Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Can i get a personal loan to pay off a credit card

Options
  • 30-07-2014 8:35pm
    #1
    lifeandtimes
    Closed Accounts Posts: 2,021 ✭✭✭


    Hi,

    maybe somebody who has been in this situation or has some advice can help.

    i have a credit card which is about 1600 in debt.

    Is there anywhere i can get a loan to pay it off and then make monthly repayments?

    I have done some research and it seems the interest in the loan would be less than the card and will save me in the long run.

    i applied for a loan through ptsb and they said no as they dont take on another banks debt(the card is with my previous bank) However i thought it would be in their interest as i would be paying them bank monthly repayments with interest.

    Has anybody been in this situation or can advise me on a good solution to this?


Comments

  • Options
    #2
    Sir Oxman
    Closed Accounts Posts: 8,492 ✭✭✭Sir Oxman


    lifeandtimes wrote: »
    Hi,

    maybe somebody who has been in this situation or has some advice can help.

    i have a credit card which is about 1600 in debt.

    Is there anywhere i can get a loan to pay it off and then make monthly repayments?

    I have done some research and it seems the interest in the loan would be less than the card and will save me in the long run.

    i applied for a loan through ptsb and they said no as they dont take on another banks debt(the card is with my previous bank) However i thought it would be in their interest as i would be paying them bank monthly repayments with interest.

    Has anybody been in this situation or can advise me on a good solution to this?

    Back in the pretend good days, yes but now I don't think so.
    Maybe don't mention the reason for the loan is debt shuffling and you might be ok?
    Ps been there, done that!


  • Options
    #3
    mikemac1
    Closed Accounts Posts: 12,395 ✭✭✭✭mikemac1


    I've done this but it was an AIB loan to pay off an AIB credit card. The loan money wasn't given to me, it was part of the contract that it instantly went to the credit card.

    Yes I can see banks being reluctant to take another banks debt

    Do you still have an account with the old bank? Maybe try there


  • Options
    #4
    duffman13
    Registered Users Posts: 8,952 ✭✭✭duffman13


    Ring your current bank if you still have an account, more likely to get a loan from them if you explain the circumstances. If the credit card has been on the long finger with missed payments etc it can be difficult because your credit rating would have suffered.


  • Options
    #5
    Ciarrai76
    Moderators, Recreation & Hobbies Moderators, Regional South Moderators Posts: 9,367 Mod ✭✭✭✭Ciarrai76


    I did this last year. I actually topped up an existing AIB loan to pay off an AvantCard credit card. In fact I remember doing the application through my online banking and I really didn't expect to be approved for it, but I was!

    Actually now that I think back, it was an AIB staff member who suggested I got a loan to pay off the credit card, because it would save me money in the long run with the high interest rates on credit cards!
    Its worth applying, you never know you might be approved.


  • Options
    #6
    lifeandtimes
    Closed Accounts Posts: 2,021 ✭✭✭lifeandtimes


    Sir Oxman wrote: »
    Back in the pretend good days, yes but now I don't think so.
    Maybe don't mention the reason for the loan is debt shuffling and you might be ok?
    Ps been there, done that!

    Hey everyone,thanks for your replies

    I was thiking of applying again and not saying its for a a card but i was wondering do i have to provide proof of usage/purchase for it?


  • Advertisement
  • Options
    #7
    Ciarrai76
    Moderators, Recreation & Hobbies Moderators, Regional South Moderators Posts: 9,367 Mod ✭✭✭✭Ciarrai76


    lifeandtimes wrote: »
    Hey everyone,thanks for your replies

    I was thiking of applying again and not saying its for a a card but i was wondering do i have to provide proof of usage/purchase for it?

    I think when you apply online, there is an option to state what you need it for. I just clicked on personal and I wasn't asked any details on what it was for or proof.


Advertisement