Debt free 2020 - Quick turnaround

Bringvaluetome

Good morning you lovely people. I have recently added a thread titled 'Pay off which first? Help please' in the debt free wannabe section. I think I have a plan together however I'm doubting myself. I have been reading a lot in to Dave Ramsey's debt snowball strategy and want advice if it is the right approach for me. PERSONAL LOAN: £3228 TO DATE @ £154 PER MONTH – FINAL PAYMENT END OF OCT 2021
2.8% INTEREST CREDIT CARD £4142 TO DATE (AS OF 15/02) @ CURRENTLY £108 PER MONTH – INTEREST FREE UNTIL END OF APRIL 2021 – INTEREST 26.43% (29.9% COMPOUND EQUIVALENT) AFTER THAT PERIOD I sorted out my car situation and bought a VW Golf for £2500 instead of looking for finance (browny points to me!) I have £2200 in a Help to buy ISA. Total pension to date £5808 - I've up'd my work place pension contribution from 1%-5% and my employer matches the 5%. I hope the working below make sense. I'd hit the loan hard, 5x payments of £650 then it would be paid off in July. The use the loan monthly to hit the credit card. I could then put in £138 additional to bring the total monthly payment to £400 as of August this year.  What are people's views on this?

Bringvaluetome

LOAN £3228 AS OF 15/02/2020  

MARCH £650  

APRIL £650  

MAY £650  

JUNE £650  

JULY £650 PAID OFF 

  £3,250  

  TOTAL MIN PAY FROM LOAN ADD  

1 MARCH £108 £108  

2 APRIL £108 £108  

3 MAY £108 £108  

4 JUNE £108 £108  

5 JULY £108 £108  

6 AUGUST £400 £108 £154 £138  

7 SEPTEMBER £400 £108 £154 £138  

8 OCTOBER £400 £108 £154 £138  

9 NOVEMBER £400 £108 £154 £138  

10 DECEMBER £400 £108 £154 £138  

11 JANUARY £400 £108 £154 £138  

12 FEBRUARY £400 £108 £154 £138  

13 MARCH £400 £108 £154 £138  

14 APRIL £400 £108 £154 £138  

   

   

  £4,140  

What are people's views on this?

Bringvaluetome

Sorry, my copy and pasting skills are all over the place this morning!

Bringvaluetome

Anyone?

Sayschezza

Looks good to me but admittedly I am no expert. Hope someone comes along who is.

Willing2Learn

That makes sense to me too.  You will be using the DR snowball method to clear your loan asap and the card debt by April 2021.  It seems that will work out just fine (assuming that you have a realistic and workable SOA to take you through the next 14 months)

Bringvaluetome

This it, the credit card isn't costing me in interest at the moment. No need to go all in just yet I don't think. Although will be nice to see the back of it ASAP.

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.

Bringvaluetome

I have hit my debt with £800 today.
I'm now down to £6500 of debt. I did however take £1000 out of HTB ISA which leaves a balance of £1200.
Loan = £2658
Credit card = £3842

Bringvaluetome

Want to be debt free by Christmas this year!

Bringvaluetome

Morning all.
Update on current finances.

LIABILITIES:
Loan: £2518 - paying off chunks with disposable income. Might be clear by September / October time.

Credit Card: £3842
Now set up a £275 direct debit and will run for the next 14 months. 

ASSETS:
HTB ISA: £1217
Loan due from friend £2100
£320 from sale of car
£350 cash in bank
Pension 1 (workplace): £708 - I've now increased the contribution and will be 25% combined with employer. £550 total monthly contributions.
Pension 2 (Stocks & Shares ISA): £5500

I feel like I'm finally making progress!