i've finally had it....

tyllwyd

I'm a bit confused with everything you've told us so I went back to your original post and I think you've said you have debts

Gas and electric outstanding because you have not been billed for a year
A fairly new loan for £15,000 approx
Credit card of £4,600

Savings:
Two sharesave schemes which are doing well
Savings of £2,500
£1000 owed to you by friends
£50 uncashed cheque plus £230 cash saved for holiday
A possible bonus of £1000 coming in the next few months

Looking at that, you have got quite a lot coming up that will help towards the debts.

You asked whether to increase your mortgage to pay off your debts. It looks to me as if the sharesave etc will cover the credit card, so the biggest issue is the £15,000 loan.

You need to see what the total payment will be if you pay it off early as compared to letting it run for the full term. What I mean is, if you would only save a tiny amount of money for paying off four years early, it wouldn't make sense to borrow the money on your mortgage to do that because then you would end up paying interest twice over on the same amount of money borrowed.

black-saturn

How many dogs have you got and how big? I insure my dog through tesco and it's £7.50 per month and you also get clubcard points on it.

skint_as_trousers

To be honest i'm just playing about with ideas on how to be debt free as soon as possible.

We have our yearly review tomorrow and the whisper is we're getting screwed again for the 3rd year running so the £1000 bonus might not be £1000.
We work for somebody (main manager) who should really be in hospital trying to recover from a life threatening beating. Nobody has any respect for him and we all get screwed over so he can give the best bonus to his favourite department. HR do nothing about it when we tell them how unfair we get treated at review time. Basically we have to mark ourselves from 1 - 4, 4 exceeding expectations and 2 meeting expectations. Whatever we do it isn't good enough and we've been told to expect some 1's.

Also means any payrise is going to be as little as possible.

Hopefully the £1000 owed to me will be paid by July. I'm planning on banking all that along with the cheques and transfer them over to the savings account. I could possibly then use all my savings to pay off the credit card or look at ways to reduce the loan. Possibly over pay or take out another loan which when added to my savings will reduce it by 4 / £5000.

I'm still playing with figures at the minute.

RudeYute

Sorry to bring up a slightly old thread, but did you find out what the 4.99 payment to CITYMAIN ADMINSTR is?

I have it also, and only thing I can think of is phone insurance, but not sure - would like to know before I cancel it.

biggoldring

CITYMAIN ADMINISTR is mobile phone insurance