Hi all
we are intending to do a VT however the finance company have said we have around £750 to go before we reach the 50% point.
my next instalment is due anytime now for £350 so I was planning to make an overpayment today of £400 to reach the 50% figure now
however the finance company have said that I’m unable to make an overpayment of that amount as it’ll have no significant impact on either reducing the term or lowering my monthly repayments.
in fact they even said that if I did indeed make that overpayment my month repayment would increase from £350 a month to £1000 a month because of interest (confused?)
so my question really is what is the best way of reaching the 50% mark ASAP this month bearing in mind we will be around £400 short once October payment is taken.
any advice hugely appreciated.
we are intending to do a VT however the finance company have said we have around £750 to go before we reach the 50% point.
my next instalment is due anytime now for £350 so I was planning to make an overpayment today of £400 to reach the 50% figure now
however the finance company have said that I’m unable to make an overpayment of that amount as it’ll have no significant impact on either reducing the term or lowering my monthly repayments.
in fact they even said that if I did indeed make that overpayment my month repayment would increase from £350 a month to £1000 a month because of interest (confused?)
so my question really is what is the best way of reaching the 50% mark ASAP this month bearing in mind we will be around £400 short once October payment is taken.
any advice hugely appreciated.
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