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Loan advice please
Hi, my husband has a loan with £8k remaining and I have a loan of £4K remaining. Both have the same rate (8.2% I think).
My loan was over 2 years and ends next October. DHs was over 4 years and he has 3 years left to pay.
We have £5K that we want to use to clear some of the loan.
How would you approach it? I'm thinking of putting the £5k to DHs loan and reducing the amount and the term so that they both finish next year.
Does that sound like a good use of the money?
My loan was over 2 years and ends next October. DHs was over 4 years and he has 3 years left to pay.
We have £5K that we want to use to clear some of the loan.
How would you approach it? I'm thinking of putting the £5k to DHs loan and reducing the amount and the term so that they both finish next year.
Does that sound like a good use of the money?
0
Comments
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sounds good to meBeneficial Finance £6500 - Cleared July 2010 - Ulsterbank Loan £1500 - Cleared August 2010. Ulsterbank CreditCards £2500 - Cleared July 2011. Barclaycard Credit card £2200 - Cleared July 2011.
Halifax Credit Card £1500 Cleared July 2011.
:rotfl: good times are "finally" here :rotfl:0 -
I think i would be inclined to pay off your loan now (request a settlement figure) Then any remaining pay towards husbands loan.
This way you just have one loan to concentrate on.
Then put every spare amount of money you can away or make overpayments on husbands loan (if possible) so that you can pay this off as quickly as possible (You should be able to pay this back in half the time that it has left if you did this)MFW 2026 #50: £3,583.49/£25,00007/03/25: Mortgage: £67,000.00
Mortgage:
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,0000 -
Thanks. My MR is £254 and DH's is £271 so if I pay off mine I could just continue to pay £254 to his loan. I shall have to check to see that overpayments are accepted because of course that will have a significant bearing on what we can do exactly.0
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