Cash in the ISA or take out a loan?
06 May 2004, 09:48 AM
#1
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Cash in the ISA or take out a loan?
To all the money experts!
I need to get my hands on 10k.
I have 10k in my ISA account (Scottish Widows) that I can cash in or take a 10k loan out - whats the best one to do?
(Bear in mind, probably put in 15k in the ISA over several years, but because it's so crap lost a lot of money)
I need to get my hands on 10k.
I have 10k in my ISA account (Scottish Widows) that I can cash in or take a 10k loan out - whats the best one to do?
(Bear in mind, probably put in 15k in the ISA over several years, but because it's so crap lost a lot of money)
06 May 2004, 09:54 AM
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Neither !
If your credit ratings OK, then take £10k as a cash advance on your credit card (you may get a small fee), then do a balance transfer onto a newly acquired 0% card. (Halifax One is 0% for 9 months)
You keep you ISA (if you want to) & borrow for free.
Or take out loan that you can pay off without penalty & balance transfer to the new 0% card.
Free dosh !!!!
D
If your credit ratings OK, then take £10k as a cash advance on your credit card (you may get a small fee), then do a balance transfer onto a newly acquired 0% card. (Halifax One is 0% for 9 months)
You keep you ISA (if you want to) & borrow for free.
Or take out loan that you can pay off without penalty & balance transfer to the new 0% card.
Free dosh !!!!
D
06 May 2004, 10:18 AM
#3
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Cheers for the tip off Dunk...So you're saying that I should keep doing balance transfers?
Any good credit card co.s that do a 10k credit?
As far as I know, my credit rating is very good!
Any good credit card co.s that do a 10k credit?
As far as I know, my credit rating is very good!
06 May 2004, 10:36 AM
#4
Originally Posted by Dunk
Neither !
If your credit ratings OK, then take £10k as a cash advance on your credit card (you may get a small fee), then do a balance transfer onto a newly acquired 0% card. (Halifax One is 0% for 9 months)
You keep you ISA (if you want to) & borrow for free.
Or take out loan that you can pay off without penalty & balance transfer to the new 0% card.
Free dosh !!!!
D
If your credit ratings OK, then take £10k as a cash advance on your credit card (you may get a small fee), then do a balance transfer onto a newly acquired 0% card. (Halifax One is 0% for 9 months)
You keep you ISA (if you want to) & borrow for free.
Or take out loan that you can pay off without penalty & balance transfer to the new 0% card.
Free dosh !!!!
D
id suggest the loan mate, get a flexible one where you can pay it off early, you have to remember an isa will go up and down all the time you have it, its set to end in 5 years, and thats when you will get the best return on it, it will "should" have been explained to you when you purchased it.
jamo
06 May 2004, 12:08 PM
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Presumably a DCM score is a form of credit rating ?
If so, what's the point of having an excellent credit rating if you never use it for fear of reducing it ?
D
If so, what's the point of having an excellent credit rating if you never use it for fear of reducing it ?
D
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06 May 2004, 01:10 PM
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Delphi for Customer Management (DCM) is a suite of highly predictive generic bureau-based behavioural scorecards that provides users with a regularly updated risk assessment of all their existing customers.
i guess it means something to someone.
06 May 2004, 01:58 PM
#13
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If I were you take the loan out with a decent APR. Goldfish are pretty good at 6.2 and they stick to 6.2%. Some companies will say 5.9 etc but when you get the documents its really 9+. Goldfish are very flexible so pay chunks off or repay early without penalty.
I've just taken 10K for debt reconcilliation (Been an **** with credit/loans
) and its £193 per month over 5 years.
I've just taken 10K for debt reconcilliation (Been an **** with credit/loans
) and its £193 per month over 5 years.
06 May 2004, 02:22 PM
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If you have the cash (ISA) then use that.
Look at the above example, take a loan at 6.2% and the cash you left in the ISA has to show a return of 6.2% just to break even. Unless you have some kinda guaranteed bonus from the ISA? The cash you'd be using to pay off the loan monthly could be fed into your pension or a new savings plan/index tracker.
Old by name, old by nature LOL
Chuck
Look at the above example, take a loan at 6.2% and the cash you left in the ISA has to show a return of 6.2% just to break even. Unless you have some kinda guaranteed bonus from the ISA? The cash you'd be using to pay off the loan monthly could be fed into your pension or a new savings plan/index tracker.
Old by name, old by nature LOL
Chuck
06 May 2004, 02:40 PM
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I was with Chuck on this, pay by saved notes everytime. Then the cc co's started offering 0%, if you're disciplined enough you can maintain a return on your savings whilst borrowing for free.
I'm not saying that you should borrow to spend, but if you already have savings that are creating a return why not keep that return, if someone is foolish enough to lend dosh for nowt then take it !
If they pull the plug on 0% borrowing then pay off the debt & you've at least earnt some dosh for nowt
D
I'm not saying that you should borrow to spend, but if you already have savings that are creating a return why not keep that return, if someone is foolish enough to lend dosh for nowt then take it !
If they pull the plug on 0% borrowing then pay off the debt & you've at least earnt some dosh for nowt
D
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