Loan / credit card

dk250

Having moved house 18 months ago and lots of extra expenditure and also unexpectedly paying back a loaned deposit off family in full ive found my self in £29k of debt .

I earn £43k a year .

I’ve had a good sort out of cards etc

I’ve moved various credit card debt onto one 0% virgin card for 38 months which is £12k. I’ve cut up and closed
My 2 MBNA cards and Barclaycards.

I’ve currently got 17k left on a nationwide loan at 4.9% paying £460 a month with 41 months left .

I can top up this loan to £25k keep the same payments just
Extends the duration to 60 months. This means I could pay off £8k of my virgin card .

Just wondered what people think is the best way t go .

[Deleted User]

Can you not get any BT offers?

dk250

I’ve just had one With Virgin as explained above tomerge £12k -3 cards balance onto 1 @ 0% for 38 months .

middleclassbutpoor

Seems daft to move a 0% debt to a loan which is interest bearing.

If affordable..

I would set up a DD for the cards so it repays £333 to fully repay that over the 3years you have on the card and continue to repay your loan. You would be debt free sooner.

If you cannot afford to do the above, keep paying the loan an look to repay as much as you can off the card. You may want to then do another balance transfer when the 3 yrs has ended

[Deleted User]

dk250 wrote: »

I’ve just had one With Virgin as explained above tomerge £12k -3 cards balance onto 1 @ 0% for 38 months .

So why shift to paying interest?