Long Road To Pay Off Debt

[Deleted User]

So what is the plan about your car?

onarollsaver

Going to carry on paying it until half way through the agreement then voluntary terminate hopefully. With the Santander loan going to make over payments and get it finished within 4 months

onarollsaver

So I have managed to pay off my Santander loan….

so going to focus on the joint loan next £660 a month and hopefully going to overpay each month so that will be gone by June next year the work on the credit cards

SuperSavingD

Well done on clearing the Santander loan, must be nice to owe on one less debt.  

I’ve just worked out what I owe the world and now time to start clearing it off for good.  Might start my own diary to hold myself accountable.

Good luck on the rest of your journey.

onarollsaver

Yeah definitely nice to owe one one less debt….

but can’t wait to finish this joint loan £660.57 a month

hopefully can finish this by October next year

pay minimum payments on the credit cards…. Then work on them

onarollsaver

Hi all after a bit of advice please what would you do….

basically paid off the Santander loan now so that’s all good….

just checking on the hire purchase agreement I have in place for our car and realised the interest we are paying is 16.2% Apr didn’t realise how high it was.

anyway our credit rating is pretty good so I could take out a loan to pay the settlement figure of 12,750…. The Apr on these personal loans are 6% which is great but….

or

do I get extra on the loan say 18,000 to pay off the settlement figure and then pay a huge chunk off the joint loan that I’m currently paying £660 a month which would mean I pay that off in the next 9 months (maybe sooner) instead of currently 2 years

This is my plan below

New loan	£18,000
Settle HP	£12,861
Sell Focus	£8,500
Buy £5k car	5k
Left to pay Abound	8,639
New Abound balance	£6,120
Abound cleared in	~9 months

What would you do?