We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan Advice
andrewg1323
Posts: 9 Forumite
in Loans
Basically would like a few opinions on whether or not i should make a change to an existing loan
Currently owe cahoot just under 4k on a flexable loan, i;m 6 months away from finishing a college course so will be working full time in 6 months and all being well double my income.
Currently earn about £450 PCM in my part time job.
Cant decide if i should stick with the cahoot with the view of paying more than the minimum repayment once i;m earning full time or just take 4k out over 5 years on a fixed rate loan so i can still manage the payments now...
Pro's of fixed rates obviously i'll be on a lower interest rate so in theory save money but 5 years is a bloody long time....
Anyone got any thoughts or advice?
Currently owe cahoot just under 4k on a flexable loan, i;m 6 months away from finishing a college course so will be working full time in 6 months and all being well double my income.
Currently earn about £450 PCM in my part time job.
Cant decide if i should stick with the cahoot with the view of paying more than the minimum repayment once i;m earning full time or just take 4k out over 5 years on a fixed rate loan so i can still manage the payments now...
Pro's of fixed rates obviously i'll be on a lower interest rate so in theory save money but 5 years is a bloody long time....
Anyone got any thoughts or advice?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards