Financial Advice (Before I seek professional help)

First off, it is not obvious at all why you need professional help at this time which you will likely pay €1500-2000 for...this isn't complicated it is more about your personal preferences.

We can't see the rates you are paying for the loans but I would go for a version of your idea rather than your partners.

This is what I would do in your situation.

Agree with your partner how much money you need in your rainy day fund - 5K \ 10K whatever. Agree it and take that money and lock it away. After that you don't need to continue to add to it each month - review it every year to see if you need to contribute to it more.

Everything else is used to pay off debts. For instance, with 20K I would straight away pay off the Personal Loan and then use the remaining 2K to pay the Credit Union (CU). I would also divert that €160 that you use to pay for the personal loan and ADD it to the 605 that you are paying the CU, which means you are now paying the CU 765 a month which will reduce your term to 3 years - roughly.

After three years with luck and effort you will have no loans apart from your mortgage. At that point, you can either up your adjust up your rainy day fund or (my preference) use that 765 to increase your mortgage payment and then clear the mortgage in a little over 5 years.

Increase repayments towards the higher cost loan first.

You don't list the interest rates, so we are missing important information.

Also depends on the type of loan. i.e. whether it might be fixed with a penalty for early repayment.

. For instance, with 20K I would straight away pay off the Personal Loan and then use the remaining 2K to pay the Credit Union (CU). I would also divert that €160 that you use to pay for the personal loan and ADD it to the 605 that you are paying the CU, which means you are now paying the CU 765 a month which will reduce your term to 3 years - roughly.

While we are missing some details regarding the exact conditions of your personal loan the above makes best sense.

There will be a sense of "relief" to having one less loan and this will give you comfort when looking at the rest of your loans.

With term, repayment and loan amount you've given enough info to work out the approximate interest rates

In the current environment you've got an okay mortgage rate of about 2.8-2.9%. if you consolidate you'll likely end up on a higher rate (how able you are to switch, BER rating of home will be factors).

By my calculations if you used the 25k against the CU loan your monthly repayments would fall from €1,415 to about €855 a month. That's before you remortgage.

The problem with remortgaging now is rates have probably increased since you took out your original mortgage. Looking at the best rates out there (and avoiding variable and really short term fixed rates) you can get something for say 3.25% (BOI 5 year fixed - not an endorsement just who I found from a quick comparison of rates). If you were able to consolidate all your loans into this mortgage (having spent €25k of savings reducing the CU loan) you'd be looking at a monthly repayment of about €808.

As others have suggested - you would have a very low rainy day fund. Someone mentioned 3 months expenditure. I've heard various versions of 3-6 months income/expenditure. It's a person choice what you set that at but things like job security, how reliant you are on one income and your monthly outgoings should all factors in arriving at an amount.

Alternatively if you consolidated the lot at 3.25% and kept your rainy day fund at €30k you'd be looking at a monthly mortgage bill of €983.

Up to you if you think €175 a month is worth the cost of knowing you've €30k at hand should the worst happen. Or perhaps there's a comprimise somewhere between the two extremes.

If you're only interested in loan consolidation, a good mortgage broker - that should cost nothing - should be a starting point. They will know what lenders will be happy to accept debt consolidation as part of a switch. They can also provide more informed advice based on your income/expenditure.

I don't understand these "rainy day funds" that some people think are needed.

Credit Unions will give a loan quickly if needed especially if you show a good savings rate, so as I said, pay off the CU loan which I've worked out is at 7.95% (assumed 30k @ 5 year term and 605 repayment) and then put €600 a month into a credit union savings account - you will very quickly have a strong savings record with them and therefore the ability to get a loan immediately if required.

But at the moment you are throwing away money for no reason - €2k saving this year alone on interest and then reduces as the loan balance reduces, but if they are paying interest you start benefitting from that too.

Its not the 80's. Most people will be in a new job the day after leaving another job. The country is near full employment. Even is a case where someone is made redundant, the rainy day fund has a contribution from a redundancy payment

The OP is effectively paying €7,000 as an "insurance" premium by having savings earning near nothing and paying 7.95% on a term loan. Utter madness

By paying off immediately the OP would start a new "rainy day fund" growing by €600 a month and if the worst happened they would not have a €605 a month loan payment to make.

So no matter what was you look at it there is €7,000 of free money available to the OP by a a very quick and simple and sensible switch

Because no one ever got seriously ill, or had an accident or had the boiler explode.

Yes, insurance will cover some of those. But it won't pay out immediately.

If you are sick and cannot work, you'll get illness or disability benefit. Eventually. It usually takes weeks if not months. And it won't pay for your current lifestyle.

If you lose your job, you'll get another. Eventually. But if you're 50 with no recent experience in hospitality or retail, then don't expect to just walk into any old fill-in job.

IMHO 3 months is the minimum for a healthy PAYE earner. Self-employed, I'd want 12 months.

Based on the info provided the interest rates on the three loans are approximately:

CU 8.6%, personal loan 6.8% and Mortgage 2.9%

In the absence of any debt consolidation that is the order in which the loans should be prioritised.

I think different people (including myself) were mixing up the 25k savings and the 5k rainy day fund. 5-10k emergency fund is always a good idea, it was the 25k savings that I was saying to use to pay down the CU loan and then start aggressively saving again - and maybe bring the emergency fund to 10k within the next 6 months.