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Do I pay off my loan with money saved for maternity leave?
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I have a dilemma.
I have a loan for £976 with Natwest. I am about to leave work to go on maternity leave for a year. I have saved up £1800 for extras when I am off as I only get statutory mat pay after 6 weeks off.
Am I better off paying off the loan now out of my savings and have less to live of or should I continue paying it off monthly?
I have a loan for £976 with Natwest. I am about to leave work to go on maternity leave for a year. I have saved up £1800 for extras when I am off as I only get statutory mat pay after 6 weeks off.
Am I better off paying off the loan now out of my savings and have less to live of or should I continue paying it off monthly?
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Comments
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Probably not much in it.
There isn't much left to pay and if you repaid now, they could charge you two months extra interest (but you would save in interest overall)
If you paid now you would have less to live on but you wouldn't be making any loan repayments (so you have more in your pocket).0 -
Thanks Its a catch 22 I know.0
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