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How can I get a better rate to pay off?
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Hi all
I have a loan with 16 months left on it at £380 per month. I had the brainwave of paying it off with a 0% balance transfer credit card but the loan company won't let me pay debt off with debt. The only way it looks like I could do this is with a card that offers 0% on 'money' transfers but they any pretty hard to come by, Virgin do a 12 month one but I need one with a longer term and Virgin charge 4% to transfer so I'm not gaining a lot by doing it.
Can anyone suggest a way of doing this?
I have a loan with 16 months left on it at £380 per month. I had the brainwave of paying it off with a 0% balance transfer credit card but the loan company won't let me pay debt off with debt. The only way it looks like I could do this is with a card that offers 0% on 'money' transfers but they any pretty hard to come by, Virgin do a 12 month one but I need one with a longer term and Virgin charge 4% to transfer so I'm not gaining a lot by doing it.
Can anyone suggest a way of doing this?
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Comments
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The only way you can do it would be to pay more debt off yourself (go to debt free wannabe pages for advice)0
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If you are going to pay it off in 16 months with interest involved how far off is the 12 months? What is the interest rate on the loan?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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