2020 time to change

savingholmes

Glad you are going to be financially better off and can work from home. We have to take the positives where we can. Grateful for sunshine and NHS and other essential services - especially food and delivery related!

EchoB

@savingholmes we are so lucky to have the NHS and sunshine!

@bd80s I think it’s so important to find the positives.

I’m feeling torn at the moment between building am EF and paying down my debt. I *think* my job is safe, but my company will struggle over the coming months. I have no savings, however I *hope* that should this continue and I lose my job that lenders will be understanding.

I will do an update after payday, but I think I will have c£500 of interest bearing cc debt.

i will try to clear this as a priority then try to build an EF as a buffer before making overpayments on my loan, as it stands I have 41 months of regular payments before clearing the balance? 

I’ve not looked at mortgage holidays, I am not sure if I would want to do that.

does my plan seem like a sensible one?

Hope everyone has a good weekend, I am baking which is good as it will keep me busy but bad for my waistline 😂😂😂
I cant say I’m feeling motivated to do housework yet, but I probably should do some as well!

mark55man

very sensible - I think mortgage holidays are for emergencies and it doesn't sound you actually in one yet - + its just shifts the debt 3 months out and so will cost you more in interest
I think the loan is too big to make much of a dent in and an EF has kind of become a must have, although as your remaining CC debt is so low I would go for it - as if you have a genuine emergency - well you can use your CC

EchoB

Thanks @mark88man it’s always nice to have feedback!  I’ll clear the interest bearing as a priority then build up an EF I’ll obviously keep up with the money saving and see how things go for a few months! I can always revert to loan overpayments when things have calmed down. I hope all is well with you. I’ll check in on your diary later 😁

savingholmes

It will be great to be free of your CC

EchoB

So as it’s Payday today and I’m bored WFH here is my update!

Loan 1 £13,123/14,396 (overpayments of £176 in month, although these will stop now until I have an EF)

Loan 2 £14,166/15,009

CC1 £788/4022 I will try to make some OPs here in month if possible (this is interest bearing) This is my key area of focus.

CC2 £4,224/4,397 interest free until August

CC3 £1,034 this was new last month and is 0%

Total debt £33,335/37,816

11.8% paid off! Over 10% whoop whoop!  

Drawingaline

Well done! 

bd80s

Excellent

EchoB

In light of my bank announcing changes to overdraft interest rate increases have been delayed for 3 months I am going to clear my CC1 balance in full using my overdraft and then clear the OD.

My OD has a lower APR. Hopefully this isn’t a mad decision!

i will report on my OD next month!

Sarahwithlove

If you are able to clear it in that time then it could work for you