Need to borrow 10K credit card or personal loan

mumfaeaberdeenshire

Got car issues, its dying fast. Need to purchase a decent car, have savings circa 3K, but need to borrow 8 - 10k to top up cost. I tart regularly with balance very small, pay regularly and have a good creidt rating. Current card 0% interest for 12 - 15 months, want to pay in lump sums over a 3yr period. Should I credit card the loan or set up a personal loan? Need to keep other savings ready for the unexpected.

YorkshireBoy

Credit card will be cheaper, so long as you can guarantee future 0% BT deals. Can you? If not, you may prefer the surety of a fixed loan payment throughout with no deal-hopping.

iAMaLONDONER

mumfaeaberdeenshire wrote: »

Got car issues, its dying fast. Need to purchase a decent car, have savings circa 3K, but need to borrow 8 - 10k to top up cost. I tart regularly with balance very small, pay regularly and have a good creidt rating. Current card 0% interest for 12 - 15 months, want to pay in lump sums over a 3yr period. Should I credit card the loan or set up a personal loan? Need to keep other savings ready for the unexpected.

Welcome back after 6 years!

I think you might be best with a 0% card ( maybe try to repay over a 16-18 month period instead of an 36 month period if possible)

mumfaeaberdeenshire

Help required, took out a new credit card from Lloyds with 0% balance transfers and we were informed and stated on their website and paperwork - ~0% interest on purchases for 13 months. Instead of taking out a personal loan for the 9k, we phoned and double checked this lloyds card could be used at the 0% rate for the purchase. Was informed yes, but after one month statement has arrived and has stated a charge for the interest on the borrowing. Spoke to LLoyds who have mearely stated that we were wrongly advised, offered to compensate of £100, but can not give us the orginal 0% rate as advertised and confirmed previously as it was a mistake. We have a very good credit rating and always pay a set amount above the minimum by the payment date. Seeking advice on how we can take their misleading information to the ombusman - advice please!

guesswho2000

mumfaeaberdeenshire wrote: »

Help required, took out a new credit card from Lloyds with 0% balance transfers and we were informed and stated on their website and paperwork - ~0% interest on purchases for 13 months. Instead of taking out a personal loan for the 9k, we phoned and double checked this lloyds card could be used at the 0% rate for the purchase. Was informed yes, but after one month statement has arrived and has stated a charge for the interest on the borrowing. Spoke to LLoyds who have mearely stated that we were wrongly advised, offered to compensate of £100, but can not give us the orginal 0% rate as advertised and confirmed previously as it was a mistake. We have a very good credit rating and always pay a set amount above the minimum by the payment date. Seeking advice on how we can take their misleading information to the ombusman - advice please!

You sure it was 0% on both balance transfers and purchases? Seems odd that they won't honour it if it was their mistake?

jonesMUFCforever

The only offer I was given was 3 months purchase and 13 month on balance transfers.

iAMaLONDONER

mumfaeaberdeenshire wrote: »

Help required, took out a new credit card from Lloyds with 0% balance transfers and we were informed and stated on their website and paperwork - ~0% interest on purchases for 13 months. Instead of taking out a personal loan for the 9k, we phoned and double checked this lloyds card could be used at the 0% rate for the purchase. Was informed yes, but after one month statement has arrived and has stated a charge for the interest on the borrowing. Spoke to LLoyds who have mearely stated that we were wrongly advised, offered to compensate of £100, but can not give us the orginal 0% rate as advertised and confirmed previously as it was a mistake. We have a very good credit rating and always pay a set amount above the minimum by the payment date. Seeking advice on how we can take their misleading information to the ombusman - advice please!

Did you take a screenshot of the 0% offer on purchases and the original paperwork?

jo-bo

You say that you have it on the paperwork. Surely that's all the proof you need.

FireWyrm

My guess is you read it wrong. It was 0% on balance transfers, but only 0% on purchases for a few months.

Perfect example of not reading the fine print. If you have written evidence to the contrary, you can present it to the bank and they must honour it...or your next step is an official complaint of mis-selling to the FOS.

Lloyds_Bank

mumfaeaberdeenshire wrote: »

Help required, took out a new credit card from Lloyds with 0% balance transfers and we were informed and stated on their website and paperwork - ~0% interest on purchases for 13 months. Instead of taking out a personal loan for the 9k, we phoned and double checked this lloyds card could be used at the 0% rate for the purchase. Was informed yes, but after one month statement has arrived and has stated a charge for the interest on the borrowing. Spoke to LLoyds who have mearely stated that we were wrongly advised, offered to compensate of £100, but can not give us the orginal 0% rate as advertised and confirmed previously as it was a mistake. We have a very good credit rating and always pay a set amount above the minimum by the payment date. Seeking advice on how we can take their misleading information to the ombusman - advice please!

Hi mumfaeaberdeenshire.

I'm sorry to hear of the trouble you've had with your credit card. To confirm, was this offer stated on the paperwork you received? If so, do you still have the paperwork?

Thanks,

Cheryl

mumfaeaberdeenshire

Yes, we do still have the paperwork and of course the current and valid statements. What type of information do you require and what format do you need the info in?

sorry I coulnd't work out how to access the forum threads again - haven't used it before.