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How to repay a Personal Loan
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Three years ago I got a personal loan for £10k for 60months. The outstanding loan amount is now £4700ish.
I am in the situation where I can now pay this off completely. Would I be better paying it off completely, saving the interest of the next two years but paying the early settlement fee of two months interest OR doing a big overpayment and leaving a few quid in my account so they can't take any early settlement interest?
Is there a trick to this?! Obviously the reason I can now pay this money off is I have become more a more careful over the years and any time you can save extra cash you should!
I am in the situation where I can now pay this off completely. Would I be better paying it off completely, saving the interest of the next two years but paying the early settlement fee of two months interest OR doing a big overpayment and leaving a few quid in my account so they can't take any early settlement interest?
Is there a trick to this?! Obviously the reason I can now pay this money off is I have become more a more careful over the years and any time you can save extra cash you should!
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Comments
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The second one. No tricks.0
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Have you got an emergency fund set up yet?Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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So just pay off most of it and leave the rest to sort itself out?
Why do I need an emergency fund? I have access to plenty of funds if needed.0
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