Should I make a payment

Dollymix12

i have 2k that I have just been paid out for Santander PPI they have told me they have sent out another offer letter for 2.7k for a loan I had with them. My question is should I pay the 2k off my MBNA card now or wait till I have the 2.7k so I can pay the full balance off? I'm hoping I will have all the money before my next minimum payment is due so should I just wait? I know it's not a big problem but I'm not sure if I'm ready to give up the cash yet lol

andyfromotley

If you keep it you may be tempted to spend it!!

Pay it off!!

Dollymix12

That's my big worry! I suppose it's not going to make any difference if I make two payments in one month the end results the same, think I was just looking forward to paying it all off in one go!

Sharon87

Your signature says you have a Next card too, if that's still the case it's probably worth paying that off first, I dread to think of the interest rate on that card!

I would pay off whatever is the highest interest debt straight away.

Dollymix12

To be honest my minimum monthly payment on that is only £25 a month were as the monthly payments on my 2 cards are £250 and £150 with those making a big difference each month I wanted to get rid of those first because the overall interest I'm paying on those is higher than the next balance. Should be paid off fully by the end of the year anyway

edwink

Like others have suggested I would personally pay some of it off now. That should give you some pleasure knowing that a big chunk has come off your debt. Then when the other money is through you can have that pleasure all over again by paying another chunk off.

Dollymix12

Haha I've made the payment and it felt good, I hate the fact you have got to wait a few days for it to show on your balance though!!

dirtycredit

Good one! I was thinking pay pay pay before you spend it! Well done for making the payment. I've just paid off my MBNA and it does take flipping ages to show. I keep checking it to see the zero balance bacause I'm a bit sad like that.:rotfl:

Dollymix12

Haha I love seeing it come off my balance and even tho I can't see it against the card I can see it as a pending transaction in my online banking! Can't wait to be able to pay the balance off but would love to just be able to use the money for treats!!

AspiringButAnxious

I just paid my Very account 2 months before I needed to (12 month buy now, pay later) because I wanted to remove the temptation. It's also nice to think you owe less now, even if it doesn't make a difference in the long term. I like looking at my savings account knowing I can keep everything in it — even if it is only £10! I would pay the £2k straightaway.

Sharon87

I get what you mean about the minimum payment, once the balance goes down so does the minimum payment, so even if you didn't have more money coming in at least your minimum payment would have drastically reduced!