Questions tagged [repayment]

For all situations involving paying money back to a borrowed source, such as a loan.

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6
votes
1answer
97 views

Tax payable on student loan repayment

I have two children at university. The eldest is in his second year as a PhD student, the youngest in the third year as an under-graduate. Both have taken out student loans and owe £45,000 (for under-...
5
votes
1answer
159 views

Will my property taxes change if I get it appraised for PMI removal?

I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process. I had budgeted and readied myself to make a principal payment to bring ...
1
vote
1answer
45 views

Pay out lower interest mortgage now or wait and pay higher interest later?

I have a mortgage on my primary home, which consists of two sub-account: one is for the original loan with about £30K remaining on it; the other part is the extra borrowing to build an extension - ...
1
vote
2answers
70 views

Can Income Based Repayment payment exceed your income when married?

My understanding is that IBR payment is a percentage of your household income if married. In that case can the payment actually be more than your individual income if your spouse earns more? (...
38
votes
8answers
7k views

Is 0% APR ever a bad idea?

I have recently purchased a few large items of furniture for my new home and paid a ~25% deposit on these. To pay off the remainder I can pay in full or pay monthly with a 0% APR payment plan. e.g I ...
1
vote
1answer
29 views

Are postmark dates applicable for repayments as per IRS publication 525?

If I owe my employer repayment of benefits such as relocation/sign on bonus that occur in a single calendar year (say $10k signing bonus paid in March 2020) - if I mail a check in to repay the ...
0
votes
1answer
152 views

Tour operator asks for undue money

Some time ago I purchased a trip from a leading tour operator in Germany (I’m resident of a close-by country). They asked me to provide them with a credit/debit card details so they can collect €1000 ...
0
votes
1answer
77 views

What is the formula for calculating the months till pay off of a credit card that includes the APR?

I'm playing around in Excel attempting to get the total months to pay off a credit card. I'm not looking to pay off by a certain date. I just want to know how long it will take me to pay off what I ...
0
votes
2answers
59 views

Should I focus on repaying private or federal student loans during Covid-19 and CARES act?

The CARES act puts the interest rate for federal student loans at 0% until December 30th and there are no mandatory payments for student loans until that time. I owe $32,000 in federal loans, normally ...
5
votes
3answers
318 views

Purchasing a house with parent-in-law's money, temporarily [duplicate]

Say I am about to purchase a £200,000 house (moving house, rather than first-time buyer), and can get a mortgage for the £120,000 difference I need. But, my parents-in-law have offered to loan us the £...
1
vote
0answers
59 views

My company switched 401k Providers and the new provider re-amortized my loan and changed the payments

My company switched 401k providers a few years back. Recently I have been playing around with amortization tables in excel and realized that my payment should have been lower. After talking with ...
3
votes
0answers
152 views

UK student loan default payment for living abroad is lower than how much I should pay based on earning. Can I just pay the default?

I'd like to preface this by saying that if I am legally required to pay the higher amount, then of course I will. But as any human (presumably), I would prefer to pay less. I am also on Plan 1 for ...
41
votes
9answers
17k views

Friend sent me $6500 through his company and told me just to send it back

I started helping out my friend's business a couple of months ago as a part-time worker. He's been paying me hourly through square. Couple of days ago he told me that he'll be sending me $6500 from ...
2
votes
2answers
104 views

How to calculate repayments in order to pay off a personal loan by a certain date?

I have a small personal loan ($3000 remaining). The current interest is about 15% (per year???, charged monthly) but I also have to pay a monthly service fee ($10). My current weekly repayments are ...
3
votes
1answer
201 views

How is interest calculated on a UK type 1 student loan?

On my student loan annual statement it says The Student Loan Company applied interest to my balance every month but only received one lump sum payment at the end of the year from HMRC, even though ...
7
votes
1answer
543 views

Should I pay down mortgage faster or Invest?

I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage). I've a few options to pay my mortgage faster Increase principal payment amount once/year Change payment frequency from ...
0
votes
0answers
156 views

Can I refinance my spouse's student loan?

