65 and counting

churchrat

hi
I am just wondering poppy, how much longer you and Mr poppy intend/ are able to carry on working? I think this will have to make a difference to what you plan to do. Advice suitable for someone in thier 20's with this level of debt may not be right for you. Just paying the minimum means that it will be a long time before these are paid and it might help to go to the snowball calculator (sorry, can't do the link-perhaps someone else can?) and find out exactly when you would finish.
Also, what is the endowment for? is it to pay off the mortgage or will this be "spare" money?
take care
cr

poppy43

thanks for your mail, yes we only have a small mortgage and the endownment would pay out £24,500 on death of one of us, it will not finish until march 2011, should never have been sold to us but I took the case to the ombadsman and did not win, it has a value at present of about £11,000 which I could cash in but in view of Mr.Poppy health i am hanging on. We hope to be in a position to pay £5,000 off one card next month due to selling premium bonds, then we intend to pay both state pensions off a card each month for a year, then at the end of the year, we will downsize. It seems the only way out. Thanks everyone for your advice. Did'nt win the euro millons that would have solved a few problems.

Seaxwyn

Hello poppy. I'm glad to read that you have a plan, and it sounds a good one. I hope that Mr Poppy's health improves, certainly the stress can't help his heart condition. Best of luck with it and keep posting here for ideas and moral support.