We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paying off car loan
Hi,
My husband took out a car loan 18 months ago and it have quite high interest repayment rates. I finally convinced him to pay the balance of the loan off with one if his 0% credit cards which will save us hundredspossibly thousands over the years. However, after calling the car loan company (Barclays) this morning, they have said they changed their policy in June and no longer accept payment by credit card. The contract my husband signed 18 months ago expicity says they do accept credit cards and have a fee of 1.5%. We have never received any communication about this change in policy so does this qualify as a breach of contract and would there be any weight to complaining? ('Ive had a good moan at him because ive been asking him to do this well before june!) Thanks in advance
My husband took out a car loan 18 months ago and it have quite high interest repayment rates. I finally convinced him to pay the balance of the loan off with one if his 0% credit cards which will save us hundredspossibly thousands over the years. However, after calling the car loan company (Barclays) this morning, they have said they changed their policy in June and no longer accept payment by credit card. The contract my husband signed 18 months ago expicity says they do accept credit cards and have a fee of 1.5%. We have never received any communication about this change in policy so does this qualify as a breach of contract and would there be any weight to complaining? ('Ive had a good moan at him because ive been asking him to do this well before june!) Thanks in advance
0
Comments
-
If you have a barclaycard then just do a money transfer and settle the loan with that from your account.0
-
He was going to use a virgin card and we don't have a Barclaycard....might be worth applying from one then?! Thanks0
-
See if they have money transfer options, most do.0
-
Use the Barclaycard eligibility checker first, so you can determine the chances of being accepted.He was going to use a virgin card and we don't have a Barclaycard....might be worth applying from one then?! Thanks
Also, check out the MSE guide on money transfer cards:
https://www.moneysavingexpert.com/credit-cards/money-transfers/I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0 -
He was going to use a virgin card and we don't have a Barclaycard....might be worth applying from one then?! Thanks
Virgin have a pretty standard existing customer offer on both balance transfers and money transfers of 2% fee for approx 6/7 months of 4% fee for approx 12/13 months.0 -
Does anything else in the loan contract say that Barclays reserves the right to alter it's T&Cs? Even if it does, that doesn't mean they can change whatever they want. I'd be inclined to complain whilst, at the same time, looking at other ways to pay the debt more cheaply.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards