Taking advantage of post Brexit %

rhep87

Afternoon folks.

Having a look around online at what's available and it SEEMS to be a good time to re-evaluate my outgoings.

I have 2 accounts that I cant help but feel I am paying too much for. Both are very much managable at the moment but the possibility of chopping these debts down in terms of term / overall cost is appealing.

D1:
£234/M with 29 months remaining @ 4.9%
TOTAL PAYABLE: £6786
FIGURE TO SETTLE: £6680:

D2:
£244/m with 41 months remaining @ 7.9%
TOTAL PAYABLE: £10004
FIGURE TO SETTLE: £8900

The figures to settle have been given in writing by the loan lenders.

Total settle: £15,600
Total as is: £16,790
Total Monthly: £478/M

With this information, I have looked into taking advantage of the lower interest rates than my current 4.9% / 7.9% and have been able to get accepted in principle for £15,000 at a rate of 3.3%. This means that over 36 months I would be paying £438 / Month - a saving of £40 or £1440 over the 3 year period. The total amount with interest is £15768

This overall is £1022 cheaper (this is less than the £1440 because of the term difference)

Does anyone see an issue with doing this? Or is this just me finally starting to make smart decisions :rotfl:

rhep87

The other option I have been considering is using one of the many 0% credit cards to transfer the amount of one of the accounts but I am unsure if 0% money transfer and 0% balance transfer is the same thing?

I should add that I also have about £1000 on a credit card which was transferred has 26 months left at 0% and has D/D finishing up in 25 months and I am a home owner with a mortgage.

Experian Credit Score is good with it being around 970 last time I checked.

Any advice or ideas on this would be appreciated.