Urgent 118 Loans help!!

dealer_wins

My local greengrocer also doesnt take credit cards, its a hard life out there.

Herzlos

Almost no-one lets you settle finance with a credit card (I'm not actually sure why).

Your only real option is to shift the money into your current account first and clear it from there - super balance transfer is your best option, cash machine your quickest (and probably still cheaper than the 118 interest).

ReadingTim

Herzlos wrote: »

Almost no-one lets you settle finance with a credit card (I'm not actually sure why).

Mainly because you're not actually settling it, you're just moving it around. It's the reason you can't borrow your way out of debt.

andyfromotley

You could do as suggested

a money transfer to your bank account if you have this facility on your card (or try applying for one that does allow this.

draw out cash on your credit card, normally this is prohibitively expensive but will be a lot cheaper than 118.

Do all of your normal spending on a cc and then use the cash you didnt spend to pay 118.


hope this helps.

andyfromotley

Herzlos wrote: »

Almost no-one lets you settle finance with a credit card (I'm not actually sure why).

Your only real option is to shift the money into your current account first and clear it from there - super balance transfer is your best option, cash machine your quickest (and probably still cheaper than the 118 interest).

Yet one of the main uses of CC's is to pay off other CC's by way of BT. Go figure.

andyfromotley

ReadingTim wrote: »

Mainly because you're not actually settling it, you're just moving it around. It's the reason you can't borrow your way out of debt.

This is true, however moving debt can help enormously in the process of repaying it. I have all of my debt on 0% CC's and this has supercharged paying down my debt, saving me thousands in interest. So whilst merely shifting it doesnt pay it off it can sure help the determined DFW.

jonesMUFCforever

andyfromotley wrote: »

This is true, however moving debt can help enormously in the process of repaying it. I have all of my debt on 0% CC's and this has supercharged paying down my debt, saving me thousands in interest. So whilst merely shifting it doesnt pay it off it can sure help the determined DFW.

For a lot of people this is very true BUT these days loans are available for 4% or even lower so just one balancetransfer fee may make a card with 0% no cheaper especially if you need to switch cards more than once before the debt is repaid.