Paying off a Professional Career Development Loan with money transfer

GMaudsley

I took out a PCDL from Barclays in 2010 and have a year of repayments of £216 per month left, amounting to £2600.

I saw that you can do a money transfer for 0% interest for 26 or 24 months with Virgin Money or MBNA to help pay off expensive overdrafts or payday loans, but can the same be used to pay off a PCDL?

If I transferred money from the credit card into my current account and used this to pay off most or all of the remaining £2600 and then repaid the card at a lower rate, then I'd be better off, but is there some rule that says you're not allowed to pay off loans in this way? I know typically you can't pay off loans with credit cards, but these favourable deals might make it possible.

Also, if I haven't paid the Virgin/MBNA credit card back within the 26/24 months, can I transfer the balance onto another card still?

Hope someone can clear this up for me!

imoneyop

Virgin have a freephone number, so the quick way to get a definite answer would be to give them a call - rather than waiting on the off chance that someone on here might have done something similar in the past.

CLAPTON

you are transferring money directly to your bank account:

you can obviously spend money from your bank account anyway you wish

it's been discussed here thousands of times and it's standard advice

there no need to phone anyone

jonesMUFCforever

......Be careful you may only have x amounts left at £216 but this is not a redemption figure.
Find this out first and then work in the transfer fee to see if it is worthwhile doing.

AFK_Matrix

If you do get the 0% transfer card then DO pay it off in the period it has the 0% as while you can get another 0% card to transfer the balance onto it is not a gauranteed thing. We don't know your credit history but who knows what can happen in 18-24 months. And if you don't get the 0% card to transfer onto then your going to pay quite a bit of interest.