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Settling a loan
Okay please be gentle, I am not great with money matters but am trying to get things in order together with my OH (who equally doesn't have a clue!)
He currently has a loan to settle today would be 11,856 to carry to term is going to cost 16,210 interest between now and dec 16 is 4,353
Does it depend on apr etc if we are best moving loan or are we best trying to overpay over next few years? And are we best applying in both names -joint income 58k (36k him, however I am now on stat mat pay) or him alone? He has a mortgage in his name although we currently live in a property provided by his work (hm forces) he has another loan at 4k but have rang re that one and apr is only6% and finishes 2014 so think that one is best to run its course? No store cards,credit cards. Ideally would prefer loan to be around a year shorter in term can pay an extra 50a month. If we were to overpay on current loan it would be here and there when he gets extra money from being away....
Thanks in advance
He currently has a loan to settle today would be 11,856 to carry to term is going to cost 16,210 interest between now and dec 16 is 4,353
Does it depend on apr etc if we are best moving loan or are we best trying to overpay over next few years? And are we best applying in both names -joint income 58k (36k him, however I am now on stat mat pay) or him alone? He has a mortgage in his name although we currently live in a property provided by his work (hm forces) he has another loan at 4k but have rang re that one and apr is only6% and finishes 2014 so think that one is best to run its course? No store cards,credit cards. Ideally would prefer loan to be around a year shorter in term can pay an extra 50a month. If we were to overpay on current loan it would be here and there when he gets extra money from being away....
Thanks in advance
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Comments
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Just re read re the 50 a month I think this was whatwe were thinking with low apr but tried sainsburys yesterday and could only get offered 17% in oh name?0
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I would overpay each month as much as possible.0
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Have you checked your loan agreement to see if you can make overpayments? and if there is any fee? - it varies with different lenders and also depending on when the loan was taken out.
What is the APR on this current loan? is it around 20%?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
£250 admin for early repayment. I believe it's 17.9%!0
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