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Some Advice please
Cutecub79
Posts: 25 Forumite
Hello, Im new to all this, so be gentle!
I currently have a loan, the settlement figure is £3460.
My income is £1400 per month
Total household bills £550
Loan repayment £250
Savings £100 per month.
I am left with £500 to live on for the rest of the month.
I have £1000 in savings.
I am getting married next August, and want to pay my loan off/reduce my outgoings as soon as possible.
My idea at the moment is to pay off £1000 of my loan, using my savings, taking it to £2460. I have applied for a Virgin Credit card with the 0% on cash transfers for 16 Months. The website said I have been accepted with a credit limit of £2500 (Does this mean I will definatly get a credit card?). Shall I put the balance of the loan onto this card, and pay a minimun a month of £50? This will allow me to save more money for my wedding, but still pay off my debts.
Is this a good idea? Or do any of you guys have some other suggestions?
Any help appreciated.
I currently have a loan, the settlement figure is £3460.
My income is £1400 per month
Total household bills £550
Loan repayment £250
Savings £100 per month.
I am left with £500 to live on for the rest of the month.
I have £1000 in savings.
I am getting married next August, and want to pay my loan off/reduce my outgoings as soon as possible.
My idea at the moment is to pay off £1000 of my loan, using my savings, taking it to £2460. I have applied for a Virgin Credit card with the 0% on cash transfers for 16 Months. The website said I have been accepted with a credit limit of £2500 (Does this mean I will definatly get a credit card?). Shall I put the balance of the loan onto this card, and pay a minimun a month of £50? This will allow me to save more money for my wedding, but still pay off my debts.
Is this a good idea? Or do any of you guys have some other suggestions?
Any help appreciated.
0
Comments
-
Can you overpay the loan? Some don't allow that and insist you pay in full. Check the Ts & Cs of the loan.Saving for a Spinning Wheel and other random splurges : £183.500
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Yes, I can overpay the loan and pay it off early. Its with EGG.0
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