Credit Union Loan

Dunree

Hi guys,

I wonder if someone can check my figures.

I can get a loan through my unions credit union.

This would be used to pay of my Barclaycard.

These are the figures from the Union:

Total Amount Borrowed £ 3315.00
Four-Weekly Payment £514.63
Total Interest £ 97.00
Total Amount Repayable £3412.00

If I go down this route, will I save money?

B/card is 21.9% and if I have done my sums right, I think I'll pay £251 in interest payments if I continue paying them my current £500-00.

Does this look correct?

At the moment, I don't use the card, but I pay £500-00 per month towards it. I've also made a couple of lump sums lately just to bring down the interest on the account.

If I go down the credit union loan road, I'll pay them the £500-00 instead.

Does it make logical sense to do this???

And do credit unions use CRA's??

Any help would be much appreciated.

Regards,

Dunree

opinions4u

What's the rate of interest on the loan?

And do credit unions use CRA's??

Many do.

Dunree

opinions4u wrote: »

What's the rate of interest on the loan?

Many do.

Credit union is 9.9%

opinions4u

Dunree wrote: »

Credit union is 9.9%

That should drive your decision.

It also supports your maths.

The key, once you have repaid the credit card, is not to build up a new balance on the Barclays facility.

Dunree

Hi Opinions,

Now had a slight change of plan.

I registered a couple of PPI complaints with MBNA.

They held up their hands to the first one a couple of weeks ago, and today I received a letter from them re the second.

They have held their hands up for that one as well

As a result, the £2500 I will receive from the refund will go towards the Barclaycard. With some money I have in the bank, I can pay it all off

Will be debt free sooner than I thought

Thank you for your input though, it was appreciated

Elizabeth99

Which credit union loan were you looking at? There's directorys listing credit unions like https://www.creditunions.co.uk but there don't show interest rates for savings/loans