NRAM unsecured loan at 12.79% <sob>

Thrugelmir

notaclueandfloundering wrote: »

No savings currently as just finished paying off fees and credit cards but soon to have £200 additional freed up each month. If that link is correct and I pay that towards nram, making it £600 pm, then I'll pay the loan off in just over five years, which would be amazing!!

Your destiny is in your own hands.

ricky_v

See if you can pay interest only tempoarily on the mortgage or arrange a payment holiday. Although the payment holiday can have a slightly adverse effect on your credit file, if you're not planning any more big credit applications in the near future then the payment going to the mortgage would be much better going to overpaying the 12.79% loan.

AFK_Matrix

I would personally save up £1000 with the £200 you'll have extra and then throw it at the debt. As what are you going to do if some emergency comes up or something breaks that you have to get fixed? I assume put it on a credit card which won't help matters, so have a £1000 emergency fund there as a backup for your peace of mind.

MABLE

Babbawah wrote: »

The thing is with greed, it will always bite yer @Rs£ eventually :-)

IMHO its best not to comment if you have nothing constructive to say.

Thrugelmir

ricky_v wrote: »

See if you can pay interest only tempoarily on the mortgage or arrange a payment holiday.

All sorts of hops to jump through to justify either option. Both will have a negative impact on credit ratings as well.

Cycrow

AFK_Matrix wrote: »

I would personally save up £1000 with the £200 you'll have extra and then throw it at the debt. As what are you going to do if some emergency comes up or something breaks that you have to get fixed? I assume put it on a credit card which won't help matters, so have a £1000 emergency fund there as a backup for your peace of mind.

actually its better to use the money to pay of the debts then use the credit card if theres an emergency