advice on a loan for a newbie!

nicko

Hello Guys, hope you can help.

I have a loan for 7800, APR 11.3%.

The term is for 5 years (started june 06) and I have 6896 left to pay on it. Do you guys have any advice on paying this off sooner without paying more interest. I can afford the monthly repayments at the minute, I'd just prefer to get it outta the way asap,

Regards, Nick

lazysaver182

if you have a good credit rating i think barclays are doing a deal where they will beat your current loan amount and give you £50, or give you £50 cant remember.

just make sure you have money left at the end of the month for the last three months, they cant seem to grasp the fact that a loan would take away the need for payments to other debt.

just some friendly advise my account manager told me.

GeorgeUK

Or, if you have a decent credit rating you could apply for a Virgin Money card if you don't already have a Virgin card. They are offering 0% BT for 15 months. But the virgin card allows you to do a super balance transfer and will pay the money to another credit card or your current account. You could then use this cash to pay off the loan.

The repayments are 3% in the first month, but £25 per month after that. This way you can overpay and not need to worry about early repayment fees etc. Are you currently paying for PPI on the loan? Do you need this?