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Loan Question
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Posts: 35 Forumite
in Loans
Hi guys,
Posted on a few times, got some advice and would like some more!
I've got a loan from Creation, which was for a personal computer. It's due to expire next April (2013), I have met every payment.
I have met every payment of £14.96 each month.
I took out a loan of
I have £119.68 oustanding, which will be paid off by April 2013 anyway.
I can pay extra amounts off, and can settle the total amount early (I need to write in though for this). I guess they don't mind as it's a fixed term loan, so they get the same amount of money anyway.
Is it worth contributing even £5 or £10 extra a month to pay this off? If I increase the amount of payment to £24, £10 extra, it will be paid off by Jan.
This would mean that I simply pay off this loan early, and allows me to redirect the money sooner elsewhere.
I can afford to pay this off early, it would mean one night less in the pub a month though (which I can easily live with out)!
Or is it worth just leaving it as it is, as I have already budgeted this payment in, and it's only a small amount of the original fee and with only 8 months left? Or...should I pay off a bit more first, and then after Christmas simply pay it all off?
Posted on a few times, got some advice and would like some more!
I've got a loan from Creation, which was for a personal computer. It's due to expire next April (2013), I have met every payment.
I have met every payment of £14.96 each month.
I took out a loan of
I have £119.68 oustanding, which will be paid off by April 2013 anyway.
I can pay extra amounts off, and can settle the total amount early (I need to write in though for this). I guess they don't mind as it's a fixed term loan, so they get the same amount of money anyway.
Is it worth contributing even £5 or £10 extra a month to pay this off? If I increase the amount of payment to £24, £10 extra, it will be paid off by Jan.
This would mean that I simply pay off this loan early, and allows me to redirect the money sooner elsewhere.
I can afford to pay this off early, it would mean one night less in the pub a month though (which I can easily live with out)!
Or is it worth just leaving it as it is, as I have already budgeted this payment in, and it's only a small amount of the original fee and with only 8 months left? Or...should I pay off a bit more first, and then after Christmas simply pay it all off?
0
Comments
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why not forgo 2 nights at the pub this week and pay it all off now, £119 really is neither here nor there IMHO0
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