Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 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!
Pre-paying loan payments for a year..
Hello
I have a bank loan for a term of 6 years.
I'm about to come into some money (not enough to pay it off, unfortunately!) - enough to cover one year's payments.
I was wondering if if I could pre-pay the next 12 months loan payments, suspend loan Direct Debit payments for the next 12 months too, and then re-commence the normal arrangement by DD thereafter.
I've heard of people paying of loans early, but this is rather different, nor is it like a payment holiday, because there wouldn't be any gap in payments (in fact, the bank would get 1 year of them early!). I wasn't sure if anyone else had ever come across this.
I have a bank loan for a term of 6 years.
I'm about to come into some money (not enough to pay it off, unfortunately!) - enough to cover one year's payments.
I was wondering if if I could pre-pay the next 12 months loan payments, suspend loan Direct Debit payments for the next 12 months too, and then re-commence the normal arrangement by DD thereafter.
I've heard of people paying of loans early, but this is rather different, nor is it like a payment holiday, because there wouldn't be any gap in payments (in fact, the bank would get 1 year of them early!). I wasn't sure if anyone else had ever come across this.
0
Comments
-
Its an awkward way of going about it and youd need to get agreement from the lender.
Why not just keep the money in the bank and let the DD proceed as normal?0 -
Well, it may affect benefits I am receiving.0
-
No, the lender won't allow it.0
-
OK, thought it was probably a long shot, but heh!
Nothing ventured
0 -
You could take out a smaller loan, and use that plus your lump of cash to pay off the original. Then you would be left with a smaller loan and no (less) savings.0
-
copperclock wrote: »You could take out a smaller loan, and use that plus your lump of cash to pay off the original. Then you would be left with a smaller loan and no (less) savings.
Paying off debts like this could also affect the OP's benefits.0 -
How have you got a loan on benefits thought it’s difficult to do soMortgage free wannabe
Actual mortgage stating amount £75,150
Starting balance £66,565.45
Current balance £53,769
Cc 1k at 0 percent0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 264K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards