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Help with Paying off a £25K Loan (£8k Balance)?

lnjk
lnjk Posts: 895 Forumite
I took out a £25K loan over 5 years and have about 15 months left, I think about £8K to pay.

Is their anyway I can pay this off with a credit card on 0% Balance Transfer??

Or can anyone tell me if their is a cheaper way that I can pay this off with the idea of paying off more than the £500.00 a month that I pay for this load as I have extra money some months and can possibly pay it off in 8-9 months??

Thanks for any help in advance

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    you need to find out how much it would cost to settle the debt.
    you may find its not worth it as all the much of the interest has been front loaded and you're better off just saving your spare money in a saving a/c
  • lnjk
    lnjk Posts: 895 Forumite
    Thanks for that, I will not get charged for paying the full amount off early
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    some credit cards will allow BT from your current a/c. e.g. EGG Money, MBNA stable of cards.

    whether or not its worth it depends upon the rate of interest you are paying, the BT fee and how much you can spend each month
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