Repay loan quicker options?

PositivityArchie

Hi there new to the page I have a loan of £4113 to repay over the next 34 months on my Halifax account and I'm just wondering if there's an easier option to paying it quicker instead of the £137 I'm currently paying monthly, I keep seeing people on here and on the Hotukdeals mention 0% balance transfer cards or money transfer cards but I have no idea what they actually mean and if they are a quicker / better way to pay back my loan ?

I hope this is the right section I'm in to ask these questions

Any advice will be very helpful thanks

[Deleted User]

You would need a money transfer card.

Start here.

https://www.moneysavingexpert.com/credit-cards/

Dobbibill

Paying it off quicker would be to make overpayments as soon as possible.

Paying it off cheaper would be to use a MT card with a 0% promo offer. (This would not necessarily be quicker as you may be tempted to only pay the minimum meaning it would take a lot longer to pay off and will incur interest when the promo runs out) Remember there is a fee for the MT.

There is no guarantee you would be eligible either so you would need to investigate that first.

Herzlos

You can over pay to bring the balance (and interest & time) down.

Transferring it about isn't going to pay it off faster.

cmc_entertainment

Try this spreadsheet

[url]Http://www.servethemembers.com/images/Loan_Amortization_Daily.xls[/url]

All you need is your current balance and interest rate

Put in payment on specific dates and it will show you the current balance (to pennies if you get get the interest but correct) and show you how quick it could be done

:money:

beanielou

You cant overpay on all loans.
You need to check your terms and conditions.

PixelPound

Ask Halifax how they handle overpayments and partial & full settlements. Also ask if they accept CC payments. I paid most of mine off by credit card and then BT that under a 0% low fee offer.