We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Paying a lump sum towards a debt
lynseydee
Posts: 1,810 Forumite
I don't know if anyone is able to help but this is basically what I want to know.
A couple of weeks ago my car broke down and my husband, angry at what he considered to be an unreliable car (although it wasn't too bad), went out and bought me a newer car. I have since sold my car for £300.00. I decided I would spend £100.00 on clothes for my husband and I (much needed I might add) and use the other £200.00 to use towards paying off my Egg loan (flexible). My question is, is there a better time of the month to pay this lump sum off with regards to when interest is charged or do I just pay it off as and when?
A couple of weeks ago my car broke down and my husband, angry at what he considered to be an unreliable car (although it wasn't too bad), went out and bought me a newer car. I have since sold my car for £300.00. I decided I would spend £100.00 on clothes for my husband and I (much needed I might add) and use the other £200.00 to use towards paying off my Egg loan (flexible). My question is, is there a better time of the month to pay this lump sum off with regards to when interest is charged or do I just pay it off as and when?
Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
0
Comments
-
Might be worth checking with egg, if interest is calculated daily then it doesn;t matter (quicker the better).This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0 -
Hi there
Might not apply in your case and would be best to check but I had a chat with Egg about my loan the other day and they told me that interest was calculcated daily. Might be best to check with them though...
Mola xDebt Free Nerd No. 89, LBM: April 2006, Debt at highest (Sept 05): £40,939.96
NOW TOTALLY DEBT FREE!!!!!!!! Woooo hooooooo!!! DEBT FREE DATE: 23 December 20090 -
Thanks maybe I should pay it sooner rather than later if that's the case. Hopefully this money will make it look like my loan is coming down. Paid my 1st instalment last month and didn't look like I'd paid hardly anything. Oh well, hopefully it will start going in the right direction now.
Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 20100 -
Yes intrest on my cards was charged daily as well which I didn't realise until a few weeks back! so it's def best sooner rather than later.Just trying to be me.....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards