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Pay off which first? Help please

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Comments

  • Bringvaluetome
    Bringvaluetome Posts: 126 Forumite
    Third Anniversary 100 Posts
    edited 7 February 2020 at 2:53PM
    VW's do have a premium however hold their value relatively well.
  • In relation to my workplace pension, I have upped my contribution from 1% to 10%.
    Monthly Contributions Value % of Salary
    My Contribution   (with Salary Exchange) £208.08 10.00%
    Company Contribution £104.04 5.00%
    Total Monthly Contributions £312.13 15.00%
    Total Annual Contributions £3,745.50
    Total Cost to Monthly Net Pay -£141.50
  • Hopefully I'll be on track this year to get back in a good place.
  • Any comments on the pension?
  • Credit card first always, if you cant get a balance transfer or anything
  • I have a plan for the credit card now. Should be paid off by the time the interest free period kicks in.

    Picked up my new car yesterday. It's a lovely drive and it's amazing what £2500 can get you!
  • Bringvaluetome
    Bringvaluetome Posts: 126 Forumite
    Third Anniversary 100 Posts
    edited 10 February 2020 at 12:42AM
    So I've been doing some working out and I could be potentially debt free by November of this year. 9 months!
    My total debt now is £7370. If I could pay £815 a month I could clear the lot in 9 months.
    (£154+£108 of existing payments and £553 additional payment)
  • My assets to date are as follows:
    £2200 cash in HTB ISA
    £2500 Car - VW Golf
    £5000 pension
  • Am I doing the right thing?
  • In what sense? You’re starting to focus on paying down your debts, were sensible in buying a car in cash and have sorted out your pension. It’s absolutely the right track! You might want to think about setting up a debtFree diary in the diaries section here to keep you focused and to be a sounding board for any decisions or doubts you may have. I’m sure lots will want to follow along!
    Debt Free: 06/03/2020 Highest Debt: £37,514
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