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Sharkey3439

What to pay????

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After a few years of struggling etc i'm in a postion that allows me to pay off either motor finance or a persoanl loan (bank), but not sure which one.

 

Both debts are within £70 of each other on the settlement figure, with £2 per month on payments and are both due to finish at the same month. The only real difference is the motor finance will take a capital payment whereas it's all or nothing on the bank loan.

 

Does anyone know which one might have a better effect on credit scores etc when paid off secured or unsecured debt?

 

Many thanks

 

Stu

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I don't think it will matter which one is paid off really.

You could try full and final offers to both.


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Both of these debts were attained after the blk of my troubles, those were in 2005 and in 2014 fall off my credit file so i was just gonna stump up the settlement figure. The motor finance is about £700 less than it's balance on equifax and the bank is about £100 more, not that i think that matters.

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any charges/ppi?

 

dx


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Nope, no early exit fees, and i declined PPI on both agreements, think the decision is purely which one looks better on credit file as a settled agreement.

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do you still own the car

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Splitting available funds between two F&F settlements might be advantageous.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Bit the bullet, paid off the bank, though you'd have thought they didn't want the money. Santander Loan, Santander Current Account you'd think it would be easy, but after going through all the security questions for the loan it declined the card, even though i had internet banking in front of me with the balance showing. So i got transferred to another dept where i went through all the security questions again to be told it was blocked due to the value, so i've got to speak to the security anti-fraud dept to get it unblocked, (yes they had stopped the card entirely), so yet again with the security questions. Eventually they let me have access to my own money so i could give them a load of it, so guess what they done.............. yep, transferred me back to the loans dept again to repeat the whole process from scratch. Four different people and 22 mins on the phone to a 0870 number to pay it off.

 

Absolutely ridiculous. (But i'm now £90 a month better off :-) )

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And as for the bike, just done some maths and should be able to get rid of that one in about 6 weeks anyway, so no real benefit either way in the end. So that'll be £180 a month in my pocket, or going towards getting rid of another bill i think.

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