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Carley Avatar
7y, 10m agoPosted 7 years, 10 months ago
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Carley Avatar
7y, 10m agoPosted 7 years, 10 months ago
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banned#1
i wouldnt pay it, and would stick my money in premium bonds as the interest on savings is so low its hardly worth having, rather take me chances on the odd premium bond win
#2
I would pay the loan off as a saving of £66 is a saving of £66 and at the moment, you've a cat in hell's chance of getting any kind of interest rate on an instant access account, especially bearing in mind that it will be reducing by £290 each month. If I were you I'd pay off the loan and it's one less hassle each month.
#3
sassie
i wouldnt pay it, and would stick my money in premium bonds as the interest on savings is so low its hardly worth having, rather take me chances on the odd premium bond win


But he wants to use £290 of this money each month to pay his loan so don't think this would work, although you have just reminded me to look at my Premium Bonds to see if we've won anything (although I doubt it!!).
#4
If you won't miss the repayments for the next 12 months, then I would say leave the money in the bank and let the loan finish. That way, you have a double bonus at the end of 12 months in that you are better off each month AND the cash in the bank :thumbsup:
banned 1 Like #5
Carley
Hi sassie, how easy is it to make withdrawals from premium bonds then?


you just fill in a form and send it off, must admit it takes about 3 weeks though, by time you sent it off and received cheque and waited for cheque to clear, although you can have it paid direct inot bank but dont know how long that takes, shorted than three weeks i would imagine


whhops sorry missed the bit where you said you would need to keep pulling to pay the repayments, if you are not in work do you not have insurance to cover this loan? just a thought
#6
Carley
Unless i find work then I will need the money to pay the balance off.


Hhhhmmm...in that case, think about how likely it is that you'll get a job quickly. If it was me and I thought I could get a job quite quickly, I would use the money to make the monthly payments and then, once the new salary kicks in, just keep paying it using the salary.

If you think it will take a while, then maybe paying it off is the best deal as it saves you money.
banned#7
Personally I would pay the loan, because I just know I would waste the money
#8
have you looked at your current interest rate and whether a new loan would have a smaller interest rate? if so ,then pay off the loan and if you need a new one- you will have a smaller int rate to go with your £66 saving.
#9
dont forget to look at quidco to see if taking a new loan out through them would net you some money if you needed it.A&L are offering £50 . not much but could make a better deal.
banned#10
l1mba
have you looked at your current interest rate and whether a new loan would have a smaller interest rate? if so ,then pay off the loan and if you need a new one- you will have a smaller int rate to go with your £66 saving.


l1mba
dont forget to look at quidco to see if taking a new loan out through them would net you some money if you needed it.A&L are offering £50 . not much but could make a better deal.


dont think the op will get a loan whilst being out of work, apart form a loan shark :w00t:
#11
it might not neccesarily be a loan- can be on his credit card. the principle point is to look at the rate being charged and what he could get. some credit cards provide a zero %,or the interest rate could be lower than what he has.or he could get a secured loan against his house.
as long as he looks into it,he could find a deal where he is better off,though debatable for how much.
#12
check how your loan interest is calculated per your original agreement.
It may be that you are better off paying all but a nominal £5 or so off your loan now and letting it run to term. This way there are no early redemption fees and no major sum left to keep paying monthy interest on.
#13
stick it all on spurs to beat wigan :)
#14
The amount that Premium Bonds pay has also been reduced in line with falling interest rates, so far less chance of winning anything.
#15
lol wow lucky you didnt follow my advice then :-D, seriously do if you paid the debt off (if you obviously wouldnt miss the money) wouldnt it be a lot off your mind and one less thing to pay, or could you say not pay a few months off and then save the rest

Carley;4038401
Wigan 1-0 Tottenham :x

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