Repaying loan today.. feel sick!

Emmzi

I have just written a cheque for over 10k to pay off my second last loan. 9,600 to go.

I feel ill because I don't know what is happening work wise yet. However, worst case, I stay with this contract until end of august, and I will have 6 months living expenses in the bank. Could have been over a year if I hadn't just written that cheque...

Oh well. Of course, I'm not sure how writing big cheques before you're unemployed affects your benefit entitlement... if you *would* have had over the 6k/8k whatever it is before writing it...

I don't want to post it!!! I like seeing a fat bank balance, even though it's a huge illusion!!!

jayne26

get to the post box ,,,,,now:T

Sallys_Savings

ohh no feeling sick ...feel happy that you're clearing some of your debt :j

Like the other poster says...."post it now"

You never know whats around the corner ...so don't worry as you could keep your job for longer...be employed within a couple of weeks..be swept away by a millionaire ..oops sorry got a little carried away there

You know its the best thing to do...:) ..post and forget about it

:T

kevin_M

if i rember right if your unemployed they ask you what savings you have in the bank. If its over so much u lose some of your award

So getting the debt paid off is prob the wise move. I would of done the same

sammy115

First off Em - absolutely fantastic that you have paid off your loan - rather than thinking how much you have paid out to them now, just think how much you have saved by paying them now.

On the other matter of the savings and benefit. I bought my mums house off her to release capital to her and with the money she paid her debts off. When she applied for benefits they wanted to see her bank statements and she had to show proof that she had used the money to pay debts.

Keep a copy of the cheque - so that it is clear who it is payable to, and ask the lender to confirm that you have paid the loan off. Keep copies of the loan agreements too, this information is everything that the benefits office wanted from my mother.

However, when I went to sign on from my recollection they just asked me what my bank balance was and if I had any savings. I can't recall them asking me if I had just spent all my money.. LOL
:beer:

Well done - have you kept up your benefits challenge.

CosmoCat

go on emz!!

post it, post it, post it, post it!!

i know what you mean about liking seeing the big balance. but remember, the quicker you pay your debts, the faster whatever future monies coming in becomes yours!!

all_hours

Congratulations on paying off the loan. :beer:

As you don't know what's round the corner paying off the debt now shouldn't cause a problem. The contract could be extended or you could get another job straight away - I don't see how you would be expected to predict the future.

They only ask for the past 2 or 3 bank statements, so post it fast if this goes out in June and you only had to show July and August's it wouldn't show up anyway. If you have to show 3 months then do what Sammy suggests.

Good luck.

tawnyowls

melabarrie wrote:

go on emz!!

post it, post it, post it, post it!!

i know what you mean about liking seeing the big balance. but remember, the quicker you pay your debts, the faster whatever future monies coming in becomes yours!!

Hear, hear! No point having a big balance if the balance on your debts is bigger.

Sea78

Yep would agree! Post it!!

And well done!!

Sea xx

Thriftylady

Don't feel ill about posting it, feel liberated !!

Old_iron_balls

take a deep breath, post it and walk away with a smug grin on your face
congrats and well done !