Let's get all this payed off then

sillyinthepast

Hello I started a thread 18 months ago but i never really got going with it so I thought I would start another one.

We have 25 years left on the mortgage - only had it for a year. And we owe the family some money, overdrafts, car, double glazing, very small credit card ( £183 left). In total we owe £189517.87. We are very fortunate to be coming in to some inheritance in August which will pay the family, double glazing, overdrafts and maybe the car off.

To be honest I have really had my lightbulb moment and I want to be mortgage free in about 18 years :eek: hopefully sooner.

We have recently had an unexpected problem with the house and have used our £1800 emergency fund so this will have to be built up too.

My initial plan is to throw everything at the credit card which I can hopefully get paid off by the end of the month.

My dhs overdraft is £1650 and mine is £200 I don't know wether to pay these off before we start saving again, any advice?

I have gone through all of my bills and have swapped suppliers etc around.

Well done if you got this far :beer: I will be back tomorrow.

Tahlullah

Hi, good luck with the long term plan.

Paying off the credit card sounds good, if it is on a really high interest rate. Otherwise, I would suggest putting your spare money into the one who charges you the most to borrow the money!

StrawberryJam132

Hi sillyinthepast!

I agree with Tahlullah. Organise your debts according to interest and pay off the highest first.

I'm in the same boat as you. I'm soooo eager to start paying off my mortgage, but sadly it seems more sensible to pay off all of my debts first.... (Maybe save a little emergency fund first? Just for security?)

Good luck! I'll be coming back to read your updates
SJ X:beer:

Hurdler

When I got myself out of debt the first thing I did was get shot of cards first and then where I had to take out a loan for a dead boiler, just focused on getting rid of that next. The snowball effect is something I definitely vouch for.

Secret_Saving_Squirrel

Hello sillyinthepast, I like your name... That was me too!

Yes, just chip away at the debts first. Doing one at a time gives you more sense of achievement than if you pay a bit off each, as you can see them disappear. Just psychological, but if it keeps you on track it is a good thing.

Very good luck,

Squirrel x