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Flexible options?
spamalot
Posts: 117 Forumite
Bit of background, I recently took out an £22000 loan to consolidate all of my debts with Barclays the balance of which is currently £21,500 (approx). I have fixed payments of £371 per month. The loan rate is approx 10% over 7 years.
Now fast forward a few months, I have worked out that by Dec I will be able to make payments of £1000 per month (at which point the loan balance should be approx £20K ish) and am determined to clear the debt as soon as possible. I am looking for a flexible solution that would allow me to make over payments without penalty and one that is at the lowest interest rate possible. I have an egg card which currently has a balance of £1200 which I could clear. The limit on the card is £14K and its still in the 0% balance transfer period. I recently asked for it to be put up to £20K (worth a try
) but this was refused. My thinking was to go down the credit card tarting route, but this doesn't seem possible at this stage given the size of the loan. For further info, I earn roughly £45K PA and my only other debt is my mortgage at £157K.
Does anyone have any ideas or suggestions?
Now fast forward a few months, I have worked out that by Dec I will be able to make payments of £1000 per month (at which point the loan balance should be approx £20K ish) and am determined to clear the debt as soon as possible. I am looking for a flexible solution that would allow me to make over payments without penalty and one that is at the lowest interest rate possible. I have an egg card which currently has a balance of £1200 which I could clear. The limit on the card is £14K and its still in the 0% balance transfer period. I recently asked for it to be put up to £20K (worth a try
) but this was refused. My thinking was to go down the credit card tarting route, but this doesn't seem possible at this stage given the size of the loan. For further info, I earn roughly £45K PA and my only other debt is my mortgage at £157K.Does anyone have any ideas or suggestions?
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