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Balance Transfers on Personal Loans
SinisterDexter
Posts: 4 Newbie
in Loans
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
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
0
Comments
-
I've just realised how bad my grammar was in that thread
0 -
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 here0 -
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.0
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