Advice needed

cookieliz

Looking for a bit of advice,
I need £7000 for a new bathroom, it is a small company who don't take credit cards - cash or cheque only.

I have £7000 in a cash Isa and my plan had been to use £4000 of that money and use my new credit card from Halifax which offers 9 months interest free for the extra £3000. My plan has now got to change so I need some advice.

Do I withdraw all the money from my ISA to pay? get a LOAN for the full amount? use another credit card cheque and then transfer the balance to the new card which also offers 9 months interest free on transfers, or is there another way?

I am obviously looking for the cheapest way to do this, Thanks in advance!

ThankYouAndEnjoy!

hello

using a credit card cheque and then b/t to another card will incur 2x fee's, both probably around 3% of value.

Have you been quoted on a loan APR? its prob likely to be higher than your ISA.

Have you any other savings other than an ISA, or an overdraft that you could utilise?

Would the comany accept credit card as payment, maybe obtaining a 0% purchases credit card payable over 10months or so?

cookieliz

Thanks. I have been searching for a loan on the internet and the best deal seems to be Asda offering 5.9% interest rate. My ISA interest is 5.3% but I dont want to cash it all in as that is all my savings, I am possibly looking for the cheapest option of getting £3000 and dont know how best to go about it. I don't like to have much debt which is why I am reluctant to take out a full loan. Any ideas?

firesidemaid

hello

have you had several quotes? £7000 sounds a lot for a bathroom. do you really really need it?;)

cookieliz

Trouble is There is a lot of work needing done, cupboard taken down to fit in a shower, ceiling,walls and floor renewed, a window fitted as well as the bathroom suite, shower,tiles etc.
I know I should use my savings but it hurts me to see it all go so quickly after years of saving. Thanks all for the advice.

pinkshoes

My parents spent £7000 on their (large-ish) ensuite bathroom, as they wanted something posh and luxurious!! They then spent £1500 on the main bathroom as it was 18 years old and in need of referbishment! (New flooring, new tiles, extractor fan etc...)

£7000 is ALOT of money for a bathroom, and if this is all your savings, then my advice would be to spend £3000 on a bathroom which will probably look equally as good.

If you can get a loan with a lower rate than your ISA, then it's worth doing, but then if that was possible, everyone would take loans and invest them in ISAs!!! Your best bet is using your savings from your ISA.

(but i still think £7000 is ALOT of money for a bathroom!!!!!)