I can do this...step by step

Rdpncp

Update time.

Normal loan payments taking place and debt is slowly reducing.

Looked into clearing HSBC loan with money in savings and would only get a £55 interest refund, however Im getting £9 a month interest on the savings, so decided to let it run naturally over the next 12 months.
With the other loan being such low interest rate, we have decided to pay £200 a month for mortgage overpayments rather than putting into savings.

With the money that goes into both loans, mortgage and mortgage overpayments, 60 months/5 years and will be mortgage and debt free.

Rdpncp

Update time.
Im less than a week to go fpr my 5th anniversary of LBM...wow...where has the time gone.

82% of debt has been cleared, which does include a defty addition to that debt for home repairs.

Sadly, there are more home repairs on the way.

Financially, we are ok, but I have been told my job will not exist come April.

So, I am looking for a new job now, still within the NHS that I would want to do, befors I'm pushed out of mine. If I dont find something aoon (and there isnt much choice atm), then I potentially get moved into another role with no choice about it. If there are no suitable jobs to move me into, then I get made redundant.

Now. I cant see them doing this as it costs them too much money, but would give me enough money to clear all debt and mortgage and leave about 3 months wages spare. With the reduced outgoings of no debt, would stretch to 5 months wages while I look for another job. And, I wouldnt have to earn as much as debt would be gone.

However, as appealing (In some ways) as that sounds, I have applied for a job, same title and money as I am on now, which hopefully I gey. Frustratingly, as department hasnt actually formally put me at risk through a management of change, I cannot have this job ring fenced for myself and have to apply normally. With a risk it may vanish due to other people possibly ring fenced/redeployed into it instead.

Any how... assuming my wages stay stable. 82% reduction in debt is great, even if took 5 years.
We are on course to clear it, alongside the mortgage by April 2029. We could clear the debt sooner, but the mortgage has a higher interest rate, so that is the focus first for overpayments.

That will have been a 9 year 3 month journey to clear debt, but will have also included another £50something mortgage on top, totalling around £110k.

Will probably do an update post once every 2-3 months to keep track and reflect on things.

I tend to stay on top pf my signiature settings as my main place to record the status of each loan/debt.

13thlegion

Congratulations on 82%!

This really is a long haul isn't it? Even longer when we realise we have to stick to being debt free afterwards. So worth it though.