want to be loan free in 6 months

Tryingtomoveout

Hi everyone

So I currently pay around 360 pounds a month in loan repayments (£150 per month on a lloyds loan, 150 on a santander loan and 60 on a nationwide loan). They all have about a year to go on them but if possible I want to pay them off sooner...thing is I'm 1500 into my overdraft and although my overdraft is temporarily cleared every month after payday...I then gradually eat away at it again over the duration of the month until next payday when the whole cycle starts again...it doesn't help that my loan payments are so high...

So....since last week I've been cutting expenditure everywhere possible so that I can make extra loan repayments and try and clear my overdraft for good....


I would love to hear from anyone in a similar position to me and any advice you might have....I hate having debt hanging over me and only accrued this debt due to immature and silly decisions..I have nothing to show for the money I borrowed...the only positive I'm holding onto is that I finally seem to have changed my ways and I'm beginning to trust myself with money again...

Anyway thanks for reading and hopefully I can join in some discussions on here

Xxxxxx

double_mummy

post an SOA we will see if we can help with anything you could cut back on

are there any penalties for overpaying the loans? what are the interest rates?

Tryingtomoveout

Hi

Thanks for the reply. I know that paying off the lloyds loan early will not accrue fees and it will save future interest payments...as such I would pay this loan off first.