RateSetter loan how to get rid

AliceF111

Hi everyone Im looking for some advice from more experience people.


Basically I applied for a loan with RateSetter in 2018 june. I received £9000. In the contract agreement states that my loan is over 48 months and total amount payable is £11.902.56 which includes a nearly £1000 upfront fee for receiving the loan....
Im currently paying approx £250 every month of which around £48 approx are fees.. I made top up payments etc and since June last year Im currently owing £6260. Figure which goes up a few pounds every day, they have this weird way of calculating things.


Im opened to any advices on how to get rid of this loan. I was thinking a balance transfer card, but unsure RateSetter accepts payments from balance transfer cards. Also if I apply for a balance transfer card, what are my chances that I will get around £6000 on it if my credit score is 973 out 0f 999 on experian. Ive got no other debts appart from some innocent £600 on paypal credit and approx £400 left on Ikea purchases-which are interest free.


Many thanks for your answers.

[Deleted User]

AliceF111 wrote: »

Im currently owing £6260. Figure which goes up a few pounds every day, they have this weird way of calculating things.

That's what they call interest. It gets added on each day that you borrow the money.

AliceF111 wrote: »

Also if I apply for a balance transfer card, what are my chances that I will get around £6000 on it if my credit score is 973 out of 999 on experian.

Your borrowing chances aren't remotely connected to your Experian score. Lenders will look at your credit history and income, amongst other things.

Try an eligibility checker - but you will need a money transfer card, not balance transfer.

John_G_Jones

It’s not really clear what you are asking; you are describing a completely standard loan and the way to pay it off is to ask for a settlement value and then pay on a debit card it through a bank transfer.

Craig1981

if you looking to clear with a 0% deal on a credit card, you need a Money Transfer card - a balance transfer one wont work for the purpose you want it to

as for the limit on the card - will come down to your history and circumstances - nobody will be able to tell you the limit you will get on a new card - only the lender once application is done

Mr.Saver

Why do you want to get rid of the loan? Is it because the interest rate is too high? or you foresee that you may not be able to afford to repay it in the future?

A money transfer credit card is unlikely to give you 4 years of 0%, and after the 0% rate period finishes, the interest rate is likely to be a lot higher than a loan. Are you sure that you can repay the loan in full before the 0% period finishes?

Gaz83

AliceF111 wrote: »

Basically I applied for a loan with RateSetter in 2018 june. I received £9000. In the contract agreement states that my loan is over 48 months and total amount payable is £11.902.56 which includes a nearly £1000 upfront fee for receiving the loan....
Im currently paying approx £250 every month of which around £48 approx are fees.. I made top up payments etc and since June last year Im currently owing £6260. Figure which goes up a few pounds every day, they have this weird way of calculating things.

Aside from the upfront fee, this is exactly how every loan works (at least in the UK). Interest on the outstanding balance is added daily.