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.

Rdpncp

Hi,

Definately a long haul, but rewarding seeing the amount of debt dropping.

I now have around £13,600 worth of home fix/improvements that need doing, but not in a huge rush (though front door is on last legs - we think 30+ years old and handle keeps falling off with locking mechanism nearly gone).

83% debt cleared which includes last lof of home improvements. However, I will treat the new stuff as things I can save up for and only call debt if it breaks and I have to loan to get if repaired before I have saved up for it.

I would be debt free from starting debt without the emergency repairs needed in 2023, so I'm happy but must keep going.

Interview later today for a job that would bring home about £220 more per month with no extra costs for commute, etc.

Highest interest loan clears beginning of April and then that amount of money per month will go into savings. I want to put some of it extra towards mortgage payment, a little toward clearing last loan earlier but most towards the home inprovements so if something does become more urgent, then its covered without getting more loans.

BalanceBy50

Good luck with the interview! 🤞🏻

Rdpncp

Update time.

High interest loan cleared, just the 2.7% interest loan to go at about £11,590 remaining. In all honesty, at present, it will just be minimum payments on it as the rate is so low.

Mortgage is now down to £40,048.16 and my focus is overpaying that. I can put the maximum overpayment in currently before penalties and the remaining will go into home repairs fund.

I have about 16 months left on my mortgage fix rate which should get a chunk of home repairs done, and at that point, all effort will go into mortgage. I really need to see it cleared.

The sticking point is 14 months and eldest starts university, so, possibly, funding that may delay plans a little.

I was also hoping to start a stocks and shares ISA the moment the mortgage is done.

I may do that now with £50/month just so something is running.

I've also committed to eldest having a stocks and shares ISA for their 18th birthday which I plan to put £50/month into (apparently that could be quite substantial if kept up until they retire).

Rdpncp

Forgot to mention, came second in the interview process.

Currently, no other jobs available to apply for.

Humdinger1

You're doing brilliantly @Rdpncp! Congratulations on coming out of shadow and into the light love Humdinger xx

Rdpncp

Update time.

Car needed £1k of repairs but fingers crossed thats it for a fair bit of time now, its running well (7.5 years old and 44k miles).

Mortgage now below £40k which makes me really happy.

I have reduced my emergency fund to £1500 and put £1000 into a stocks and shares ISA as I really do need to have a top up to pension when I retire. A monthly £50 will go into this (Wish I had started 20 years ago).

Home repair fund has been decimated, but there is nothing critical to be done for repairs, so it will slowly build up and things ticked off the list as the months/years go by.

Plan is to paint back garden fence this weekend and evenings this week and then consider repairing/replackng front fence myself.