I currentley have a loan for £1775 outstanding fron Co-OP bank and need to reduce my monthly payments to help me manage my ever dwindling income so want to ask if it is possible to transfer loan to credit card and if I can is that the best way of managing this debt.

Tixy

Its not possible to transfer a loan to a credit card.

A possible solution would be if you had or could obtain a credit card that allows money transfers (aka super balance transfers). These allow you to put money into your current account from your card(for a % fee), and then use that money to pay off your loan.

Only a few cards offer these type of transfers - do you already have any open credit card accounts? or were you thinking of applying for a new one?

What is the APR on the loan? What is your monthly repayment?
Have you looked into what the early settlement fee would be?
What amount you could afford per month if not the amount you pay currently?

Is getting it onto a card the best way to manage the debt - depends on whether it would be a cheaper APR (after factoring in fees) and whether the minimum payment would be less than your current monthly payment.

If you don't already have a card then whether you would be likely to be accepted for one that offers money transfers could also be an issue - especially as you've mentioned "my ever dwindling income", which could be a concern to a credit card company.

Depending on how far short you are of being able to meet your repayments on the loan you might want to see if you can make other savings/ reductions in your outgoings to free up enough to keep paying the loan. Eg have you checked out comparison sites for costs like utilities, insurances, phones & broadband etc to see you are on the best deal you can find.

You might want to consider completing and posting a statement of affairs on here to see if people can help find places you can save money and get things cheaper so you can keep on top of this debt.
http://www.makesenseofcards.com/soacalc.html