Personal Loan higher interest at the beginning

SomethingAboutMoney

All sound advice.

Thanks very much everyone!

SomethingAboutMoney

Back again.

Turns out they charge 58 days interest on partial payments as well and tell me it would be cheaper to let the loan run it's course.

I have £4500 limit on one CC (18 months deal), the other CC has £5250 limit- but I don't want to touch that as it's high interest.

Unsure what to do now.

Trying to get an answer out them is like drawing blood from a stone.

foxy-stoat

What answers do you need, the 58 days of interest charged on part payments would of been stated on the credit agreement or key facts document at the start.

You need low interest or 0% money transfer cards and do the balance transfer shuffle and overpay as much as you can to save money.

It would not be cheaper to let the loan run. If you dont have enough limit on the current cards, apply for more with a money transfer option and keep on eye on the repayment dates so you wont lose the intro deals.

SomethingAboutMoney

The answer as to why it would be cheaper.

I was going to do a partial payment of £4500 to the loan, this would leave me with a smaller balance and less interest. I knew they would charge me the 58 days interest to settle the balance...not for partial payments.

I will need to dig out the contract.

The reason why I don't pay the full balance off with another CC- not sure if I will get accepted for another one and if I do it might not be enough.

foxy-stoat

If it were me I would apply for another CC and see how you go.

Good lucks

SomethingAboutMoney

Not to worry.

Got accepted with another CC, a high enough limit and 28 months with 0%

Phew!

Good bye CB loan!

foxy-stoat

Happy day !

Just make sure you can clear as much as you can and over pay everything month.