BOS Loan

Robert1992

I currently have a loan with bank of Scotland and I'm paying 29.9% interest rates and have 30 months repayments left. I took the loans out 2 years ago without thinking of the huge interest rates I would be paying. I'm not struggling to pay this back however I would like to think there is a cheaper way to clear this off.

What would be the best action to pay the loan back interest free possibly with promo credit card or new loan?

Thanks for any help!

Rob

Tixy

How much do you currently owe on the loan? Have you asked them for a settlement figure?

Do you have any negatives on your credit files that you are aware of?

If you can get a loan with a better interest rate then that may well be worth doing.

With a credit card you'd probably be limited to a money transfer card (which are limited - MBNA is the main one) and charged a fee to transfer money to your bank account - that you could then use to settle the loan.

Robert1992

I currently have around 2k left to clear the loan and a settlement figure of around 1500. No negatives as far as I'm aware. Experian credit score was roughly 926 last time I had an account around 2 months ago.

I shall look into possibly applying for an MBNA credit card. Sounds like the easiest option if accepted.

Thank you for your response

Tixy wrote: »

How much do you currently owe on the loan? Have you asked them for a settlement figure?

Do you have any negatives on your credit files that you are aware of?

If you can get a loan with a better interest rate then that may well be worth doing.

With a credit card you'd probably be limited to a money transfer card (which are limited - MBNA is the main one) and charged a fee to transfer money to your bank account - that you could then use to settle the loan.

20aday

In addition to Tixy's excellent advice above Virgin Money also have credit cards where you can transfer money into your bank account too.

Out of MBNA and Virgin Money Virgin have the longest interest free transfer promotion however MBNA have a 'soft search' tool on their website which will give you an indication of if you'd be accepted (or declined.)