Repaying my PCDL with a 0% credit card?

LongLegs1 · 31 July 2018 at 12:37PM

Hello,
I've been using MoneySavingExpert for a while as I'm still figuring out the big, bad financial world.
I borrowed £7,000 from the Co-Op to do my Masters degree.

I'm an actor and I'm working a zero hour contract day job. I need as long as possible to pay back the loan. I had planned to get a 0% credit card to repay the loan once I finished my course (which is now). I've been improving my credit rating over the course of the year. Unfortunately, the credit card I've got (Tesco Foundation Card) has upped my 0% credit limit, but only to £600.

I'm not sure what the best course of action is from this point. Whether to take a loan with a lower interest rate to pay off the Co-Op or whether I should try for a 0% money transfer card. I'm not even sure whether I'm able to use my Tesco card to pay the loan off as I'm confused about whether its a spending card, or whether I can balance transfer on it.

I'm getting very lost in it all. Any help or advice would be appreciated.

I've got until September before I need to start paying it back, so would like a low interest solution in place by then.

Shakin_Steve · 31 July 2018 at 1:46PM

I seriously doubt any lender will entertain a £7000 loan if you're working a zero hours contract. They don't see it as a steady income.

foxy-stoat · 31 July 2018 at 2:53PM

Try using the card and clearing the balance when your statement comes in. After 6 months apply for a money transfer card and see if the limit is any better.

You may not be able to get a low interest solution in the time frame your looking for.

LongLegs1 · 2 August 2018 at 3:28PM

That's a really great suggestion for the short term.

Thanks for this!

LongLegs1 · 17 October 2018 at 10:53AM

I've also now got the added confusion of having borrowed £7,000 on my PCDL, but haven't quite borrowed enough to pay all my tuition fees (I was hoping to top up myself rather than borrow more money).
I went back to the Co-Op and Alex to add Dan addition £1,500 to my loan but they said as I've finished studying they won't give me anymore money. I can't afford to pay my school directly as well as pay back my PDCL and no one at the Co-op seems to have any suggestions or flexibility.
Can anyone suggest anything?

[Deleted User] · 17 October 2018 at 11:09AM

LongLegs1 wrote: »

I went back to the Co-Op and Alex to add Dan

Who are Alex and Dan?

kwame41 · 17 October 2018 at 11:37AM

'ask to add another' maybe :-)

Mr_Underwriter · 17 October 2018 at 2:39PM

Deleted_User wrote: »

Who are Alex and Dan?

Youtube Vloggers, get with the program:D

Repaying my PCDL with a 0% credit card?

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