We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Do I pay it Off
sweet_charriot
Posts: 48 Forumite
I am sorry if this at times appears a little vague but I do not have all the facts.
Some months ago I needed to borrow £9000 to assist my Son. In order to do this I borrowed against 3 Endownment type savings which also offer life Insurance linked in. The interest rate on the loan was 7% APR.
One of the policies is due to mature at then end of this month and I am now in a position where i could pay the loan off the settlemt figure being just over £9000. The policy maturing is worth £6165 and if I do not pay off i am still getting £1800 of that policy.
My thoughts are I am paying £230 a month for the policies so should I consider paying of the total loan collect the full maturity on the one policy and then surrender the other two take the cash and loose outgoings of £230 a month. I do have other life cover so do not need that side.Thanks for any help.
Posted this under loans before possibly wrong section
Some months ago I needed to borrow £9000 to assist my Son. In order to do this I borrowed against 3 Endownment type savings which also offer life Insurance linked in. The interest rate on the loan was 7% APR.
One of the policies is due to mature at then end of this month and I am now in a position where i could pay the loan off the settlemt figure being just over £9000. The policy maturing is worth £6165 and if I do not pay off i am still getting £1800 of that policy.
My thoughts are I am paying £230 a month for the policies so should I consider paying of the total loan collect the full maturity on the one policy and then surrender the other two take the cash and loose outgoings of £230 a month. I do have other life cover so do not need that side.Thanks for any help.
Posted this under loans before possibly wrong section 0
Comments
-
just giving this a bump
Maybe one of the clever ones can helpPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
The best place to post this would be the MORTGAGES AND ENDOWMENTS BOARD....which is two above this one.They have a lot of mortgage brokers etc on there and Financial advisors..though it may take a while to get an answer as it's quite quiet at a weekend there.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards