Balance Transfers on Personal Loans

SinisterDexter

Hello all,

I took out a Personal Loan with my bank (Barclays) for £5000.
The period was 5 years (60mths)
Paying back roughly £7000
APR was ridiculous as I couldn't get approved by other lenders

With total settlement, costs included at around £4800.
I was considering loan switch to shift around £1700 of the debt.

However it would be with another 5 year loan hence slightly pointless.
So instead what I want to try it clearing the debt on a 0% balance card.

Only problem is I haven't the faintest idea where to start.
Can anyone offer an idiots guide for the idiot?

Kind regards
SinisterDexter

SinisterDexter

I've just realised how bad my grammar was in that thread

Paully232000

You would have to get a money transfer credit card, which is one that allows you to transfer a certain amount (usually 90%) of the CC limit to your bank account. Then you pay off the loan with this money.

Will cost you a fee of a few % and be 0% for a certain amount of time.

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

have a look here

tonyh66

you also realise that you need to pay the money off the card before the 0% runs out, or you will be paying an even higher rate of interest than you would be on the loan.