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0% Transfers on loans...

Hello,
Please help.....

Is it possible to get a 0% balance transfer on a finance loan?
We are making the monthly payments but it is hardly making a dent! Does anybody have any suggestions that could help please?

Thank you in advance!!!

Andy

Comments

  • You would need a money transfer option for a loan, rather than a BT.
  • You can use a card such as MBNA or Virgin to transfer cash to your bank account to which you can repay with
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    AndyB1883 wrote: »
    Hello,
    Please help.....

    Is it possible to get a 0% balance transfer on a finance loan?
    We are making the monthly payments but it is hardly making a dent! Does anybody have any suggestions that could help please?

    Thank you in advance!!!

    Andy

    How much is the loan, monthly payments and interest rate?

    You could just overpay the loan by roughly the payment what the credit card bill would be....

    Example, £5000 money transfer amount, fee will be say 2%, monthly payment should be £5000 + fee divided by the length of the offer, say 18 months.

    £5000 + £100 / 18 = £283.33 per month

    ANYTHING less and you risk just parking the debt until the offer expires and be in a worse position that you started in, unless you intend on shuffling the £5000 debt for years.

    Good lucks
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