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two loans

lmcamoes
lmcamoes Posts: 124 Forumite
in Loans
Hi

Loan A)
Amount Outstanding £3700
Number Of Repayments 25
Monthly payment of £180

Loan B)
Amount Outstanding £10700
Number Of Repayments 51
Monthly payment of £210

I can pay monthly £500, what should I do? Pay one of it more quick?
Get a new loan and pay Loan A and B?

Comments

  • 19lottie82
    19lottie82 Posts: 6,027 Forumite
    Part of the Furniture Combo Breaker
    I'd throw all I could at the loan with the highest APR.

    Why would you want a new loan?
  • lmcamoes
    lmcamoes Posts: 124 Forumite
    Consolidate both in just one.
  • DCFC79
    DCFC79 Posts: 40,619 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 26 February 2015 at 4:51PM
    lmcamoes wrote: »
    Consolidate both in just one.

    A. consolidation rarely works, depends on the person though and B the apr of the new loan might not even be less than the 2 you have now.

    Pay the minium to the 1 with the lowest apr and pay as much as you can towards the other.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    lmcamoes wrote: »
    Hi

    Loan A)
    Amount Outstanding £3700
    Number Of Repayments 25
    Monthly payment of £180

    Loan B)
    Amount Outstanding £10700
    Number Of Repayments 51
    Monthly payment of £210

    I can pay monthly £500, what should I do? Pay one of it more quick?
    Get a new loan and pay Loan A and B?



    you have left out the most important details

    what are the APRs of the loan

    and if you could get a new loan ; what APR would it be
  • chesky
    chesky Posts: 1,341 Forumite
    Eighth Anniversary 1,000 Posts
    Why would you think the advice would be different from when you posted on 2nd February.
This discussion has been closed.
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