Paying off a loan with a balance transfer card

karlEmma

Evening all, last year a tookout a £4000 loan to pay off credit and store cards, so I had it all to pay in one payment each month.
I'm paying £100 a month but having recently bought my first house with my partner I could do with some extra cash at the end of each month.
My question is, would a balance transfer card help me out?
Clear my overdraft, loan and give me a bit to play with each month?
Thankyou in advance

DCFC79

I don't know if a BT card would work, you would have to read your agreement to see if you can use a card to pay the loan off.

glentoran99

So you consolidated, it didn't work but you are trying to do the same again with a little bit of a tweak? The definition of insanity is doing the same thing over and over and expecting different results

forgotmyname

Wont the minimum payment on a £4000 credit card balance be around £100 a month anyway? Saving your a couple of £ per month, but with the transfer fee taking longer to payoff?

Spend less and pay it off maybe the best option for you?

karlEmma

Thankyou, just exploring my options.

forgotmyname

Debt free wannabe board and do a SOA ? They will help you cut costs and save more.

poppasmurf_bewdley

karlEmma wrote: »

Evening all, last year a tookout a £4000 loan to pay off credit and store cards, so I had it all to pay in one payment each month.
I'm paying £100 a month but having recently bought my first house with my partner I could do with some extra cash at the end of each month.
My question is, would a balance transfer card help me out?
Clear my overdraft, loan and give me a bit to play with each month?
Thankyou in advance

You are overspending.

You need to reduce your spending to fit in with your income. As has been said above, do an SOA.

DCFC79

I echo the advice you have already received.

Cut your spending, whats the reasoning for the extra cash each month ? Is your partner doing the same ?


I hope the futuse is well with you two. Big move buying a house with a partner