reducing apr on loan

lou-loux

Hi there, I have a loan at the moment, From Lloyds TSB £2,857 left to pay over 21 mths, £154.00 repayments, no problem there. But my APR is 16.9% as it was a loan to cover a loan because i got tied up in the ppi thing. Would it be a good idea to switch the debt to an interst free credit card or low interest and carrying on paying like a loan. And also are there any cards out there that have a long low interest period? I've been told by Lloyds that I have a good credit rating if this is of any benefit. Please Help if you can.

Many thanks

Bokkens

Your idea is basically right,have a look at the "life of ballance " cards in Martin's credit card articles you would be paying interest but it is a lot lower than what you are paying now.You could also consider moving the debt to a 0% credit card there are several that are offering over 12mths including Virgin(MNBA).
I would phone up TSB and find out if they would accept a payment from a credit card to settle the outstanding loan.If they do you can then apply for the credit card of your choice.If they don't you will need to apply for a credit card that will transfer the credit card balance(you new limit) in to a bank account.You then pay off the loan using a cheque from your bank acount.(this is known as the super balance transfer on MSE articles)Cards that allow this are MINT,MBNA(Virgin,A&L) there are a few more.If you know what you are doing you could also use Egg money.
Hope that helps a little.
Post again if you are unsure or stuck.