Should I move loan to 0% card?

Whoknowskt89

I've applied and they'll let me know in 5 to 7 days, if they don't accept me, well my moving plan is 3 to 5 years away so shouldn't be an issue

chrisfreelander54

We transferred all of our debt to 0% cards and saved a fortune in interest, which in turn has shaved years of our debt free date.

1: Once card arrives, cut it up.
2: Continue to make the same payments to the card that you have been making to the loan.
3: Smile knowing that you will be debt free in no time.
4: Post back here once its all paid off.
5: Open a high interest current account and throw all that extra cash that you are no longer paying to the loan/credit cards into it.
6: Watch you little nest egg grow.

Good luck on your debt free journey.

Whoknowskt89

Chris that pretty much is my plan though I may divert a little of the savings after debt to my current mortgage.
I actually overpay as it is. I had a silly end figure so I rounded it up by £11.19 a month. Doesn't really affect me but now a round figure comes out of my account.

chrisfreelander54

Whoknowskt89 wrote: »

Chris that pretty much is my plan though I may divert a little of the savings after debt to my current mortgage.
I actually overpay as it is. I had a silly end figure so I rounded it up by £11.19 a month. Doesn't really affect me but now a round figure comes out of my account.

Also keep some aside for an emergency fund, roughly 3 months income.

Whoknowskt89

I've had an email to say I've been approved for limit of up to £3,600 but no details on the Apr until I get the letters

zippygeorgeandben

Sounds like you've got a plan here! Get that debt paid off! Look at me... sitting in on a Saturday night, saving money!

Whoknowskt89

Thanks Zippy
Same here, in on a Saturday night! Did spend a tenner yesterday after taking my mate to get a tattoo done (all day session) as I treated us both to lunch but when I get my next tattoo she'll be treating me

zippygeorgeandben

Well make sure that you go somewhere nice, swanky AND expensive then if you're going to be treated!
I'm awaiting (impatiently) for a 0% BT card to come through the post to move a loan hanging around my neck and get rid of this interest!

Whoknowskt89

I can't really do that to her as her and her other half have bought me a ticket for download festival as a 'thank you ' for always being there and added as joint Christmas and birthday present for me. The tickets are around £210!!!!!!

Good luck with your card

stuffed1234

EssexHebridean wrote: »

Get an up to date redemption figure on the loan - if the interest was front loaded it may be that the figure to pay back right now is less than the figure currently outstanding.

The other thing I would say is that if you ARE going to do the transfer, stick with your plan to get the thing paid off by February 2018. Cut up the MBNA card as soon as you get it to avoid temptation, and as soon as you have paid everything off and had confirmation of the account being at zero, close it. MBNA are horrible! The temptation is to let the payments spread over the 29 months available, but then if things change between now and then, and you end up still having a balance when the 0% finishes, the interest rate payable will knock that loan rate into insignificance!

I can attest to that! I have gone from being fine treading water to being in deep trouble because of the MBNA interest rate hikes! Get rid of MBNA debt BEFORE the 0% deal ends - by way of example my 0% rate monthly payment was £92 one month, then next month its £444!