Loan or Credit Card?!

rich240492

Hi,

Me and my girlfriend have booked a holiday back in October and have just about paid the full balance.

However, my girlfriend lost her full time job before Christmas and is now only working part time somewhere else.

We will be struggling to be able to afford our euros which we would need £1000 worth. We can afford monthly instalments but we cant stump it up in one go. Are there any payment plans out there or would it be best to look at a credit card or loan? If so, what type of credit card?

Our last resort would be asking family and then paying them back monthly but we would rather not ask them.

Thanks

[Deleted User]

rich240492 wrote: »

Hi,

If so, what type of credit card?

One that allows fee free foreign transactions.

But given your circumstances, you're probably not going to be able to get one which offers that.

How long do you have to save up the money? How much spare cash do you have each month at the moment?

rich240492

We have up until May to save up but can only afford to start paying from about March when we've paid the balance of the holiday.

It depends really to be honest - I get paid monthly but she gets paid weekly so it's hard to determine. Not a lot but probably £100 at a push

Fireflyaway

I would avoid either because you are just delaying paying debt. If you can't afford to save how will you pay the loan / card back? You could be stuck with it for ages.
Could either of you sell something / get some extra work. Even a temporary bit of cleaning / shelf stacking etc.
Could you delay the holiday? I guess that depends if there is a big admin fee or if its for a special occasion but might be worth a thought?

rich240492

Thanks for tom your reply.

After March we are able to afford 150/200 a month maximum to pay back but we fly in May so won't have enough saved. If we cancel the holiday we get no money back and it can't be changed without a hefty fee. She's looking for a new job every day and I already work 60+ a week. I think I may have to ask my family and then pay them back monthly.

[Deleted User]

Sounds like you can't afford the holiday now, best to cancel it and just lose the deposit ?

Pixie5740

If you are going to borrow the money then for an amount that size a credit card would be the cheapest way to do it. 3 months of savings (March, April, May) should give you £600 leaving you with another £400 to find (that's if you really need £1,000 of spending money).

MSE has a list of the best credit cards to use for overseas spending.

http://www.moneysavingexpert.com/travel/travel-credit-cards

rich240492

Could I just not use the Credit card to purchase £1000 in store at lets say M&S?

Sorry I have little knowledge of credit cards!

[Deleted User]

Yes, if you want to do the most expensive way possible. You'll pay foreign exchange fees and commission.

foxy-stoat

Save now until you fly and spend the rest on the credit card and worry about it when you get back - you will pay for it with high interest rates but unless you can borrow spending money off family or friends (never ends well) you are stuck. Personally I would lower my expectations and spend less than £1000 while your away.

Enjoy this holiday and next time wait until you have saved up for the holiday AND spending money before booking anything.

Good lucks

bearcat16

Deleted_User wrote: »

Yes, if you want to do the most expensive way possible. You'll pay foreign exchange fees and commission.

And interest from day 1.
And have a credit card cash advance showing on your credit file.