card vs loan

blue_hedgehog

Hello I am a 47 year old student who has just finished a degree with a £15,000 student loan. I am now going onto do a 3 year councelling course but am confused as to the best way to pay. I can pay the full amount of £3470 at £84 per month for 33 months or it offers 10% discount with a CDL leaving £3120 to repay or 20% off if paid in full, however I cannot do this but I could with 0% interest credit card leaving me with £2770 to pay then keep swapping cards until paid off. Could you please advise me on what to do. Thank you

CLAPTON

£84 for 33 weeks is £2772 in total
do you really mean that?

how much does a CDL cost and what are the repayments ?

how much can you afford to pay each month?

blue_hedgehog

Hi, we have to pay £516 as a down payment then the rest is paid by instalments on the first option, the same £516 applies to the other two but I am concerned about taking out a loan, I cannot find anything that actually says what the interest would be on it when it is ready to be paid back. At the moment I only work 10 hours a week but am thinking of going back to a previous job in caring to get more money coming in as I am intending to do another college course later this year. Thank you for your help

DARYALS

My thoughts would be to place all of this on a credit card and then simply transfer your balance onto a new account. There are still one or two cards which allow a zero % balance fee and it would work out cheaper paying the handling fees of 1-3% then loan repayments of 6-7%. Make sure you put all the repayments of a cashback card Capital one do 4% that would net you back about £120-£150. Make your minimum repayments each month, save up what you owe and then pay the things off once and for all! Yes it's long winded but you will save money!! :beer:

wayoflife

blue_hedgehog wrote: »

Hello I am a 47 year old student who has just finished a degree with a £15,000 student loan. I am now going onto do a 3 year councelling course but am confused as to the best way to pay. I can pay the full amount of £3470 at £84 per month for 33 months or it offers 10% discount with a CDL leaving £3120 to repay or 20% off if paid in full, however I cannot do this but I could with 0% interest credit card leaving me with £2770 to pay then keep swapping cards until paid off. Could you please advise me on what to do. Thank you

Transfer the balance to an & More credit card, offering 4.9% for the life of the transfer with no handling fee (which wipes out the benefit of the 0%). the minimum payments are going down to 2.5% on the 26th so make sure you try and pay off as much as you can every month, try and fix the amount you pay off, as it is too easy to pay the minimum

if you need some help with calculations then ask me

CLAPTON

sorry still makes no sense
2772 plus 516 equals 3288 .. so where does the 3470 come in.

you really need to clarify these figures before even agreeing to commit to this course let along decide how to choose which option to take.