In the recent 2 years my wife and I aggressively paid off a lot of debt in credit cards (leveraging some zero-fee, low fee balance transfer and using the money from sale of my stocks and our salaries)....
-1
votes
2answers
141 views

Part payment on loan principal

I have 2 loans, loan A and loan B, for the exact same amount , same tenure and same interest rate. I am planning to do a part payment. I am trying to figure out whether to put all of the part payment ...
0
votes
0answers
86 views

Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
1
vote
3answers
188 views

What's the interest rate in this example of irregular payments?

Loaned out $10K, with the following payments (like, these are all the payments there will ever be) Period 1 2 3 4 5 6 $0 $0 $0 $0 $26K $4K How would I ...
3
votes
6answers
592 views

Where should my money go first?

I have $7000 in cash. What should I pay toward first? Car Loan $17,000 @ 3.4% $532 a month payment Credit Card $3000 @ 0% interest till March 2019 Credit Card $3800 @ 0% interest till Nov 2019 Credit ...
0
votes
1answer
2k views

What is a capital repayment?

I got notified recently from a company I have shares in of a payment. I initially thought it was a dividend but under payment type it says "Capital Repayment". What does it mean, how is it different ...
2
votes
2answers
342 views

How long do I have to pay back a 401(k) loan?

I have a loan taken out on my 401k through Fidelity. The loan originated on this date: 12/19/2017. I will be leaving my current workplace and moving to a new workplace that uses John Hancock 401k. ...
2
votes
1answer
60 views

Pay off loan with MESP 529?

I made a bad decision and took a 401k loan last year. I question whether I could pay off the loan with a 529 account I have through Michigan education savings plan. I would not be pulling any money ...
3
votes
1answer
179 views

Can someone declare an item be collateral without me signing anything? And seize it? [closed]

I bought a business from someone for $20,000. After paying him everything, yesterday he messaged me, saying that my car is under collateral and he will seize the car if I don’t pay him an extra $5,000....
2
votes
2answers
875 views

Letter to lender of how to apply overpayment

I'm attempting to make an overpayment to my student loans and wish my payment to not defer my monthly payment date, not alter my payment schedule, not pay off any unpaid interest, and only be applied ...
43
votes
9answers
10k views

What are the biggest pitfalls to avoid with student loans?

More often than not I read horror stories of people such as (I've Paid $18,000 To A $24,000 Student Loan, & I Still Owe $24,000) that acquire college debt, pay monthly for years, and end up owing ...
2
votes
3answers
205 views

Lump sum vs interest free loan

I'm considering buying a service which will cost around £6000 (which I consider to be a significant amount). There is a financing option available which allows the amount to be paid off over 24 months,...
4
votes
2answers
819 views

How to Calculate a BiWeekly Repayment Loan?

I want to calculate the biweekly repayment loan. I have gotten the monthly using this formula (D) = {[(1 + i) ^n] - 1} / [i(1 + i)^n] Monthly Payment = Loan_Amount / D How can I convert this to ...
1
vote
1answer
160 views

Is it a good idea to make a lump-sum payment to pay off a personal loan, even if I want to build credit history?

I have recently received some money that I could use to repay my personal loan, however I am not sure if doing that, is a better idea than continuing paying the loan normally, with instalments taken ...
2
votes
2answers
394 views

Partially vs. Fully Amortized Loan

Isn't the article beneath wrong to interpret a Fully Amortized Loan as a loan with 7 years maturity? Isn't the correct comparator a Fully Amortized Loan with 30 years maturity, and 30 years ...
6
votes
1answer
390 views

Getting married but avoiding joint income claims

My girlfriend and I are planning on getting married. However, she has racked up quite a bit of student loans(60K+). Currently, she has been on a repayment program (PAYE) with a 20 year loan ...
2
votes
1answer
276 views

How does Sallie Mae calculate its payment?

Short Version Can anyone figure out how Sallie Mae comes up with its personal loan payment amount? Long Version I have a friend who took out a personal loan with Sallie Mae, and their payment ...
2
votes
1answer
441 views

What is nelnet doing with my auto-debit student loan payments?

