Loan Consolidation

MichaelWL2

I hope you can help, I have a small bank loan 6K with a couple of K on a card which I would like to transfer the lot to a card like Citi banks fixed rate card. The card balance transfer is eassy but how do I move a Bank Loan on to a card?

NickX

You need a card with SBT (Super Balance Transfer) capability, such as Egg or one adminstered by MBNA (such as the Virgin range of cards).

These cards will allow you transfer funds direct to your Bank Account and from there you can pay off whichever debts you like.

There is usually a Balance Transfer fee of around 2.5%-3%, and the interest free period last from around 12-15 months

Bokkens

Speak with the loan departments customer services and find out if they accept payment from a credit card and if they do which ones.
If they don't you will need to apply for a card that allows funds to be moved from the credit card into your bank account you then pay the loan off from there in the normal way MBNA cards like Virgin,A&L,Abbey and EGG and MINT allow this.
Citi bank doesn't allow this.
Aim for a card with 0% on these Balance Transfer the longer the 0% period the longer you will have to pay the card off without any interest charges Virgin are currently offering 0% for 15months.