Could do with some help re: figures

Legacy_user

I have a NR loan for £6000 @ 9.9% which isn't the greatest. A casing point is I have already made several payments of £96 a month but the loan is still sitting at £5901. I believe the loan was taken over 8 years (yes it was a stupid moment, but hey we all have em!)

So I have £3000 (hopefully) What effect will paying it directly into the loan have. I can pay any amount of without penalty.

I have tried some of the "whats the cost calulators" but none can tell me what I want to know, assuming the loan is still paid off at the standard rate, after paying in the £3000, how much will this save me.

Cheers

13000

tom188

How long have you had the loan for?

To do some rough calcs (which I hope are right, its been a long day).

As your debt currently stands you will repay about £2700 in interest over the term (your repayment is actually a bit higher than I estimated what it should be, do you have PPI?)

If you pay off the 3000 and maintain your current repayments, you will pay the loan off in less than 3.5 years and only pay around £550 in interest charges.

So do pay that chunk off if you can afford to, it will make a big difference.

System

Thanks for that Tom. Most helpful.