How can i reduce my loan repayments? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit
Expired

How can i reduce my loan repayments?

£0.00 @
Basically, I currently have a loan with an early settlement fee of £2700. I have around 24months of £133 a month to repay at 13.3% ARP. I've been looking at balance transfers but it seems none of them… Read More
Quinnaay Avatar
2y, 7m agoPosted 2 years, 7 months ago
Basically, I currently have a loan with an early settlement fee of £2700. I have around 24months of £133 a month to repay at 13.3% ARP. I've been looking at balance transfers but it seems none of them apply to loans.

Could i take a credit card, pay the loan off (IF i get accepted as im only 23) then transfer the credit card to a 0% balance transfer card?

OR is there any other way ?

Thanks!
Quinnaay Avatar
2y, 7m agoPosted 2 years, 7 months ago
Options

All Responses

(6) Jump to unreadPost an answer
Responses/page:
#1
tesco credit card is 0% for transfers etc for 12months
#2
Don't forget you need to also allow for the credit card fees.
#3
If you have 24 payments of £133 then thats just over £3000, then an early settlement fee of £2700!! Are you sure this is correct as most companies work of percentages (i know mine is 3% of the total amount remaining with Natwest)??

One of the biggest things to be aware of is your credit limit, if you are nearing your maximum amount, your chance of getting a credit card to pay the loan will be lower and failed applications will impact on your credit score. Check your credit score and your amount of credit left before any applications (ensure to cancel within 30 days or will pay a monthly fee).
#4
radders112
If you have 24 payments of £133 then thats just over £3000, then an early settlement fee of £2700!! Are you sure this is correct as most companies work of percentages (i know mine is 3% of the total amount remaining with Natwest)??

One of the biggest things to be aware of is your credit limit, if you are nearing your maximum amount, your chance of getting a credit card to pay the loan will be lower and failed applications will impact on your credit score. Check your credit score and your amount of credit left before any applications (ensure to cancel within 30 days or will pay a monthly fee).

I think the OP means that instead of carrying on with usual payments costing £3100 he can settle now for a lump sum of £2700, saving £400.
#5
Rhianne
radders112
If you have 24 payments of £133 then thats just over £3000, then an early settlement fee of £2700!! Are you sure this is correct as most companies work of percentages (i know mine is 3% of the total amount remaining with Natwest)??

One of the biggest things to be aware of is your credit limit, if you are nearing your maximum amount, your chance of getting a credit card to pay the loan will be lower and failed applications will impact on your credit score. Check your credit score and your amount of credit left before any applications (ensure to cancel within 30 days or will pay a monthly fee).

I think the OP means that instead of carrying on with usual payments costing £3100 he can settle now for a lump sum of £2700, saving £400.

https://sistasertraline.files.wordpress.com/2014/08/hf6d06d86.jpeg
#6
radders112
Rhianne
radders112
If you have 24 payments of £133 then thats just over £3000, then an early settlement fee of £2700!! Are you sure this is correct as most companies work of percentages (i know mine is 3% of the total amount remaining with Natwest)??

One of the biggest things to be aware of is your credit limit, if you are nearing your maximum amount, your chance of getting a credit card to pay the loan will be lower and failed applications will impact on your credit score. Check your credit score and your amount of credit left before any applications (ensure to cancel within 30 days or will pay a monthly fee).



I think the OP means that instead of carrying on with usual payments costing £3100 he can settle now for a lump sum of £2700, saving £400.

https://sistasertraline.files.wordpress.com/2014/08/hf6d06d86.jpeg

Basically this, and then obviously if i could get 0% interest i would save even more in monthly repayments.

Post an Answer

You don't need an account to leave a response. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!