Debt help

tallpault

My partner has a loan with the bank of scotland could she manage to transer that debt onto a credit card with 0% interest.Any advice would be much appreciated.

poppy_f1

i belevie egg money would be able to do this on, poss would be better asking on the credit card board

mountainofdebt

I think there are a number of things your OH needs to consider:

1. Does she know what her settlement figure for the loan is - and would she get a cc with a high enough limit to pay off the loan?

2. She would need to factor in any balance transfer fees - usually around the 3% uncapped mark.

3. She would have to choose a card that allowed Super Balance Transfers ie she would be able to transfer funds in effect from the card into her bank account....and then she could then pay off her loan using these funds. There are several cards that allow such transfers such as Egg - Martin has written an article on this.

However as with anything your OH needs to be careful - some cards such as those issued by MBNA ask for stupid minimum repayments - usually about £5 (!!!) and all will revoke the 0% offer if the terms of the transfer are broken such as late payment.

Oh and NEVER NEVER NEVER spend on the card once the balance has been made!