Credit Card Balances to Loans

Mitchy93

I have recently repaid a Halifax loan and have two credit cards with them with large balances on them

I asked if they could convert these credit card balances to a loan to reduce the interest and payments being made to the cards but they refused to do so. It seems ridiculous that on the one hand Halifax agrees a fixed term loan which was repaid within their terms and conditions but they cannot assist with a new loan to reduce my monthly outgoings significantly.

Any advice would be gratefully received !!

I don't think any other financial institution would take on the total credit card borrowing

Anthorn

Mitchy93 wrote: »

I have recently repaid a Halifax loan and have two credit cards with them with large balances on them

I asked if they could convert these credit card balances to a loan to reduce the interest and payments being made to the cards but they refused to do so. It seems ridiculous that on the one hand Halifax agrees a fixed term loan which was repaid within their terms and conditions but they cannot assist with a new loan to reduce my monthly outgoings significantly.

Any advice would be gratefully received !!

What you are demanding is that Halifax takes a reduction in interest and therefore a reduction in profits. Unlikely.


I haven't ever done it either way, preferring to stay with original contracts and pay what I owe. But it seems to me that it's usual to balance transfer credit card balances to 0% credit cards and not to loans. I suppose that exists somewhere though.

CLAPTON

Mitchy93 wrote: »

I have recently repaid a Halifax loan and have two credit cards with them with large balances on them

I asked if they could convert these credit card balances to a loan to reduce the interest and payments being made to the cards but they refused to do so. It seems ridiculous that on the one hand Halifax agrees a fixed term loan which was repaid within their terms and conditions but they cannot assist with a new loan to reduce my monthly outgoings significantly.

Any advice would be gratefully received !!

I don't think any other financial institution would take on the total credit card borrowing

if your income is good and your credit files are fine then just apply for a loan

you then use it to pay off the CC

or you could apply for a 0% CC and do a balance transfer

grumbler

Mitchy93 wrote: »

...It seems ridiculous that on the one hand Halifax agrees a fixed term loan which was repaid within their terms and conditions but they cannot assist with a new loan to reduce my monthly outgoings significantly.

Their business is to make profit, not to reduce your outgoings.

As advised above, just apply for a loan to Halifax or any other lender and, if accepted, use it to pay the CC off.

...I don't think any other financial institution would take on the total credit card borrowing

Yes, because they have no means to make sure that the CCs get closed if they give you a loan, and your total available credit will double if they give you a loan big enough.

It's true that the bigger debt you have the more difficult it gets to refinance it. At some point it becomes simply impossible.