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
Help on loans needed
nickwilks7
Posts: 76 Forumite
in Loans
Hi, i am after any help on ways i could save money or reduce my debts!
I currently have 2 personal loans, 1 with Natwest which i still owe £8,000 and paying £256 a month,
and 1 with Sainsburys bank which i still owe £16,700 and paying £315.10 a month.
I also have £3,500 in my savings account which i could use to pay off some of the loans and get a better rate??
would i be better trying to refinance, or just let them both run their course?
I am really stuck and need to get out of this debt asap.
I currently have 2 personal loans, 1 with Natwest which i still owe £8,000 and paying £256 a month,
and 1 with Sainsburys bank which i still owe £16,700 and paying £315.10 a month.
I also have £3,500 in my savings account which i could use to pay off some of the loans and get a better rate??
would i be better trying to refinance, or just let them both run their course?
I am really stuck and need to get out of this debt asap.
0
Comments
-
Using the savings to pay off a chunk of one of the loans is a good idea.
Consolidating is rarely a good idea.
Firstly though, what are the interest rates? Are you able to make extra payments/pay off early without penalty?February wins: Theatre tickets0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards