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Not knowing what's going on at work is a pain. Hope you get some clarity soon. Well done on cashing out on the surveys.
I know what you mean about the debts ticking over too. We still have a couple of big ones with debt agencies. We regularly get offered half off the big one if we settle. I don't have the funds handy but part of me thinks even if we did why pay that one when we have new debts from fixing the kitchen. The low amount just ticks over and causes us no hardship. See what they say though. It might be an offer you can't refuse
Jan 18 Joint debts 35,213
Mortgage Jan 18- 77224 May 25- just under 65k
June 25 Debts in my name only £5170. DH can't keep track...2 -
Yes, I'll do the review and see what they are offering. If it's decent I might just go ahead. But it's not on my credit report any more, I'm not paying a lot to it, and it's not charging any interest, so it doesn't seem right to wipe out my EF.savingholmes said:Frustrating on the job situation.
The debt review could be a positive - but I completely get why you'd want to keep an EF."Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee2 -
They've never offered me anything better than around 10% discount in the past, so I'm not rushing to clear it at that level. I will do one day but want to have a decent solid set of savings behind me. There's so much work needing done in the house, I'd rather keep the savings in case something goes wrong (and continue to try and build them up). Clearing the debt is in my retirement figure so it needs to be done in the next 10 yearsNeverendingDMP said:Not knowing what's going on at work is a pain. Hope you get some clarity soon. Well done on cashing out on the surveys.
I know what you mean about the debts ticking over too. We still have a couple of big ones with debt agencies. We regularly get offered half off the big one if we settle. I don't have the funds handy but part of me thinks even if we did why pay that one when we have new debts from fixing the kitchen. The low amount just ticks over and causes us no hardship. See what they say though. It might be an offer you can't refuse
"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee2 -
Today's PAD - £10 (finally survey cashout!)Jan - £141Feb - £139March - £89April £149May - £79June - £270July - £253August - £31"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee4
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Definitely better to keep the EF in place rather than clearing the debt in those circumstances. If it was interest bearing or affecting your file then that might be different, but my view in your place would be if they want it that badly they'd best make a decent F&F offer to make it well worth my while, and even then I might assume that offer would be made again in the future!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her3 -
That's my thinking. I'd hate to clear it and then find I'm stuck as something needs fixing.EssexHebridean said:Definitely better to keep the EF in place rather than clearing the debt in those circumstances. If it was interest bearing or affecting your file then that might be different, but my view in your place would be if they want it that badly they'd best make a decent F&F offer to make it well worth my while, and even then I might assume that offer would be made again in the future!"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee1 -
I would agree with keeping the EF.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
Today's PAD - £17 (another survey cashout)Jan - £141Feb - £139March - £89April £149May - £79June - £270July - £253August - £48"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee2
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Having the savings in your emergency account is invaluable. I wouldn't want to lose that either.
Have a good dayIf you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them
Emergency fund 3501000
Buffer fund 0/100
Debt Free (again) 25/0720253
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