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Debt & Savings
danblan1976
Posts: 11 Forumite
Hi there,
I need some helpful advice please.
I have a couple of debts with big monthly outgoings and a fair amount of savings. Now after reading Martin's advice I wish to use the savings against the debt but I'm not sure where to start. I've listed below what I owe followed by my savings. What is the best way to start clearing the debt with the savings? Any suggestions would be gratefully accepted!
Loan - Owe: GBP 8,800 - Monthly: GBP 285 - 30 months of a GBP 9,000/36 month agreement to go. (I suspect the settlement figure on the GBP 8,800 will be slightly less when you take interest into account).
Car Finance - Owe: circa GBP 1,800 - Monthly: GBP 275 - 7 months of a 12 month agreement to go.
Total: circa GBP 10,600
Savings: GBP 6,600
Ideally, I'd like to try and get rid of the loan asap as there are only 7 months to go on the car (which I then own outright).
What is the cheapest way to manage the remaining debt?
Please help!
Thanks.
I need some helpful advice please.
I have a couple of debts with big monthly outgoings and a fair amount of savings. Now after reading Martin's advice I wish to use the savings against the debt but I'm not sure where to start. I've listed below what I owe followed by my savings. What is the best way to start clearing the debt with the savings? Any suggestions would be gratefully accepted!
Loan - Owe: GBP 8,800 - Monthly: GBP 285 - 30 months of a GBP 9,000/36 month agreement to go. (I suspect the settlement figure on the GBP 8,800 will be slightly less when you take interest into account).
Car Finance - Owe: circa GBP 1,800 - Monthly: GBP 275 - 7 months of a 12 month agreement to go.
Total: circa GBP 10,600
Savings: GBP 6,600
Ideally, I'd like to try and get rid of the loan asap as there are only 7 months to go on the car (which I then own outright).
What is the cheapest way to manage the remaining debt?
Please help!
Thanks.
0
Comments
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The snowball calc might help
http://www.whatsthecost.com/snowball.aspx?country=uk
Personally I'd pay off the car loan, and see about making over payments on the loanPROUD 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
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