Pay off which first? Help please

Bringvaluetome

Thank you. Just needed some encouragement.
I'll post in the debt free diary.

Bringvaluetome

HELP PLEASE.....
Is it a good idea to take £1000 from my HTB ISA and chuck in to loan? £3228 (£1000) = £2228
Then the following until June 2020 
1. March £650
2. April £650
3. May £650
4. June £290.37
I'd then have £758 a month going in to credit card. 
Let me know your thoughts.

middleclassbutpoor

Bringvaluetome said:

HELP PLEASE.....
Is it a good idea to take £1000 from my HTB ISA and chuck in to loan? £3228 (£1000) = £2228
Then the following until June 2020 
1. March £650
2. April £650
3. May £650
4. June £290.37
I'd then have £758 a month going in to credit card. 
Let me know your thoughts.

What difference would this make to your debt free date - if its 1-2 months - leave it be

Bringvaluetome

And do what with the other spare money?

Bringvaluetome

I thought there was no saving whilst in debt?

Tooskint

I think would depend on the terms of your loan regarding early repayment. Can you maybe stop paying into your isa until you have sorted out your other debt.

Bringvaluetome

I've stopped my HTB ISA, Stocks and Shares ISA & SIPP monthly payments. Saving £250 alone from that. 

On_my_way

Bringvaluetome said:

I thought there was no saving whilst in debt?

I think having at least £1000 in emergency fund is a good plan

monetxchange

Having your £1000 emergency fund in place first is a must. Otherwise, if you have something come up unexpectedly, you can pay it without using credit. This isn’t saving as such - it’s getting the £1K in place before anything else.

middleclassbutpoor

Bringvaluetome said:

And do what with the other spare money?

I can't believe this post has lasted 10 pages
I suspect that you have caught the debt repayment bug and are constantly looking for ways of making it go faster.  Just have a read through the thread and you will find the following advice; 

• Stop paying into your savings/SIPP
• Take control of your expenditure 
• Create a £1000 emergency fund to avoid using debt in an emergency
• Use as much of your disposable income to repay your debt. 
• The order in which you repay debt is usually either - lowest amount - or - highest interest rate.  

I haven't read through the previous 10 pages but once you have all of these things dialled in; 

• Input it into a debt snowball calculator and see when your debt free date is. 

• If you want to decide whether to take money out of your savings to add to your debt repayment then thats a personal decision for you. 
• If it makes more than 3 months (4months+), I personally would take my savings (where I can) and use it to reduce my debt. However,
• if it only changes the date by 1-2 or 3 months. I would be more hesitant.  This isn't a hard, or fast rule and not one everyone would subscribe to.  Worst case scenario is that you could use this when you get within the last 3 months if you want to have a sprint finish. 

I recall you were also given direction to start your workplace pension back up to maximise your employer match. If you have done this - well done. 

My perception of your posts so far (which may not be accurate so apologies if Im off the mark with this) is that you are so eager to fire through this that you are looking to do as much as you can to move the dial more quickly. 

Once you have the 'bug' the hardest thing isn't committing yourself to repaying the debt but being disciplined and patient so you don't go stir crazy waiting for the next pay day so you can make another payment.   

You leveraged debt to invest I recall.  Did you borrow to invest because you weren't patient to build up some decent levels of investment? A rhetorical question for you to reflect upon in terms of are there similar patterns with the need to make massive quick steps to reduce the debt?

Having a good financial future will need you to understand your emotional relationship with money and recognising the patterns that may have driven you to make inappropriate decisions historically.  I can only read between lines and interpret through limited posts so it's not to pass judgement, or to make assumptions but more to get you to think about things yourself. 

If you can get out of debt within 18-24 months - that is a good period of time.  Enjoy the journey!