Paying through the nose job

A nip here, a tuck there…from noses and lips to boobs and hips it appears that Brits are desperate to get under the knife, and what’s more they’re willing to pay big.

An ‘average’ boob job costs around £3,000 and with it being the most popular cosmetic procedure in the UK it’s no wonder the costs have racked up. Britons are said to be planning to borrow £1.4 billion to achieve the body beautiful.

The number of surgeries providing cosmetic treatment in the UK has rocketed in the last decade but they remain amongst the most expensive places in the world to have procedures carried out. If you fancy penny pinching on your tummy tuck then you could head to Eastern Europe, but the thought of a mid-operational power cut may detract from the all round experience.

If surgery on these shores sounds like a preferable option then MoneyExpert.com can give some top tips on how to finance the mother of all makeovers.

A very personal loan

With breast enhancement coming in at around £3,000 and with other procedures such as rhinoplasty or nose jobs, and liposuction being slightly less, a personal loan may be the best means of finance.

Personal unsecured loans are those taken out without the need for any security, meaning that you won’t have to put your home or other assets at risk. Most providers are flexible with the amount they’ll offer; it can range from £500 – some heavy botox – to £25,000 – pretty much the whole works.

The flexibility of the loans doesn’t stop with the size. You’ll be able to arrange to pay it back over several years, or months, depending on what works best for you. When taking the loan it’s worth considering exactly how quickly you’ll be able to pay it back as most companies will charge early redemption fees of a month’s payment if you get out before the course of repayments has expired.

Put it on the plastic surgery

Not everybody will qualify for loans rates as advertised and if you have a poor credit history then it may be hard to come by a personal loan at all. In that case a credit card may be the best option.

It may seem strange using a credit card for a specific one off payment, but with such a huge number of deals available you should be able to find one that suits.

Clearly, as you’ll be making a major payment, a card that offers 0% on new purchases is a priority. A number of cards, including ones offered by Virgin Money, Halifax, and Barclaycard offer introductory rates of 0% on new purchases. That could mean a cosmetically enhanced 15 months without paying any interest on the debt.

Obviously it would be important to settle the balance in that period or you could be left with a serious interest rate of around 15.9 per cent to pay.

If you fancy an overhaul veering towards the Joan Rivers end of the scale and you’re prepared to repay the debt over a longer period of time then a Life of Balance credit card may be better suited.

With Life of Balance cards you’ll avoid punitive standard variable rates once your current introductory deal expires, and what’s more you might actually start repaying your debt in the process.

The average APR on a life of balance card is around 5.7%, which means on a £1,500 balance (some collagen lip implants?) the most you’ll incur in interest in a year is £85, or £7 a month. Compare that with a typical standard variable rate of around 20%, which could mean annual interest repayments of as much as £300 and you will soon see the attraction.

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