We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Do I pay my loan off or not?
Options
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
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards