Need Advice - Credit Cards

New2Money · 24 August 2004 at 7:36PM

Hello,

My car needs repairing after an un-insured driver smashed into the rear of my car. The funds for repair will eventually come from the Motor Insurance Bureau but can take anything up to 8 months (2 months is normal).

Could I get a 0% card and pay the £3700 repairs until the money comes back from the MIB? I am completely new when it comes to credit cards so any advice is greatly welcome. How much would I need to pay until the money comes through per month??

I have a good credit rating and never refused credit and never missed any payments on my mortgage or other loans I have had.

Thanks.

vansboy · 25 August 2004 at 12:31AM

Sounds a reasonable way to do it, but a couple of thoughts...
Are you SURE to get the cost re-imbursed, eventually?

How old is the car? It sounds like either, a lot of money to be spent on an old vehicle, so why was it not written off? OR it's a SUBSTANTIAL repair to a newer/higher value car, which MAY detract from its market value!

I would think very carefully, before spending sooooo much in repairs - you did get several quotes, I hope!

VB

scheming_gypsy · 25 August 2004 at 3:42AM

If you get an MBNA then you can pay £5 a month for the 0% duration.

Also tell the garages that it's not an insurance repair, should work out cheaper

Yorkieds · 25 August 2004 at 6:45PM

Yes, MBNA is a good one.

Get alternative quotes, the best fix will come from the car makers approved network of dealers.
If you are sure the full amount will be repaid then best to get a good quality repair as it will be eventually refunded.
Also the more reputable repair garages are likely to accept Credit Cards and offer guarantees

Most important, ensure you do not lose out on the deal.

But it certainly looks as if payment by a 0% credit card would be an economical route.

YDS

zcaprd7 · 25 August 2004 at 10:14PM

Do MBNA have 0% on purchases?

If not, pay for the repairs on another card (to be v. MSE try the 5% cashback AMEX for the first month of purchases) and then balance transfer to MBNA?

Need Advice - Credit Cards

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