I recently (A few months ago) bumped up my loan repayment. My repayment just started this year. So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this: ...
7
votes
3answers
4k views

Is it illegal for a student loan servicer to lower the minimum monthly payment after overpayments?

I've been aggressively overpaying my student loans, which has led to them lowering my minimum monthly payments. The servicer and lender can presumably argue that they are doing me a favour, but my ...
24
votes
5answers
5k views

Options for paying for a nonreturnable leased vehicle

Late last year, my girlfriend's car was stolen and subsequently destroyed. This car was a leased vehicle. For reasons beyond her control‡, the insurance had lapsed a few months prior. The ...
3
votes
2answers
2k views

Credit Card Amortization via Principal-Only Payments

On a home loan amortization schedule, I can make the monthly payment and add the principal-only owing for the "next" payment along with it, and avoid paying the interest for that next month, which ...
3
votes
3answers
386 views

What mortgage term to go for (short term)? [duplicate]

I current have a mortgage with less than 14 years on the term with an outstanding balance of approx 100k. I will be moving house in the next few months, but the house I move to (purchase) will only ...
6
votes
2answers
2k views

Is there any loan forgiveness or help for a large Federal parent student loan?

If a parent has a federal student loan for her child's education of over 100 thousand dollars, and she is having trouble paying off, is there any sort of forgiveness, or help?
1
vote
1answer
227 views

Borrowed money from a friend to pay College fee - Implications of not paying

My wife is a US Citizen. She borrowed money from a friend to pay for her college. She is unable to repay on time. She needs a bit more time, but unfortunately the lender is not ready to wait. He ...
28
votes
5answers
6k views

What method do I use to pay current expenses while paying off credit card debt?

I’m hoping you can help me with a question that seems very hard to google for some reason. I have $20K in debt on 4 cards, and I have set up a plan to pay off the deferred card on time, and the ...
23
votes
9answers
10k views

I'm unemployed. Should I pay off my credit cards to avoid monthly payments?

I'm unemployed and on a tight budget with 6 months of savings. Should I pay off my credit cards to avoid monthly payments even if it reduces half of my savings? Is there a risk of the bank reducing my ...
3
votes
1answer
91 views

How exactly does a Level / Standard student loan repayment scheme work?

I have a question regarding standard (or 'level') debt repayment plans, specifically for my student loans. Hoping someone might have some insight. "Standard repayment is a level payment plan, with up ...
3
votes
1answer
183 views

Can employee share ownership plan (ESOP) contributions to an RRSP account qualify as HBP repayment?

Can employee share ownership plan (ESOP) contributions to an RRSP account be designated as repayment towards a previous withdrawal made under the Home Buyers' Plan?
3
votes
1answer
218 views

Formula for Calculating Periodic Fixed Payments with Multiple Rate Changes

I'm trying to figure out how to extend the formula provided by Chris Degnen in this previous question What is the formula for the monthly payment on an adjustable rate mortgage? to add in a third ...
1
vote
2answers
345 views

Finding monthly payment for ordinary simple annuity with varying interest rates? [closed]

I've been working at this question for some time now and I'm quite stuck. Some help would be greatly appreciated. I can figure out recurring payments by themselves, but I'm drawing a blank when it ...
40
votes
6answers
12k views

Should I pay down my student debt early?

I just graduated university and started my first job. I have £50,000 in student loan debt at 6.1% interest. My monthly payment on this debt is £10 (direct from my paycheck). I can afford to pay £...
2
votes
3answers
920 views

Does early repayment affect the credit score?

If I take the personal loan, start making payments regularly and then decide to completely repay it - what will happen to my credit rating? Would it improve, decrease or not be affected?
4
votes
1answer
211 views

Student loan repayment question (UK)

I have significant student loan debt. I am on plan 2 repayment and just received my first payslip. I earn £22k and so by their rules I need to pay back 9% of my annual salary over £21k that being in ...
2
votes
2answers
193 views

How much is saved by changing the date of monthly mortage payments?

My mortgage is paid on the 25th of every month by a direct debit. I could change this payment to the 5th (as the money is waiting in my account). I assume (perhaps mistakenly) that I then wouldn't ...