Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • DBmoney
    • By DBmoney 25th Jun 19, 1:08 PM
    • 3Posts
    • 0Thanks
    DBmoney
    Getting rid of a loan using 0% credit card
    • #1
    • 25th Jun 19, 1:08 PM
    Getting rid of a loan using 0% credit card 25th Jun 19 at 1:08 PM
    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.
Page 1
    • BoGoF
    • By BoGoF 25th Jun 19, 1:10 PM
    • 4,689 Posts
    • 4,335 Thanks
    BoGoF
    • #2
    • 25th Jun 19, 1:10 PM
    • #2
    • 25th Jun 19, 1:10 PM
    1. Yes.

    2. You should have applied for a 0% money transfer card.
    • DBmoney
    • By DBmoney 25th Jun 19, 1:16 PM
    • 3 Posts
    • 0 Thanks
    DBmoney
    • #3
    • 25th Jun 19, 1:16 PM
    • #3
    • 25th Jun 19, 1:16 PM
    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
    • By DBmoney 25th Jun 19, 1:43 PM
    • 3 Posts
    • 0 Thanks
    DBmoney
    • #4
    • 25th Jun 19, 1:43 PM
    • #4
    • 25th Jun 19, 1:43 PM
    ....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
    • By Candyapple 25th Jun 19, 2:24 PM
    • 3,288 Posts
    • 2,758 Thanks
    Candyapple
    • #5
    • 25th Jun 19, 2:24 PM
    • #5
    • 25th Jun 19, 2:24 PM
    ....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.
    Originally posted by DBmoney

    That's a good deal for an existing customer. Do you mind naming which card company that is with please?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Clive Woody
    • By Clive Woody 25th Jun 19, 2:37 PM
    • 4,736 Posts
    • 5,323 Thanks
    Clive Woody
    • #6
    • 25th Jun 19, 2:37 PM
    • #6
    • 25th Jun 19, 2:37 PM
    ....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!
    Originally posted by DBmoney
    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?
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
    • foxy-stoat
    • By foxy-stoat 26th Jun 19, 8:35 AM
    • 4,621 Posts
    • 2,736 Thanks
    foxy-stoat
    • #7
    • 26th Jun 19, 8:35 AM
    • #7
    • 26th Jun 19, 8:35 AM
    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!
    Originally posted by DBmoney
    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?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,752Posts Today

7,256Users online

Martin's Twitter