Best short-term way of raising £15K?

VanMan2007

Hi,

I'm buying a caravan (static, so you won't ever find yourself stuck behind me!)

The cost will be £15K. To finance this, I am selling two endowment policies through a company, and the best firm offer so far is just over £17K. However, they say it could take anywhere between 3-8 weeks to complete, depending on which company I use.

But, to help a family member, I need to buy the van next week!

So what is the best way to raise £15K, to use over 3-8 weeks? I have a good credit rating, good relationship with my bank and several credit cards at my disposal, if that's the best option. I haven't spoken to my bank yet, as I would appreciate the thoughts of the experts here first.

Many thanks in advance for your help.

VanMan2007

Hermione54

If your credit rating is good, try an overdraft. I borrowed £10K from Lloyds/TSB a couple of years ago for about three weeks on overdraft while waiting for a payout; just took a phone call. The interest rate was high, but over a very short period it didn't cost much.

Rafter

Or if you don't want to be clobbered with interest or setup charges try a loan from Northern Rock or someone else who won't charge you early repayment penalties.

Don't indicate you will repay very quickly. You may need to pay an express transfer fee if you need the money that quick.

R.

VanMan2007

Hermione54 wrote:

If your credit rating is good, try an overdraft. I borrowed £10K from Lloyds/TSB a couple of years ago for about three weeks on overdraft while waiting for a payout; just took a phone call. The interest rate was high, but over a very short period it didn't cost much.

Thanks Hermione. Spent 30 mins on the phone with First Direct today. Then 30 mins in the TSB trying to up my credit limit on their card.

Not much further forward. Majorly stressed!!:mad:

Thank you for your post though. Much appreciated.

VanMan2007

Thanks Rafter,

It might come to that. Progress has been slow today.

I appreciate your help.

VanMan2007

Just as an update, I eventually loaded up my credit cards. First Direct wanted me to pay £150+interest for a 3-8 week overdraft. Virgin upped my credit limit to 7.5K with little fuss. Lloyds/TSB, with proof of income and current account status, upped me to 10K. Contacted the company dealing with my endowment, and it should pay out in 3-4 weeks. Job done!

Thanks to forum members for their interest.