overpaying on a repayment plan

pistelman

hi guys,

ive been on a repayment plan for 2 years now with mbna.

mbna 1 = £21 per month
mbna 2 = £37 per month

after clearing some other debt:j i now have around £60 a month extra. Would their be any repercussions if i pay more than the agreed repayment to mbna on some occasions. by this i mean i do not want to pay more every month but am worried that if i do some months they will want the extra every month.

i dont want to pay extra every month as i really need to get a car soon and will then need the extra monies for that.

LBM JUNE 2007 £14,400
JULY 2010 £5,800:T:T

determined_new_ms

sorry I don't know the answer to this question, but I can't see that there would be an issue with giving creditors more money as long as is was divided between the 2 according to the rules? Just want to say excellent work on ur slaying! x

DVardysShadow

pistelman wrote: »

i dont want to pay extra every month as i really need to get a car soon and will then need the extra monies for that.

Then don't pay any extra. I take it that the car is more of a 'need' than a 'want'. Budget for your car and save up - your credit is probably poor, so you will pay over the odds for a loan anyway.

pistelman

DVardysShadow wrote: »

Then don't pay any extra. I take it that the car is more of a 'need' than a 'want'. Budget for your car and save up - your credit is probably poor, so you will pay over the odds for a loan anyway.

sorry let me explain in more detail.

i have been saving for a car (will not borrow money again except for mortgage) and when i get one, likely to be around 5 months time i will need the extra £60 for running costs. idealy i would like to pay the extra £60 for the next 5 months off my mbna cards and then revert back to what i am currently paying now.

After 3 years of facing and paying debts my situation and mentallitaly to money has improved vastly but still some time to go.

a car is not needed (havent had one for last 12 years) but would like to take my son places before he gets to old to spend time with his old man

DarkConvict

Its best you keep it to yourself and save it in an emergency fund, if its big enough make full and final settlement offers.

Problem with increasing payments is simple, you pay them more just once and they will expect more in the future. If you can't keep up high payments i.e. got a new job, then do not do it.

stephy110288

Hi I can only speak from my experience with halifax. i'm on a dmp with them and one day i decided to pay a tenner extra. once that tenner went in they cancelled my original plan which meant that the whole agreement had to be set up all over again, the interest was added on again, as were the charges, also the harrassing letters and phone calls began again. ridiculous when all you wanted to do was pay a bit extra!! so to be honest, i wouldnt bother, put it away somewhere for if your car breaks down in the future as that can be an unexpected cost