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  • FIRST POST
    • rsjg80
    • By rsjg80 7th Jul 17, 6:03 PM
    • 57Posts
    • 5Thanks
    rsjg80
    How to repay a Personal Loan
    • #1
    • 7th Jul 17, 6:03 PM
    How to repay a Personal Loan 7th Jul 17 at 6:03 PM
    Three years ago I got a personal loan for £10k for 60months. The outstanding loan amount is now £4700ish.

    I am in the situation where I can now pay this off completely. Would I be better paying it off completely, saving the interest of the next two years but paying the early settlement fee of two months interest OR doing a big overpayment and leaving a few quid in my account so they can't take any early settlement interest?

    Is there a trick to this?! Obviously the reason I can now pay this money off is I have become more a more careful over the years and any time you can save extra cash you should!
Page 1
    • zx81
    • By zx81 7th Jul 17, 6:05 PM
    • 12,539 Posts
    • 12,710 Thanks
    zx81
    • #2
    • 7th Jul 17, 6:05 PM
    • #2
    • 7th Jul 17, 6:05 PM
    The second one. No tricks.
    • zippygeorgeandben
    • By zippygeorgeandben 7th Jul 17, 6:37 PM
    • 572 Posts
    • 666 Thanks
    zippygeorgeandben
    • #3
    • 7th Jul 17, 6:37 PM
    • #3
    • 7th Jul 17, 6:37 PM
    Have you got an emergency fund set up yet?
    End Sep 2016 End June 2017
    £8236.57 £5989.54
    (Tesco 4.8%) £222.61pcm
    £6185.75 £1165.92 (Zopa 4.0%) £62.25pcm

    £5344.50
    £3170.04 (Sainsburys 0% until 06/19) £71.32pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £13,505.42 Original DFD May 2019.
    • rsjg80
    • By rsjg80 7th Jul 17, 7:26 PM
    • 57 Posts
    • 5 Thanks
    rsjg80
    • #4
    • 7th Jul 17, 7:26 PM
    • #4
    • 7th Jul 17, 7:26 PM
    So just pay off most of it and leave the rest to sort itself out?

    Why do I need an emergency fund? I have access to plenty of funds if needed.
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