Advice on debts to pay

HappyMJ

As above but pay the student loan last....you will never get a cheaper debt.

wants.to.be.debt.free

HappyMJ wrote: »

As above but pay the student loan last....you will never get a cheaper debt.

Hi - the student loan is still higher interest than "other, Halifax and Halifax2" which are all interest free (0%)

billinghamfan

I wouldn't bother with the student loan just pay the minium amounts as you would get a better deal saving the money.

wants.to.be.debt.free

billinghamfan wrote: »

I wouldn't bother with the student loan just pay the minium amounts as you would get a better deal saving the money.

I agree, i wasn't looking at it from the savings point of view!!

It's alway great to have more than one perspective on this!!

am1981

katejo wrote: »

Your surplus each month is virtually my whole take home pay. Why do you need £700 per month for social/leisure? I could not afford anything like that and I have no debts to pay off except the mortgage. Over half my take home pay just covers bills.

I don't understand the point of your post? If it's a dig at my family's income then that's unfair - we weren't born with silver spoons in our mouths, we are both children of immigrants and have worked hard for our current salaries.

That being said, you never know when things change - I could lose my job tomorrow and you could get promoted tomorrow. In those circumstances you would be better off than me and I wouldn't begrudge you.

am1981

wants.to.be.debt.free wrote: »

You have £1543 suplus

Every month pay what you say you pay £613 (some will be interest and some will be off the outstanding debt)

FROM YOUR SURPLUS:

Month 1) pay extra £400 to Barclaycard, £1100 to Natwest
Month 2,3,4) £1500 to Natwest each month
Month 5) £400 to Natwest, £1100 to student Loan
Month 6,7) £1500 to Student Loan each month
Month 8) £200 to Student Loan, £1300 to other
Month 9,10,11,12) Other £1500 each month
Month 13) £100 to Other, £1100 to Halifax 2, £300 to Halifax
Month 14) £600 to Halifax

DEBT FREE!!!

( You will probably be deft free in less time as not all your minimum payments will be for interest)

Good Luck

That's really useful advice, thanks very much. Although "other" won't be interest free forever so I will put that ahead of the student loan.

wants.to.be.debt.free

am1981 wrote: »

That's really useful advice, thanks very much. Although "other" won't be interest free forever so I will put that ahead of the student loan.

Thats great news that you are thinking ahead, and take no notice of comments made by others, Just over 1 year and you will be debt free and in a fantastic position to start a family.

If one month you have some surplus from your entertainment budget, could i suggest you open a savings account so you can have a little back up - just incase a fridge freezer/washing machine breaks , then you dont have to reach for the credit cards.

Good luck in your journey

wants.to.be.debt.free

We should all be here to support one another, we are all in the same boat --- the sinking boat of debt

wants.to.be.debt.free

wants.to.be.debt.free wrote: »

You have £1543 suplus

Every month pay what you say you pay £613 (some will be interest and some will be off the outstanding debt)

FROM YOUR SURPLUS: (REVISED)

Month 1) pay extra £400 to Barclaycard, £1100 to Natwest
Month 2,3,4) £1500 to Natwest each month
Month 5) £400 to Natwest, £1100 to Other
Month 6,7,8,9) £1500 to Other each month
Month 10) £300 to Other, Halifax 2 £1100, Halifax £100
Month 11) £800 Halifax, £700 Student Loan
Month 12,13) £1500 each month to Student Loan
Month 14) £600 to Student Loan

DEBT FREE!!!

( You will probably be deft free in less time as not all your minimum payments will be for interest)

Good Luck

Hope this revised plan helps

talana

am1981 wrote: »

I don't understand the point of your post? If it's a dig at my family's income then that's unfair - we weren't born with silver spoons in our mouths, we are both children of immigrants and have worked hard for our current salaries.

It's not a case of you're rich, I'm poor, he's richer etc etc.
The point of the post was (I believe) to point out that you're in a hugely healthy position re income and you don't seem to appreciate that if your number one goal is to be debt free asap then it's dead easy from your position.

Basically what I was saying above too. Cut your entertainment/holiday budget in half and it's still huge. It's silly to be striving to cut £10 of your gas bill (for example) when you can simply save so so much more.