Pay off as much as you can in 2011 Challenge!

mmikailian

jwil wrote: »

That seems a bit weird to me, but I'm not an expert. I would hope that any overpayment reduces the balance and the amount of interest you pay overall, but not change the monthly payment. So effectively you reduce the term. Maybe ask on the loans board for clarification?

Is the £5k on mbna more than your outstanding loan balance? You would pay presumably a 3% transfer fee as well. I would ask for a settlement figure for the loan, find out if there are any early redemption charges, and try and figure out which would save you the most money. If you can't pay off the whole amount before May 12, you will be on a much higher interest rate unless you can get another balance transfer.

If it winds up cheaper to keep the loan, and your overpayments are not really making any effect, then can you pay off another debt instead? Or make the overpayments to the highest paying interest account you can find until you have enough to settle the loan.

No most of my debt is now on this loan i cleared the other loan with MBNA CC. Maybe just pay off as much as i can if i am hoping to clear it this year maybe it wont make that much difference but i could not believe him when he said it made no difference

dreamdreamer

Enjoy the week off jwil! I too have 10 days off starting Monday and am off to see my parents (multiple NSDs here we come!). Hope you're doing either something lovely or nothing at all, both are equally satisfying!

boysma

Morning everyone

Paid 186.67 to loan yesterday and 5.00 to cap one cc this morning. My updated total is now 1561.57/10,000

A lovely sunny morning here after a horrendous day yesterday so heading to country park for a long walk today with DH and DS2. We will take a picnic with us so we are not tempted to pop in somewhere for something to eat so hopefully a cheap and healthy day out:j

Enjoy your week off JWIL.

skaps

Paid off £828.37 so far.

phoenix_dragon

Paid off another £100, so £1149.49/£7000

copperjar

Paid another £65.71 to Santander CC

£2228.84/£10k

fedupandskint

Paid off £562 this month on CC and loan with a £100 over payment on CC

just been snowballing and DFD has already come down from 2015 to Apr 2014. Will be keeping on paying back and off to see if it reduces down anymore

My total is £1147/£5000

rachelww1

Overpayment of £440 to bcard tonight, bringing total to £8647.11/£21000 41.18% :j. I so want to smash even this revised target. Right, off to look at my spreadsheet again, to see where else I can save some pennies......sad, sad woman that I am

polka_purpura

Hi,

I have nothing to report at present and remain perilously behind schedule on my ambitious target.

Well done to all and keep going.

More importantly there is little I can do at present other than post so I know where I thanked to last time.

Back soon with something to report.

polka purpura

boysma

Morning all

160.00 paid this morning JWIL to Next and a cc.

How I wish i was putting all this money into a savings account:(. I am going to play around with the snowball calculator later to see if there is anyway these debts can be paid off quicker (doubt it though). I will need to get heating oil very soon and the price of it is ridiculous:mad:

Running total 1681.67/10,000

Enjoy your Sunday folks:A