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New Mortgage Needed on Debt Free Journey
DebtFreeMrsC
Posts: 36 Forumite
Hi
Sorry if this should be in the mortgage section. BUT...
I'm currently trying to get debt free. I have all my debts and APRs together but have not done an SOA because, frankly, I'm not sure where my 'spare' money goes each month so I am keeping a diary for a month to see what happens.
The financial advisor I previously used called me up as my mortgage is about to come out of my current deal and he wants to talk to me about remortgaging.
I am currently on a part repyment part interst only, and had intended to go full repayment when it came up for renewal. But given the debt I'm now in it doesn't seem like a good idea. I can save money every month if I stay with half and half deal which I could pay towards my other debts and get rid of them quicker. Alternatively I could move to repayment and know that my house will be paid off in 25 years. I will eventually move to full repayment but I want to use my money to best possible effect right now - what do others think?
Is it more important right now to have a plan in place to pay off the mortgage in full, or to deal with the other debts (all unsecured).
(For info - I can afford all my repayments at present and have some spare to 'throw' at debts, my problem was 3 big purchases and now spending on non essentials that I want to stop and concentrate on debt reduction).
Thanks
DFMrsC
Sorry if this should be in the mortgage section. BUT...
I'm currently trying to get debt free. I have all my debts and APRs together but have not done an SOA because, frankly, I'm not sure where my 'spare' money goes each month so I am keeping a diary for a month to see what happens.
The financial advisor I previously used called me up as my mortgage is about to come out of my current deal and he wants to talk to me about remortgaging.
I am currently on a part repyment part interst only, and had intended to go full repayment when it came up for renewal. But given the debt I'm now in it doesn't seem like a good idea. I can save money every month if I stay with half and half deal which I could pay towards my other debts and get rid of them quicker. Alternatively I could move to repayment and know that my house will be paid off in 25 years. I will eventually move to full repayment but I want to use my money to best possible effect right now - what do others think?
Is it more important right now to have a plan in place to pay off the mortgage in full, or to deal with the other debts (all unsecured).
(For info - I can afford all my repayments at present and have some spare to 'throw' at debts, my problem was 3 big purchases and now spending on non essentials that I want to stop and concentrate on debt reduction).
Thanks
DFMrsC
0
Comments
-
Deal with debts in my humble opinion.I was a DFW, now I'm a MFW :T0
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