Hello Folkes - gissa hand!
I've got an 11k loan at 11% with barclays.
I want to squash it ASAP. I had assumed you could make overpayments but nope.
I earn 27k per annum. My credit score (experian) is 999/1000
Can I tackle a swift payment of this loan using credit cards over several months? Balance transfers imply credit card to credit card - right?
Any advice, solutions, cards recommended would be greatly appreciated.
Cheers
Mart 5.
Hello Folkes - gissa hand!
I've got an 11k loan at 11% with barclays.
I want to squash it ASAP. I had assumed you could make overpayments but nope.
I earn 27k per annum. My credit score (experian) is 999/1000
Can I tackle a swift payment of this loan using credit cards over several months?
You said in your post, you can't make overpayments on the loan...so what are are looking to achieve?
Presumably trying to cut the cost of the loan by moving it onto a 0% rate. Phone Barclays and ask what the settlement figure is for the loan and then figure out whether its worth doing.
You would need to raise cash from your cards in order to repay the loan. Do a search for the phrase "super balance transfer" in order to find out how.
Only a few rather special cards have the facility of transferring an overdraft (i.e. sending funds from the Credit Card to your Bank Account). This is known as SBT (Super Balance Transfer).
Cards offering this include Egg, Post Office Card and any card run by MBNA (including Alliance & Leicester, Sony, MBNA itself and the Virgin range).
Egg Money can be used in conjunction with another 0% card to "mule" the funds into your Bank Account.
In addition MINT periodically issue Credit Card cheques that can be paid into a Bank Account at Balance Transfer rates. This is the least satisfactory option though because, unless the cheques are already in your possession, you don't know when they are going to drop through your letterbox.
Capital One also issue Balance Transfer rate cheques, but extra care should be taken because they also issue cheques known to be Purchase rate or even Cash advance rate (not adviseable unless you have money to burn).
Cheers folkes - most appreciated- What I would really like probably does'nt exist - a super balance transfer card without a set up fee - the ones I have seen are 3% which is significant at 11k. Does anyone know if this does exist??
Cheers.
Mart.
You said in your post, you can't make overpayments on the loan...so what are are looking to achieve?
Yep thats right! I'm trying to avoid interest.
Cheers
a super balance transfer card without a set up fee - the ones I have seen are 3% which is significant at 11k. Does anyone know if this does exist??
The closest I think you will get is the Virgin Atlantic White AMEX Card which is run by MBNA. This allows Super Balance Transfers and the fee is capped at 50. However, the downside is that the 0% promotion is for 6 months only.
Alternatively 6 months completely free of charge can be obtained by using a combination of either Abbey Zero or Ulster Bank Gold with an Egg Money card, but this requires use of the "Egg Money trick" as documented by Martin elsewhere on this site.
Hope this helps.
the ones I have seen are 3% which is significant at 11k. Although not as "significant" as 11% on your existing loan.
You're saving money after month 3, and with Virgin Money you'll have another 13 months of 0% after the first 3.
Although not as "significant" as 11% on your existing loan.
You're saving money after month 3, and with Virgin Money you'll have another 13 months of 0% after the first 3.
Good point!
Thanks NickX - You clearly know your onions!
Thanks NickX - You clearly know your onions!
And my Eggs ;) ;)
And my Eggs ;) ;)
>>>>>>>NICE :T
