A Payment A Day - Part 11!

rsdiscos

Hi all

Just a quick question that I'm going to post in the loans section.

I've started by padding journey by paying small amounts into the fees part of the mortgage - I know its only been £13 or so pounds so far, but hey ho - it all counts!!!

But I've been thinking that the mortgage isn't the debt that causes me the most problems - it's my lloydstsb loan, which I pay £620 a month towards for 4 years at about 9.9% - if I didnt have this every month I'd be £620 better off and would be able to make substanstial PADs to the mortgage.

Does anyone PAD to their lloyds tsb loan - I can seem to work out how to do it or whether I'm allowed too. We do pay £5 a week extra to my OHs LTSB loan as a standing order, but I want the flexibility of paying the odd pound here and there.

Any help would be really appreciated!

Cheers

RSDiscos

mooomin

Total for 6th November - £746.38

mooomin

rsdiscos wrote: »

Does anyone PAD to their lloyds tsb loan - I can seem to work out how to do it or whether I'm allowed too. We do pay £5 a week extra to my OHs LTSB loan as a standing order, but I want the flexibility of paying the odd pound here and there.

I don't PAD to a Lloyds loan, but to one with Halifax and have set up an online bill payment and send funds there when there's money spare.

This is a new facility for me as previously you couldn't do this online so what I used to do was transfer money into a savings account and then I repaid the loan early with a lump sum. The benefit of doing this was I built up a cushion of emergency money so if anything went wrong I had those savings and wasn't relying on credit.

My PAD is £2 by the way

rsdiscos

flying_fresian wrote: »

The benefit of doing this was I built up a cushion of emergency money so if anything went wrong I had those savings and wasn't relying on credit.

Thanks FF!

That's a good idea - the only problem I have is all my savings with LSTB so they appear in my Internet Banking and are too easily 'getatable'!

I might see if if I can set up a saving account somewhere else.

My pad for today is £1.85

never_too_old

Good morning all

please can you put me down for £5 hoping to get to the bank and then pad some more.

i know this is a long shot question but does anyone know what bank account this sort code belongs to tia

90 20 71

skilly

Hi all ,£517.28 pad Today :-)

sashanut

Hi all:j

Didn't get on yesterday but already made a PAD of £300 to M&S cc plz F_F tkyou :T

Kepp

£20 to the loan please FF

njk1012

A smaller PAD for me today of £5.07 to MBNA.

This week is extremely tight on the money front so PAD's will probably be increasingly smaller as the week goes on. I still want to clear one card by the end of this month but the chances are looking extremely slim at the moment.

Kepp

rsdiscos wrote: »

Hi all

Just a quick question that I'm going to post in the loans section.

I've started by padding journey by paying small amounts into the fees part of the mortgage - I know its only been £13 or so pounds so far, but hey ho - it all counts!!!

But I've been thinking that the mortgage isn't the debt that causes me the most problems - it's my lloydstsb loan, which I pay £620 a month towards for 4 years at about 9.9% - if I didnt have this every month I'd be £620 better off and would be able to make substanstial PADs to the mortgage.

Does anyone PAD to their lloyds tsb loan - I can seem to work out how to do it or whether I'm allowed too. We do pay £5 a week extra to my OHs LTSB loan as a standing order, but I want the flexibility of paying the odd pound here and there.

Any help would be really appreciated!

Cheers

RSDiscos

I PAD to my Lloyds loan. You need to get the sort code and loan reference number and then set up a standing order. I set the standing order to annually so it doesn't catch me out. Whenever you want to pay something to the loan then just adjust the amount to what you want to pay and change the date to the next day. It's a right faff but unfortunately the only way that Lloyd will let you overpay online. It's worth doing rather than saving up a lump sum in the case of Lloyds as their loans are some of the few that calculate interest daily so you will save by overpaying as and when. Hope that all makes sense!