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Marsh Finance - Early Pay Off
braken2000
Posts: 659 Forumite
in Loans
Hi Everyone,
Long time no post,
Hoping someone can help as I appear to be going around in circles at the moment.
I am focusing on clearing my debt, and have so far managed to clear a good chunk of debt, with the "finish" in site for January 2017. The only problem is I have a car on finance with Marsh and am wanting to pay it off earlier to get rid of the HP and the massive monthly payments.
Because my income can vary month on month I can not just say to them "I will pay an extra £X per month", it would be more like "I can pay X in Jan, Y in Feb, Z in Mar" and so on. I have these figures ready to go.
The only problem I have is working out how quickly it will be paid off doing this? I have tried to understand amortization which is confusing at best.
Not sure where to go really. The HP is extortionate but with circumstances at the time I could not really do anything else (car broke down, would cost the same to repair as to replace) etc.
Thanks in advance
Long time no post,
Hoping someone can help as I appear to be going around in circles at the moment.
I am focusing on clearing my debt, and have so far managed to clear a good chunk of debt, with the "finish" in site for January 2017. The only problem is I have a car on finance with Marsh and am wanting to pay it off earlier to get rid of the HP and the massive monthly payments.
Because my income can vary month on month I can not just say to them "I will pay an extra £X per month", it would be more like "I can pay X in Jan, Y in Feb, Z in Mar" and so on. I have these figures ready to go.
The only problem I have is working out how quickly it will be paid off doing this? I have tried to understand amortization which is confusing at best.
Not sure where to go really. The HP is extortionate but with circumstances at the time I could not really do anything else (car broke down, would cost the same to repair as to replace) etc.
Thanks in advance
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