Loan help!

rayrussell2000uk

I have a natwest loan and am paying out £152 a month to repay it. They take off around £60 Interest each month. There is £3,695 left to pay. The loan has around 3 years left to go.

Is there anyway of using 0% credit card transfers to repay this earlier thus save the interest fees. Over the course of the year £60 is obviously a lot.

Any help would be great!

Thank you

claret_mike

You need a card that can balance transfer to your bank. Without details of income, credit history etc and details of other debt, not easy to say.

May be worth reading martins guide on credit cards and doing his search to see if likely to be accepted.

rayrussell2000uk

I get about £10,000 a year so not a huge amount. Hence my issues. I have no other debts and my credit history should be fairly good, no late payments or ccjs. Any help would be greatly appreciated.

YorkshireBoy

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs


However, don't build your hopes up because with a £10K income and existing debts of £3,695 the chances of you securing the necessary circa £4K credit limit (to allow for the fee and 95% restriction) on an MBNA card are slim.

bargainbetty

If you have the means to make any over-payments against the capital, that is probably going to be your best bet to reduce the interest you pay.

Can you increase your income at all, and use the extra to bring down the debt?