If only I listened!

citygal

I know- its too late but this is the thing- I have 10K worth of debt with HFC- (wish I never approached them in the first place )- interest is at 17% for this unsecured loan which I took out three years ago- the thing I wanna know is- I know that with credit cards you can switch to 0% balance transfers, can you do the same with personal loans?

mrcow

Hi

Urgh.......HFC! I remember them!

0% on loans......you'd have to do it through a credit card and balance transfer to pay off the HFC loan. Even if you can only get a card with enough limit on 0% to cover part of the loan, you'll still be better off than paying 17% on it. Take a look at this link to start you off. You can always apply for more than one card to get the total balance, but I can't stress enough that you need DISCPLINE. Don't spend anything on these cards if you are stooging.

What's your credit rating like? As IMO ANY high street bank would be able to offer you better terms than HFC. My OH had a £4k loan with them when we first met and I immediately switched it to Lloyds TSB (can't remember the APR), and never regretted the move (although there are probably better options than Lloyds around, at the time we did what we had to do).

It's worth shopping around to see what APRs you can get, but you'll also need to contact HFC and get a settlement figure from them. Check out what early repayment penalties they are applying before taking any further action.

Without being too personal......what was the £10k loan for? If it was for debt consolidation, then honestly, is your spending now under control? and do you have an honest and workable budget? If not, then this is never going to sort itself.

Take care

mrcow

citygal

Thanks Mr Cow! I was kicking myself and thinking over and over again- why why why??!! I just phoned them up (Household bank)and they told me that if I were to get a settlement figure then I would have to pay a penalty etc etc so I am now doubling my repayment and hopefully it will be cleared by the year 2007-yeah!!! (even earlier as I will be as tight as n e thing) I so wish I came across this site earlier but such is life- my loan started off as something I purchased from dixons and then I went back and forth to pay for holidays and so forth- but I HAVE LEARNT MY LESSON! I have a 3 year contract to work in the Guf next month, so that will mean me saving a lot of money.