Paying for Cosmetic Surgery

Superscrooge

sd1638 wrote: »

I've estimated I'll need £3,000 for the procedure. What would be the smartest and most efficient way to fund the surgery? I was thinking of getting an overdraft or a loan. I've never had a loan and I'm afraid of not being able to manage it or taking longer than a year to clear it :-/

!

The smartest and most efficient way would be to save up for it, rather than plunging yourself into further debt.

You could be earning 5% interest as you build up your £3,000 savings.

enthusiasticsaver

Another vote for saving for it. If you borrow it will cost you a lot more than £3k and if you have other debt or are out of work again it would be daft to add to your debt for something which is not essential

paddyrg

Might also be prudent to let the £ recover and then see if you can get a price overseas?

bearcat16

The most efficient way to fund this would be via 0% money transfer credit card.

The money is transferred to your bank account, you then get about 36 months to pay it off, interest free. (Though there is usually a fee of 3% to transfer the money)

As an example, both MBNA and Virgin are both offering 36 month 0% money transfer cards.

The only problem you may have is that you may not be offered a credit limit high enough to cover the cost, but MBNA are known to be pretty generous, it depends on your income and credit history.

You really have to pay the balance off during the 0% period, and not be late with any payments, otherwise the interest reverts to their standard rate which is ~23%, very high. I'd recommend paying off an amount each month so that the balance will be clear when the promotion ends. (So for £3,000, you should pay approx £86 per month for 3 years to clear the balance including the fee)

Many private clinics also offer interest-free (or low interest) finance on their surgeries. If they are offering interest-free then that will be the cheapest (you can't get cheaper than free!) as you won't even have the transfer fee you'd have with a credit card.

It may not be a good idea to go into debt for cosmetic surgery, but that isn't the question you asked.

LadyDee

danielanthony wrote: »

Unfortunately the whole country is £1,254.3 billion in debt, that's £25,000 per person.

So considering the whole country is living beyond its means, how do you expect individuals to make more rational choices than the UK Government?

Of course I do - they're not politicians:)

[Deleted User]

LadyDee wrote: »

No savings, you already have a loan to pay off, yet you are looking to borrow money for cosmetic surgery? Good grief.

It's a matter of priorities ....

vqmismatch

Bear in mind you need to budget for management of potential complications.

I work in the field and we often see people who spent their last penny going abroad to somewhere that can offer a rock bottom price because they know they won't be paying for the aftercare.