Do I? Dont i?

col81

I have a £10k loan with admiral over 48 months £221 monthly I owe £8000 on it. I am trying to reduce my outgoings. The interest is only 4% apr on the loan. Should I pay off £3000 (the only cash I have) and transfer £5000 with a 4% fee to mbna 0% for 18 months and pay the minimum payment which will reduce my outgoings by £100 a month or am I mad??

harsh_but_fair

If your objective is simply to reduce your monthly outgoings then what you say seems a reasonable thing to do as it will reduce your monthly outgoings

SuperAllyB

What's your plan for the remainder of the balance on the MBNA card after 18 months if you're only paying the minimum?

col81

Transfer it on again

D3xt3r5L4b

You’d need a money transfer card not a balance transfer card.
Plus you may have to pay extras for paying off the loan early etc etc etc 

col81

I have the money transfer deal at what I said.

col81

That is the settlement figure on the loan £8k

SuperAllyB

col81 said:

Transfer it on again

There's always a risk that you might not get any offers or be eligible for any new cards in 18 months. No-one knows exactly where the financial services industry will end up after the current situation settles down.

col81

I will ride it out. Trying to cut outgoings thanks anyway

MinuteNoodles

col81 said:

Transfer it on again

A lot of people have been finding out that's not working so well for them. One of the types of posts starting to come up more and more often is "my 0% deal has come to an end and I can't get another card and APR is <insert horrific rate here>, what do I do?" usually along with "I have a 999 score".