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| Money Question http://www.x404.co.uk/forum/viewtopic.php?f=3&t=14634 |
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| Author: | Fogmeister [ Fri Sep 02, 2011 8:45 am ] |
| Post subject: | Money Question |
If you had several places that could do with a cash injection and you somehow recieved some cash (amount = £X) what would you do with it? Loan with £X remaining. Car needing £X/3 spending on it. I could clear the remainder of the loan completely but I'd still need to spend the money on the car. But then I wouldn't be paying out each month on the loan so could save for the car. I think I know the answer I just wanted to sanity check my thinking. |
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| Author: | Spreadie [ Fri Sep 02, 2011 8:48 am ] |
| Post subject: | Re: Money Question |
Depends how bad the car is, but I would kill the loan first. |
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| Author: | james016 [ Fri Sep 02, 2011 9:01 am ] |
| Post subject: | Re: Money Question |
Put the money towards the loan. |
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| Author: | JJW009 [ Fri Sep 02, 2011 9:03 am ] |
| Post subject: | Re: Money Question |
As a general rule, always pay debts off first if it will save you interest payments. Of course it rather depends if the car will keep going, and if you need the car to get to work. |
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| Author: | Fogmeister [ Fri Sep 02, 2011 9:21 am ] |
| Post subject: | Re: Money Question |
The car is fine at the moment but probably won't pass the next MOT (in 6 months). Thanks for the replies though. I thought the same thing. Bye bye loan! |
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| Author: | Amnesia10 [ Sat Sep 03, 2011 2:08 pm ] | |||||||||
| Post subject: | Re: Money Question | |||||||||
Also once the loan is cleared it will free up that sum each month for the car, and after that for saving. |
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| Author: | E. F. Benson [ Sat Sep 03, 2011 4:35 pm ] |
| Post subject: | Re: Money Question |
I once had a loan from Lloyds. everyone said pay it off it will save money on the interest. Guess what, the tricky little blighters had it so that I had to pay the interest too. So there was no benefit from paying off early, but as the woman said at the time there was no penalty either. That left a bad taste in my mouth I can say. |
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| Author: | Fogmeister [ Sat Sep 03, 2011 10:03 pm ] | |||||||||
| Post subject: | Money Question | |||||||||
Thankfully I checked when I got the loan and I made sure to get one I could pay it off with no penalty. --- I am here: http://maps.google.com/maps?ll=53.851223,-1.530933 |
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| Author: | E. F. Benson [ Tue Sep 06, 2011 11:36 am ] | |||||||||
| Post subject: | Re: Money Question | |||||||||
but will you still have to pay the interest of the full term? If so there is no point in early repayment to my mind. |
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| Author: | Amnesia10 [ Tue Sep 06, 2011 11:56 am ] | ||||||||||||||||||
| Post subject: | Re: Money Question | ||||||||||||||||||
No many will reduce the interest payable. |
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| Author: | Fogmeister [ Tue Sep 06, 2011 1:25 pm ] |
| Post subject: | Money Question |
No, the amount left outstanding on the loan (ie the amount it says is the balance on my online banking) is all I have to pay to close the loan. (plus however many days interest since the last interest was added. it was the most flexible loan I was able to find at the time as I wanted to be able to pay it off early and knew that would be able to somehow. I have already made several lump sum payments into it. --- I am here: http://maps.google.com/maps?ll=52.982561,-2.660368 |
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| Author: | E. F. Benson [ Tue Sep 06, 2011 5:06 pm ] |
| Post subject: | Re: Money Question |
glad for you 
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| Author: | MrStevenRogers [ Wed Sep 07, 2011 8:06 am ] |
| Post subject: | Re: Money Question |
i too am finishing a loan 3 months early on friday (pay day) thats 2 big bills gone this year (catalogue finished then closed and the loan) feels good to get out of debt ... |
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