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First Direct Loan Overpayment Query
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Somerset99
Posts: 13 Forumite
in Loans
Hello,
I originally borrowed £15,000 from First Direct over 84 months with a APR of 7.5. I have 57 payments remaining to make however in a better financial position to overpay now and believe I can clear the loan by August 2021. Would I be better overpaying each month to reduce the balance or putting the extra back each month into savings and asking for a settlement figure in a year?
Thanks
I originally borrowed £15,000 from First Direct over 84 months with a APR of 7.5. I have 57 payments remaining to make however in a better financial position to overpay now and believe I can clear the loan by August 2021. Would I be better overpaying each month to reduce the balance or putting the extra back each month into savings and asking for a settlement figure in a year?
Thanks
0
Comments
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Unless your savings are getting more than 7.5%, make overpayments as early as you can.1
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