Originally Posted by Fair_Weather_Flyer
You can get some pretty good low rate deals on credit cards. If you can get several of them you may well be able to raise the cash. Not an ideal way of borrowing but if needs must. As a word of warning. Make sure that you are also able to obtain more funds in case your costs are higher than anticipated; they will be!
NO! NO! NO! Credit cards are emphatically
not the way to go. Credit cards may offer attractive initial interest rates - some at 0% for the intial three or six-month period - but thereafter they return to the (variable) standard interest rate. Most are around 16%, some as much as 27%!! On a loan of £50,000, that's interest payments of £13,500
a year! Even at 12% (about the cheapest you'll get), you're talking £6,000 a year. If the card requires the standard minimum of 5% of the outstanding debt per month, you're looking at monthly credit card payments of £2,500, much of which will be interest. If you can afford that, you can probably negotiate a deal for staged payments to your FTO.
Stay away from credit cards other than as an instrument to protect your investment - in UK, all purchases over £100 by credit card are protected by the credit card issuer.
Scroggs