Credit Card Advice

lukewallace87

OK so I've managed to find out how much i'm paying on 2 of my loans

Hitachi loan - amount borrowed £3000 (£80.48 x 48 months) = £3863.04 (Settlement Figure is £2,470.33) 30 months left.... I think this is 13% APR

Barclays Partner Finance - amount borrowed 12,995.00 (£281 x 60 months) = £16860 (Settlement Figure £7,247.74) - 26 months left... I think this is 10.8% APR

My tesco loan is £127 month and has 5 months left to run. (don't have anymore information on this to hand)

I hope all above makes sense to someone.

MallyGirl

lukewallace87 wrote: »

Is the MBNA a credit card which i then transfer the funds into my bank account and pay off existing debts that way?

yes it is. Most credit card balance transfers can only be made to another credit card (from a different provider) or a store card, NOT a loan or finance deal. To relocate the loan outstanding balance to a CC you need a money transfer card like MBNA. the money goes into your current account and you use it however you like. There is a transfer fee of around 3% usually but that would be better than some of the rates you are quoting.
Do you earn enough to be considered for further lending - the usual limit is around 50% of gross income and they will not take into account that you will be paying something off (in case you don't).