We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Consolodating Loans using 0% Balance Transfer Card- Can it be done & How?!
Thomas.Brawn
Posts: 3 Newbie
in Loans
Hi Everyone,
Thanks for taking the time to read my post!
I've currently got a £10,500 loan with Tesco at 9.9% paying £205.88 per Month over 5 Years. I used this to buy and insure a van 9 months ago for a load of work i had in. Since then the work has dried up and I have sold the van for £6,500 and my Tesco Loan settlement figure is £8,770.96.
What i would like to do is use a 0% balance transfer card to shift the remaining £2,270.96 (Or more) to either a 12 month (£189.25 /Month) or a 24 Month (£94.62/Month) payment so i can save myself almost £1800 compared to paying the full £12,352.80 over the remaining 4 Years 3 Months.
However I have never used a 0% balance transfer card before, and I've heard its tricky to do this with loans. What I need to understand is if this is possible or if it is exclusive to only credit card balance transfers.
Just as a disclaimer, I can afford the monthly repayments on the tesco loan, I just want to clear this debt and have more monthly spending money rather than having a big load of cash sitting around.
Let me know if anyone can help!
Thanks
Thanks for taking the time to read my post!
I've currently got a £10,500 loan with Tesco at 9.9% paying £205.88 per Month over 5 Years. I used this to buy and insure a van 9 months ago for a load of work i had in. Since then the work has dried up and I have sold the van for £6,500 and my Tesco Loan settlement figure is £8,770.96.
What i would like to do is use a 0% balance transfer card to shift the remaining £2,270.96 (Or more) to either a 12 month (£189.25 /Month) or a 24 Month (£94.62/Month) payment so i can save myself almost £1800 compared to paying the full £12,352.80 over the remaining 4 Years 3 Months.
However I have never used a 0% balance transfer card before, and I've heard its tricky to do this with loans. What I need to understand is if this is possible or if it is exclusive to only credit card balance transfers.
Just as a disclaimer, I can afford the monthly repayments on the tesco loan, I just want to clear this debt and have more monthly spending money rather than having a big load of cash sitting around.
Let me know if anyone can help!
Thanks
0
Comments
-
Answered on your duplicate post.
https://forums.moneysavingexpert.com/discussion/comment/76231736#Comment_762317360
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards