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
Loan repay now or wait?
Hi
Hope you can help me with the maths?
i took out an Alliance & Leicester Moneyback loan for £6k, 1St monthley payment made 22 march 07. Total repayable £6550.20. it`s 5.9% apr
If i pay it back in full after 23rd Sept 08 ie when 1/2 of it repayed I pay back £524.12 per £1k but if i carry on until 23rd march 09 I pay back £267.72 per £1k, but will have had to find 6 months more repayments. Which is the cheapest option?
I have the money in an offset account linked to my mortgage, so can clear the loan.
Thinking of repaying it early, as cost of living going up and looking at cutting monthley outgoings.
Loan co will only give me a settlement figure 1 month in advance.
Thanks
Hope you can help me with the maths?
i took out an Alliance & Leicester Moneyback loan for £6k, 1St monthley payment made 22 march 07. Total repayable £6550.20. it`s 5.9% apr
If i pay it back in full after 23rd Sept 08 ie when 1/2 of it repayed I pay back £524.12 per £1k but if i carry on until 23rd march 09 I pay back £267.72 per £1k, but will have had to find 6 months more repayments. Which is the cheapest option?
I have the money in an offset account linked to my mortgage, so can clear the loan.
Thinking of repaying it early, as cost of living going up and looking at cutting monthley outgoings.
Loan co will only give me a settlement figure 1 month in advance.
Thanks
0
Comments
-
the loan is at 5.9% , if your savings are earning less than 5.9% then pay the loan back, if not then don't.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards