i need to raise 30 thousand pound - advice please.

[Rob]

Borrowing against a credit card is a very risky business. Even the interest free balance transfers are time limited and will still want a minimum payment each month. And remember most balance transfer enabled cards now charge a fee based on the transfer amount, increasing your debt. Cash advances are an even bigger rip off.

If you have security in a house, there will be varous secured loans available.

If all else fails speak to the bank manager. They will be able to look at the prospects behind your investment. If it is a reasonable proposition they may be able to offer a business loan. If it's a poor risk they'll tell you to run away.

[Shaun]

Originally Posted by Chrysalis

moneysavingsexpert is where I got my info, they are telling people to stop taking loans especially secured ones. In the debt section when someone has large debts mixed over credit cards, loans etc. they are usually told to pay off the loans first since they cost more and to juggle the credit card debt over 0% cards.

And you think the OP will be given credit cards and OD for 30k just like that?

Martin doesn't just advocate CC over loans. He tell you to pay off the most expensive debt first - WHAT EVER THAT DEBT IS.

If you honestly think the OP will get CC and OD given to him cheaper than a loan then I think you're mistaken.

Saying that it's really OT.

[Chrysalis]

Originally Posted by Rob

Borrowing against a credit card is a very risky business. Even the interest free balance transfers are time limited and will still want a minimum payment each month. And remember most balance transfer enabled cards now charge a fee based on the transfer amount, increasing your debt. Cash advances are an even bigger rip off.

If you have security in a house, there will be varous secured loans available.

If all else fails speak to the bank manager. They will be able to look at the prospects behind your investment. If it is a reasonable proposition they may be able to offer a business loan. If it's a poor risk they'll tell you to run away.

Rob did you read the link I posted?

Secured loans offer you no security they offer the lender security, credit card isnt secured debt.

Its a very common misconception that loans are good, secured loans are good when in truth they not, if you can get a unsecured loan with lower apr then a credit card then great. But in truth loans are restrictive, you have to stick to the repayment plan and like credit cards if you miss payments you penalised, if you repay early unlike credit cards you penalised, if you default on a secured loan then the bank takes what you secured it on whilst if you default on a credit card you just take a credit rating hit.

Having an authorised overdraft is by far the best form of credit as the interest is only charged when its been used and you can get away with paying nothing at all as long as you dont go over your overdraft limit, banks are often unwilling to offer overdrafts now tho unless they think its never gonan be used and will nearly always offer you profitable loans instead.

---------- Post added at 09:27 ---------- Previous post was at 09:23 ----------

Originally Posted by Shaun

And you think the OP will be given credit cards and OD for 30k just like that?

Martin doesn't just advocate CC over loans. He tell you to pay off the most expensive debt first - WHAT EVER THAT DEBT IS.

If you honestly think the OP will get CC and OD given to him cheaper than a loan then I think you're mistaken.

Saying that it's really OT.

If smaller amount yes, for 22k it will be tough to get good cards with a 22k limit so his option is to probably get as much as possible on 12 month interest free cards and take out a 'unsecured' loan for the rest. Even if there is fees on the cards they will likely be nowhere near what the interest would be on the cash.

[Nidge]

If you can't afford it mate steer clear of it, £30,000 is a hell of a lot of dosh to plough into a business it's a hell of a lot when you've not go it. If you want to start a business go and get advice free from your bank, they'll put you on the right road.