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
Clear SC or a HP loan first?
ShaunH101
Posts: 5 Forumite
Good evening all,
I have a question I'm hoping someone will be able to help me with.
I have a Step Change agreement and a HP for a vehicle I bought in May 16. At present, SC is £180 per month, last payment due Nov 2019. The HP is £196.95 a month, last payment due May 2019 APR 37.6%.
From the end of July this year, I'll have a spare £120 per month from another loan that will finish, so I'd like to put this extra money towards one of the two account listed above. Question is, which one should it go to?
Thanks for looking! :j
I have a question I'm hoping someone will be able to help me with.
I have a Step Change agreement and a HP for a vehicle I bought in May 16. At present, SC is £180 per month, last payment due Nov 2019. The HP is £196.95 a month, last payment due May 2019 APR 37.6%.
From the end of July this year, I'll have a spare £120 per month from another loan that will finish, so I'd like to put this extra money towards one of the two account listed above. Question is, which one should it go to?
Thanks for looking! :j
March 2019 Debt free goal.
31 Jan 2017 Total Debt:£13,089.
31 Jan 2017 Total Debt:£13,089.
0
Comments
-
Assuming the creditors have all frozen interest and the HP is high interest. Pay extra to the HP again assuming no penalties for overpayingLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Assuming the creditors have all frozen interest and the HP is high interest. Pay extra to the HP again assuming no penalties for overpaying
All accounts on SC have frozen the interest as far as I'm aware.
Thanks for the reply.March 2019 Debt free goal.
31 Jan 2017 Total Debt:£13,089.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards