Repayment of car

r055c

Hi Gurs,

thought i would ask for some advice on this forum.

At the start of the year i was oweing money to over 7 creditors/debt colelctors but thankfully never got into the stat of having CCJ's registered. Now, i'm happy to say i only have 2 debts left (thanks to tax rebates and ALOT of overtime)

One of these end next year sometome so that really isn't an issue. The one i'm wanting to focus on is my car finance.

I bought my car back in 2007 and took it out on a 5 year finance plan paying £137 a month. I'm hoping to recieve a substantial cheque from HSBC for bank charges, although i have no idea when this cheque will be issue (if at all) or even for how much (they owe me £3000). I'm thinking about completly clearing the rest of the finance on my car in one lump sum but am not sure if this would be a good idea?

what are peoples views on this?
Is this a good idea? if not... why?

thanks

josephine82

If you get enough to pay off the finance (you may get something knocked off for paying off early) and you don't need the money for any other more priority debts, then definitely.