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  • FIRST POST
    • deejayp
    • By deejayp 12th Jul 18, 11:37 AM
    • 20Posts
    • 146Thanks
    deejayp
    Loan advice needed please
    • #1
    • 12th Jul 18, 11:37 AM
    Loan advice needed please 12th Jul 18 at 11:37 AM
    Really need some advice please.

    I've got 2 loans -
    Likely loans with a balance left of 4139.00
    Bank loan (9.9% APR) with balance left of 5450.76

    I don't have any credit cards at the moment and I haven't got a very good credit rating (hence the likely loan).

    I'd like to be able to clear them off as soon as I can. If I was able to get a 0% credit card can I do a balance transfer from the loan? Or how do I go about this?

    Thanks very much for your help
Page 1
    • zx81
    • By zx81 12th Jul 18, 11:40 AM
    • 17,720 Posts
    • 18,841 Thanks
    zx81
    • #2
    • 12th Jul 18, 11:40 AM
    • #2
    • 12th Jul 18, 11:40 AM
    No. You'd need a money transfer card.

    It's unlikely you would get one given your current debts, but try an eligibility checker.
    • foxy-stoat
    • By foxy-stoat 12th Jul 18, 12:13 PM
    • 2,199 Posts
    • 1,189 Thanks
    foxy-stoat
    • #3
    • 12th Jul 18, 12:13 PM
    • #3
    • 12th Jul 18, 12:13 PM
    Apply for a couple of money transfer cards try HSBC, MBNA, Virgin and Tesco.

    Lets us know how you get on, shouldnt take you longer than 5 minutes each.
    • deejayp
    • By deejayp 12th Jul 18, 12:26 PM
    • 20 Posts
    • 146 Thanks
    deejayp
    • #4
    • 12th Jul 18, 12:26 PM
    • #4
    • 12th Jul 18, 12:26 PM
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?
    March Grocery Challenge - 73.57 / 250.00
    • zx81
    • By zx81 12th Jul 18, 12:34 PM
    • 17,720 Posts
    • 18,841 Thanks
    zx81
    • #5
    • 12th Jul 18, 12:34 PM
    • #5
    • 12th Jul 18, 12:34 PM
    Yes, you should be able to
    • DCFC79
    • By DCFC79 12th Jul 18, 1:08 PM
    • 32,121 Posts
    • 20,208 Thanks
    DCFC79
    • #6
    • 12th Jul 18, 1:08 PM
    • #6
    • 12th Jul 18, 1:08 PM
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?
    Originally posted by deejayp
    Read your contract about overpaying.
    • Paul_DNAP
    • By Paul_DNAP 12th Jul 18, 1:08 PM
    • 188 Posts
    • 205 Thanks
    Paul_DNAP
    • #7
    • 12th Jul 18, 1:08 PM
    • #7
    • 12th Jul 18, 1:08 PM
    Would I be able to overpay the Likely loan?
    Originally posted by deejayp

    According to the FAQ on their website


    Can I pay my loan off early?
    Yes, you can repay your loan in part or full at any time. We do not charge an early repayment fee but will apply interest as permitted under The Consumer Credit (Early Settlement) Regulations 2004.
    Last edited by Paul_DNAP; 12-07-2018 at 1:09 PM. Reason: I meant FAQ, not FAW, what would that even be anyway, Frequently asked wizzard? Don't make sense.
    (Although I could be wrong, I often am.)
    • foxy-stoat
    • By foxy-stoat 12th Jul 18, 3:08 PM
    • 2,199 Posts
    • 1,189 Thanks
    foxy-stoat
    • #8
    • 12th Jul 18, 3:08 PM
    • #8
    • 12th Jul 18, 3:08 PM
    Thank-you.
    I've just gone on the eligibility checker and no I can't get any of these cards.

    Would I be able to overpay the Likely loan?
    Originally posted by deejayp
    Have you actually applied for one of the cards?
    • macman
    • By macman 13th Jul 18, 11:04 AM
    • 42,022 Posts
    • 17,464 Thanks
    macman
    • #9
    • 13th Jul 18, 11:04 AM
    • #9
    • 13th Jul 18, 11:04 AM
    You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.
    No free lunch, and no free laptop
    • foxy-stoat
    • By foxy-stoat 13th Jul 18, 11:44 AM
    • 2,199 Posts
    • 1,189 Thanks
    foxy-stoat
    You haven't said what rate you are paying on the likely loan? You should concentrate on clearing the highest one first.
    Originally posted by macman
    Their website states an APR of 59.9%....good job they dropped it 0.1% as 60% would be just crazy !
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