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Advice pls!
The_Golden_Goose
Posts: 1,040 Forumite
in Loans
Hello all,
I have a loan, due to finish in June this year with Northern Rock @ 6.9% APR, repayment is approx £90 a month, with approx balance of £270 to repay.
Having been made redundant, though I have not found another role yet, do I risk some of my redundancy money and call up and pay off the loan or do I just sit tight and keep paying my monthly amounts. I am concerned that I may not find another role and wish I hadn't paid off the loan when that money could be put towards the mortgage.
Suggestions / advice ?
All comments welcome.
Thank you all kindly.
I have a loan, due to finish in June this year with Northern Rock @ 6.9% APR, repayment is approx £90 a month, with approx balance of £270 to repay.
Having been made redundant, though I have not found another role yet, do I risk some of my redundancy money and call up and pay off the loan or do I just sit tight and keep paying my monthly amounts. I am concerned that I may not find another role and wish I hadn't paid off the loan when that money could be put towards the mortgage.
Suggestions / advice ?
All comments welcome.
Thank you all kindly.
** Proud to be dealing with my debts **
LBM - Jan 2009 _pale_ : £24,802.21 :eek:
February 2010 :silenced: : £18,078.47 (not including OD)
July 2010 
= £16,819.34 (not including OD)
= £16,819.34 (not including OD)
January 2012 :mad: = £14,338.75 (not including OD)
0
Comments
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The Golden Goose stated "I am concerned that I may not find another role and wish I hadn't paid off the loan when that money could be put towards the mortgage. "
Squire, I think you have answered your own question... Did you have a more specific, detailed question (e.g. how much other savings, other income, expenditure, chances of new income, how risk-averse are you.. is your relationship with the Mortgage company happy or have they reason to be suspicious of you... etc. etc. .. ).
Myself, I always keep some ready funds form a rainy day. Been quite rainy recently and looks like carrying on that way.
Cheers!
lodger0
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