I need to get rid of this loan.

Lynford

It's like a millstone around my neck.

It's a Cahoot flexible loan (yeah, I can hear you groaning now) and while I am giving them £175 a month, I seem to be paying off about £60 a month out of that.

Q1) I have just written to them requesting a settlement figure. Will this just be what I can see on my online statement, or will it be more money / less money ?

Q2) What is my best way to pay this off (I don't have the money) What I do have is x2 credit cards that I can get 0% for a year, just paying the BT fee (which I have found I can negotiate)

Thanks for any help

CLAPTON

it would be helpful if you said approx the loan amount and the APR and the CC limits and what the max you can pay off each month.

but your options:
a. get a cheaper loan.. depends upon your credit rating and pay off the cahoot loan.

b. it depends upon which CC you have but most will not let you BT to a loan, but the MBNA and egg money cards let you BT to your current a/c and then of course you can pay off the loan... but that depends upon your CC limits and who they are with. If they dont allow BT to your current a/c try to get a egg money (not ordinary egg) and use that as a mule card.
But you need to consider what happens at the end of the 0% period... will you have paid off the CCs?

Lynford

CLAPTON wrote: »

it would be helpful if you said approx the loan amount and the APR and the CC limits and what the max you can pay off each month.

but your options:
a. get a cheaper loan.. depends upon your credit rating and pay off the cahoot loan.

b. it depends upon which CC you have but most will not let you BT to a loan, but the MBNA and egg money cards let you BT to your current a/c and then of course you can pay off the loan... but that depends upon your CC limits and who they are with. If they dont allow BT to your current a/c try to get a egg money (not ordinary egg) and use that as a mule card.
But you need to consider what happens at the end of the 0% period... will you have paid off the CCs?

Thanks, for the info CLAPTON.

A) Credit rating is fine I think, so another loan is deffo an option.

Loan is standing at 8.6k. CC1 has a limit of 16.5k of which 9k is taken up by a current BT. CC2 has 14.5k limit and nothing on it.

Won't have paid the CC's off in the 0% BT times, but I can do another BT next year ?

For the total of 8.6k + 9k, I can pay off at least £400pm, quite often more.

Thanks again :T