Tuesday, 26 July 2016

#28 No More Student Loan!

Quick update to share the good news.

Bonus was paid and immediately got on the phone to pay-off my student loan.

Had an unexpectedly large amount left over - £5000! - after paying it off.

Sat down with the Mrs and we decided to put £3000 towards paying off our Credit Card - leaving only £2200 left in balance - keep a further £1000 as savings for now and put the other £1000 towards a well-deserved break of some sort as a family.

We're still looking into when and where that break will be but ideally it'll be abroad so we coughed up the £92 for the kids passports and an additional £78 to renew the wifes. Expensive business this holidaying.

Debt now looks a lot better and we'll be benefiting from the addition £330 each month that I was paying towards the student loan.


  •       Student loan – paid off. £0 outstanding.
  •       House loan – Total remaining now is £7,441. This will be updated on 1st Aug.
  •       Credit Card -  £3000 paid off. Total remaining now is £2,212.99. This will be updated on 1st Aug.
   
Total Debt = £9,653.99

This time 10 months the total debt I owed excluding mortgages was £25,800. To get down to below £10,000 in less than 12 months is great. 

Now we have to not just absorb the additional £330 per month which was previously going on the student loan and instead save it and/or use to pay down the remaining debt asap.

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