Do i pay my loan off??

wang_uk

Hello all. my first post here and im learning alot.

i have a loan outstanding of £10745 and three years left as from July.

i think iv work out that i pay £20 intrest a month.

I have ISA with £8080
and a online saver £1500

between by saving i earn about £35 intrest.

Do you think i should pay my loan off or take out a anouther loan over a shorter time. I do have about £700 - £850 spare cash a month now.

Kind Regards

wang_uk

Thank you Albertross. i'm at a rating of 7.2% on a £14000 loan so does that make it about £40 a month?

My concern is it takes years to put a good amount into a ISA. should i be worry about that???

wang_uk

ok i have worked it out and had someone check it. £45 a month intrest i spend.

Now im looking in buying a house in a year or so time. Do i keep the loan going and keep on saving or do right the loan off and then restart saving.

What you think?

CLAPTON

you need to tell us
a. your monthly payment
b. how many months left to pay
c ..so you can see how much there is left to pay
i.e. a x b
d. ask for a settlement figure i.e. how much to close the debt (obviously in writing)

wang_uk

Thank you.

Right i pay £275 a month and have 39 months left on £10745

I spoke on the phone and they gave me a settlement figure of £9771. ( can this be haggled)

Thanks again

[Deleted User]

Probably not, but try anyway hehe.

Best bet is to pay it off then start saving for a mortgage as a debt free person its easy to get mortgaged.