Getting there

Emmzi

Woohoo! Love internet banking.

My most evil loan is under 10k for the first time ever. That made me smile.

Total debts now around 23k.
(2 loans and HP on car)

Total savings 19k.

Now.. I know you guys would say pay it all off.. but I do contract work, and I never know where next job is coming from... looking for permanent, but it isn't easy to come by.

I am saving until I have 30k, then will pay it off and still have enough cash to live for a year once the loan repayments are gone (honest!), including paying mortgage. I'm terrified to put the house at risk, because prices rocketed since I bought it, and who knows when I'd be able to afford another one??

Aim is to pay off HP by end of this contract (Aug) ..

Blimey. I started all happy, and now I've scared myself right back into being a skinflint!!!

Chortle_2

scaring yourself back into being a skinflint is a good thing

I don't blame you for wanting a chunk in reserve before you clear it all though, in your circumstances, I would do the same!

Could you not pay off one of the loans now though, and keep the rest 'just in case'? (Without knowing the amounts etc, its hard to tell!) At least that way you'd save some interest?

Emmzi

Chortle,

technically yes, logically yes, emotionally no. Although I probably ught to work on getting savings below 8k so I'd qualify for benefits.

If I get another 12 month contract, one of the big loans is going after first 2 weeks at work!!

Kazonline

I know where you're coming from on this. I don't have 'savings' as such, but I do have more cash available on my lower interest o/d that could be used to pay some extra on the higher rate cards, but I need a reserve as the penalties for missing a payment would be higher than the interest saved (I think). Also have a lot of equity in the house which could pay off mortgage, debts & give spare - but like you I'd be back off the property ladder. Scary thought these days!