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move my money?
All
currently I have a Northern Rock loan for £7000. I have paid 3 payments now, the payment each month is £240. However as most of you will be aware you can contribute more money each month if you wish. In doing so I am assuming that this reduces the length of the loan and not paying so much interest as calculated based on 3years at £240. Anyway I have a mini isa setup which has £50 paid into it each month. Do any of you think it would be worth cancelling this savings payment and be better off putting the £50 to the payment of the loan. Again your thoughts/suggestions are appreciated.
currently I have a Northern Rock loan for £7000. I have paid 3 payments now, the payment each month is £240. However as most of you will be aware you can contribute more money each month if you wish. In doing so I am assuming that this reduces the length of the loan and not paying so much interest as calculated based on 3years at £240. Anyway I have a mini isa setup which has £50 paid into it each month. Do any of you think it would be worth cancelling this savings payment and be better off putting the £50 to the payment of the loan. Again your thoughts/suggestions are appreciated.
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Comments
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yes that would be more wise, if it reduces the total cost of the loan.Smile and be happy, things can usually get worse!0
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I am not so sure. Personally, if I am not paying an unduly high interest rate on the loan, given the long term benefits of accumulating money in a mini-ISA, I would not stop payments into it, in order to prepay the loan. It is always good to save up a little for unforeseen emergencies, and an ISA by its very nature, seems to me, to be something which you must take advantage of to the maximum extent you can.It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0
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