Loan / Savings Advice

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Hi,

Below is my debt in a little detail, its not a lot however I thought I would ask for some advice

DEBT
Loan 1 (Tesco) - £9200 over 10 years,
9yrs 6mths left £106 p/m - 6.5% (£8900 early payment figure)

Loan 2 (Barcleycard) - £6000 over 5 years,
3yrs 8mths left - £129 p/m - 11% APR (£5300 early payment figure)

Credit Card (Capital One) - £3000 (18mths Interest Free)


SAVINGS
ISA 1 (CIS) - £2680 - £50 p/m
ISA 2 (CIS) - £1100 - £25 p/m


I'm in quite a lucky position that come Oct/Nov 2006 I should be getting around £30k from a share in the sale of my dad's house if house prices dont fall to much between now and then. I plan to pay off all my debts and then put the rest to my mortgage.

In the meantime is there anything anyone can recommend to save some money with the above between now and then?

Comments

  • Willsnarf1983
    Willsnarf1983 Posts: 1,928 Forumite
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    i no expert but u may as well use most of ur savings to pay of some of the loan coz ur only paying interest on it. keep some thought just incase of emergancies and if u know ur getting some money later on then ull get ur savings back

    will
    SShhhhhhhhhhhhhhhhhhhhhhh
  • mountainofdebt
    mountainofdebt Posts: 7,795 Forumite
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    Personally if Capital one is 0% interest free then I wouldn't pay that off early...even if I had money from your father's property.

    You are only going to benefit from £300 per loan by paying off the loans early. At current interest rates would you not be better off saving in something like an ING account (which is equivalent to your mortgage rate now I would suspect)
    2014 Target;
    To overpay CC by £1,000.
    Overpayment to date : £310

    2nd Purse Challenge:
    £15.88 saved to date
  • Moncs_2
    Moncs_2 Posts: 183 Forumite
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    Personally if Capital one is 0% interest free then I wouldn't pay that off early...even if I had money from your father's property.

    You are only going to benefit from £300 per loan by paying off the loans early. At current interest rates would you not be better off saving in something like an ING account (which is equivalent to your mortgage rate now I would suspect)


    What is an ING account? I thought and ISA was your first point for savings since it was Tax Free
  • Willsnarf1983
    Willsnarf1983 Posts: 1,928 Forumite
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    thats 600 quid and if hes gonna get money later on he can always replenish his savings and then put them in a ing accuont...£600 quid is £600


    Will
    SShhhhhhhhhhhhhhhhhhhhhhh
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