We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Do I pay my loan off or not?
trishargh13
Posts: 1 Newbie
Due to a joint tenancy when I was a student, I now have a CCJ. I've been trying to repair my credit rating for the past 2 years, as I do not want to have to wait another 5 years to get a mortgage.
I have recently come into some money and am debating whether to pay off a £2000 loan I have....
Do I pay off the loan, as this site quotes ‘pay off your debt with savings’, or do I continue my monthly repayments as it may help my credit score?
Any advice would be greatly appreciated.
I have recently come into some money and am debating whether to pay off a £2000 loan I have....
Do I pay off the loan, as this site quotes ‘pay off your debt with savings’, or do I continue my monthly repayments as it may help my credit score?
Any advice would be greatly appreciated.
0
Comments
-
If you are paying interest on the loan, then yes clear it with your savings.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards