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Early Settlement Vs Increased Payments ???
tornado1979
Posts: 24 Forumite
in Loans
Hi,
April 2014 I borrowed £5000 from a company, interest rate was 49.9% (variable).
Due to high interest rate I need to clear ASAP and would like some advise.
£4,162.63 is settlement balance today.
I'm looking at settling in March 2016, but I've got the option to pay an extra payment monthly or save money and settle the account in March with one total payment.
The company don't have any early settlement charges.
What would be the best road for me to take ??
Thanks in advance
April 2014 I borrowed £5000 from a company, interest rate was 49.9% (variable).
Due to high interest rate I need to clear ASAP and would like some advise.
£4,162.63 is settlement balance today.
I'm looking at settling in March 2016, but I've got the option to pay an extra payment monthly or save money and settle the account in March with one total payment.
The company don't have any early settlement charges.
What would be the best road for me to take ??
Thanks in advance
Debt Free 01/02/2016:j :dance::j:beer:
0
Comments
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Sorry February is when I'm planning on clearing balance not March, so x4 more months Nov, Dec, Jan, Feb.Debt Free 01/02/2016:j :dance::j:beer:0
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Clearing as much of the balance, as early as you can, will save you the most interest.0
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