It's almost time 10K incoming though I already have an Isa

Dandytf

Mser's
Certain there could be a few suggestions, though I need to be Clear this is a one off Situation I find myself in.
I've 10K approx incoming over next Month or Two.
What is the best Decision making choices or process in making use of this sum.
e.g.
1. I have a Mortgage -36.5K balance approx 1.34% tracker -though ends in a few months -Next Natwide Trackers are from 1.99% -I don't want long term Fixed Rate.
2. Credit Card Debt will be close to absolute Zero -I have 618 on RBS 0% 15 Months approx -I had planned in using other sources to re pay over 2-3 payments.
3. Lendable Loan 15% apr -5K 150 per month -only made 1st Payment.
4  Car Finance is going Fine 3 of 5 years to pay 185 per month -too much risk re paying over 6K one off -rather continue as is.
5. HL S+S Isa -posted via these forums -a few hundred -one HL Managed UK+Global  Income Funds -25 per month each+recently VT Gravis Accumulation 25 monthly.
My question is this, Where is 10K gong to in the 1st Instance, then maybe medium to longer terms.
Thanks

El_Torro

Regarding point 3, you have a loan for £5k where you’re paying 15% interest? If that’s the case your first priority should be to pay that off, assuming you can pay it in full without penalty.

You don’t mention any cash savings? Having an emergency fund is a good idea, especially if it will avoid you taking out high interest loans in future.

You don’t mention a pension? If you don’t have one then now’s probably a good time to start one.

Dandytf

@El_Torro
Valid points thanks appreciated.
I'll re check Lendable though certain it can be repaid early- not sure what savings can be made etc.
Emergancy fund though not specifically as such was planned before unexpected redundancy.
Thankfully I have a new job to move to, I have a few hundred in help to save@50 per month.
Pensions, DB 55K total value-being held  until 60 at the earliest (I'm 48)
DC -which I'll exit next few days/weeks 17.5K total Value.
Far too early to view new employers Scheme, though almost 100% certain I'll join, unless it doesn't seem great Value or Choice -As I upped my Conts to 10% Employer 10% Employee + 7& AVC's from last job.
Hopefully I'll have reason to Contribute Similar if not exact levels in a new Scheme. If not then could consider a Sipp or similar.
Thanks

benbay001

Getting rid of the 15% loan is effectively giving you a guaranteed 15% return. 
Id go as far as to say you shouldnt have anything in your ISA if youre paying 15% on a loan.

Dandytf

Thanks mser's
And if a few K to Invest, is only option existing ISA.

colsten

Dandytf said:

And if a few K to Invest, is only option existing ISA.

It is an option but certainly not your only option, and may be not the best one. Your pension provision looks very low, even if likely state pension is added to it. So if I were you, I would work out how much money I would want in retirement, when that retirement should ideally start, and then decide how to best achieve the desired position. You might want to join the Pensions board to investigate/discuss your options.

Dandytf

Starting to make sense mser's
Lendable
5112.99
This will pay off the loan in full including all interest to date.
Paying your loan off now will reduce the amount of interest you pay overall by £890.18.
Maybe I'll make this 1. Priority.
A few weeks yet.
Any other Investment or Savings recommendations.
Thanks each response

Dandytf

Almost forgot nearly 1K to Step Change could be a little less, called them recently and can make a bank transfer when required.

El_Torro

I can't recommend much more than I've already said ( pay off your expensive loan and have an adequate emergency fund) but I just wanted to comment on your new employer's pension scheme:

It's pretty much a given that it will be worth you joining the scheme. Your employer legally needs to pay at least 3% of your salary into a pension (some employers pay much more of course) so it makes sense for you to pay at least enough to get the maximum out of your employer. Free money is hard to beat after all. 

Of course you can open a SIPP as well, if you don't see much benefit of contributing more to your employee pension.

jimjames

Dandytf said:

Mser's
Certain there could be a few suggestions, though I need to be Clear this is a one off Situation I find myself in.
I've 10K approx incoming over next Month or Two.
What is the best Decision making choices or process in making use of this sum.
e.g.
1. I have a Mortgage -36.5K balance approx 1.34% tracker -though ends in a few months -Next Natwide Trackers are from 1.99% -I don't want long term Fixed Rate.

Can I ask why you don't want a long term fixed rate? To me it seems like a no brainer when the Nationwide rate for 5 year fix is only 1.49% vs tracker at 1.69%. 5 year fix is actually cheaper than 3 year at the moment

Dandytf

@jimjames
thanks was hoping to be offered council flat, though seems it could be years away.
I could possible  re consider 2 year fixed if available , I've been through 5 year fixed pre tracker.
Thanks