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Extra Payments on a loan
How many of you are doing this?
Are any of you employing the PADing method (Payment a day Challenge) and actually making cash deposits onto you loan?
I called the company that gave me the loan and they gave me their bank account and sort-code details.
I have £11,000 to pay. This is my only debt and I want to start attacking it with extra payments, paying the minimum is getting me nowhere and will be with me for the next 5 years.
I would be interested to know if anyone else is doing this and how. Ie from saving up coins and depositing at the end of the month or budgeting for a set amount for an extra payment every month?
Personally I have a savings tin which is why I want to make cash deposits every now and then and I also will do online transfers from my main bank account. I don't want to set up a standing order as the amount will be different every month.
Are any of you employing the PADing method (Payment a day Challenge) and actually making cash deposits onto you loan?
I called the company that gave me the loan and they gave me their bank account and sort-code details.
I have £11,000 to pay. This is my only debt and I want to start attacking it with extra payments, paying the minimum is getting me nowhere and will be with me for the next 5 years.
I would be interested to know if anyone else is doing this and how. Ie from saving up coins and depositing at the end of the month or budgeting for a set amount for an extra payment every month?
Personally I have a savings tin which is why I want to make cash deposits every now and then and I also will do online transfers from my main bank account. I don't want to set up a standing order as the amount will be different every month.
Dave Ramsey Fan[/COLOR]
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