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Loan/balance tranfer
nicksearle04
Posts: 2 Newbie
in Credit cards
Good evening all!
First time poster and am looking for advice!
I have a personal loan with a current balance of £2,500 and a credit card balance of £1,300, both with Nationwide.
I am hoping to possibly consolidate these onto a 0% credit card to allow for less to be paid off on the loan and stop accruing interest on my credit card balance.
I have a regular income and currently pay £50 to the loan and about £50 to the credit card.
I was hoping to get some advice of which credit card may be worth looking at I.e. The Halifax one has a long 0% interest rate but I will require the ability of a cash transfer to pay off the personal loan.
Many thanks in advance!
Nick
First time poster and am looking for advice!
I have a personal loan with a current balance of £2,500 and a credit card balance of £1,300, both with Nationwide.
I am hoping to possibly consolidate these onto a 0% credit card to allow for less to be paid off on the loan and stop accruing interest on my credit card balance.
I have a regular income and currently pay £50 to the loan and about £50 to the credit card.
I was hoping to get some advice of which credit card may be worth looking at I.e. The Halifax one has a long 0% interest rate but I will require the ability of a cash transfer to pay off the personal loan.
Many thanks in advance!
Nick
0
Comments
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You need a card from the MBNA stable, with 0% on both BTs and money transfers, ideally with low fees on each.
You then BT the credit card debt, and ask for a money transfer to your current account in order to transfer the loan debt to the card.
However, with only £100 a month disposable income, you may fail their affordability criteria...when they look at your income and other debts/regular outgoings...meaning either a decline or insufficient credit limit. Do you have a plan B?0
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