Does anyone have a large loan

Bublin1

Does anyone have a large loan....£8000 or over?
I am paying £180 a month and have just found the paperwork that says i can make overpayments without charge. The APR is really low and nothing lower is offered anywhere else.

My question is to anyone with a large loan - are you making overpayments to chip away at the debt or is it best just to save instead?

At best i could probably overpay about £20 a month which is not much at all.

I have no other debts except for a Mortgage.

Fiddlestick

Bublin1 wrote: »

My question is to anyone with a large loan - are you making overpayments to chip away at the debt or is it best just to save instead?

If the savings interest is lower than the loan interest then you are better off overpaying.

rsdiscos

Hiya

We have a couple of loans - one we make an overpayment of £5 per week by standing order, and the other we make extra payments as and when we can. It may make it a bit of an incentive if you can work out how much interest you'd save.

Not sure if that's any help!

RSDiscos