Settlement figures, consolidating debts?

Akira

Hello all, I think this is the right place to ask; we have debts of about £45000, and i have just received an inheritance, so was thinking about paying some of the loans off. We asked for some settlement figures and were offered small discounts, and one loan we would have to actually pay more if we settle early. Anyway, I am not sure what's the best thing to do, a couple of loans are £1.500 and repayment is £104 per month, another is £6800, £277/monthly, £3900 is £160/monthly. I was thinking about paying those off.
I will be left, to still pay monthly, the more expensive loans: the one that is more to pay early(£7.000, £155 monthly), another loan for £8500 that is £360 monthly and £6500 at £225 monthly.
I would like to know, please, would it be better to pay the whole lot off(and have no inheritance left), or pay only for the loans I originally planned to pay, or pay the expensive loans instead? Thank you very much for your advice.
Regards,
Akira
ps: will be going out now, but will be back in a couple of hours, thanks again

RAS

Hi

We really do need to see your full SOA to give you the best advice.

You can also play with the snowball on www.whatsthecost.com .

I cannot remember if it allows you to record early redemption penalties but it does allow you to state if you can over pay. Just check as well, as some loans allow you to overpay 10% or a specific figure one a year without penalty.

brokeinlondon

I would say pay off the loans with the highest APR first.The early redemption penalty might be worth it, depending on how much the APR is.