Getting rid of a loan using 0% credit card

DBmoney · 25 June 2019 at 2:08PM

I have a loan which I wish to pay off using a 0% credit card. After receiving a settlement figure, the company tell me they can't/ won't accept a credit card payment. 1. Are they within their rights to do this? 2. If they are within their rights to do this, is there a work around?

Thanks in advance.

BoGoF · 25 June 2019 at 2:10PM

1. Yes.

2. You should have applied for a 0% money transfer card.

DBmoney · 25 June 2019 at 2:16PM

Thanks BoGoF. I haven't actually applied for anything yet. I just had an offer on an existing credit card (currently with a £0 balance) for 30 months at 0%. Thought I might utilize this. I'll look at what you suggest Thank you.

DBmoney · 25 June 2019 at 2:43PM

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

Candyapple · 25 June 2019 at 3:24PM

DBmoney wrote: »

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

That's a good deal for an existing customer. Do you mind naming which card company that is with please?

Clive_Woody · 25 June 2019 at 3:37PM

DBmoney wrote: »

....just checked and it appears that the same credit card are offering me money transfer - 30 months at 0% as well. Transfer fee is .5% higher, but that's not bad. I will save in the long run by doing this.

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

If the original loan still has 10 yrs left to run, are you going to be able to pay this off in 30 months if you transfer it to a card?

What is the interest rate after the 0% deal ends?

foxy-stoat · 26 June 2019 at 9:35AM

DBmoney wrote: »

My existing loan is for 15 years - I didn't realise!! I'll be paying a fortune! Took out the loan about 5 years ago and thought I was coming to the end. I had the shock of my life..... it was one of these point of sale loans - I really should have known better!

Sorry what, how did you not realise it was for 15 years and not 5?

How much is the balance of the loan and how much are you paying a month?

Getting rid of a loan using 0% credit card

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Getting rid of a loan using 0% credit card

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