£18.5k in 18.5 months - Starting yesterday

JDGB999 · 3 October 2006 at 8:46PM

I'm going to do it. I've got to. As a professional spendaholic I need to go debt free. Everyone on here who has attempted and achieved debt freedom have inspired me to do it too. Thanks everyone!

I am going to make one post a month in this thread, at the start of the month to let you all know how I am getting on. (Should I do more?) I know that when I fall you will pick me up; when I do well you will clap. I want to do it.

Can I do it? I have no idea but I am damn well going to try my hardest.

There are loads of good ideas on this forum for ways to save and make money - I am sure with the best of those I will manage it.

I will post details of my debt tomorrow - but it is in the region of £18,500. I feel daunted when I think about ridding myself of it. The early days will be the easiest I am sure. I imagine that the further I get into this personal target the harder it will get and the more tempted I will be to slip back into racking up the credit.

Promise you'll help me if I slip?

If anyone wants to let me know any sure fire winners to help me stay on track I am all ears. This forum is full of like minded great people - kep it up

Wonder_Girl · 3 October 2006 at 8:57PM

You sound determined and that’s half the battle. I am sure you can do this if you really work at it, and i'm pretty sure your going to be working very hard.

Good luck sweetie. I will be watching with interest and ready for picking up duties if needed!

Wg xx

oops_a_daisy · 3 October 2006 at 9:05PM

Hi JDG and welcome to DFW. Good luck with your 'challenge' you will get support and help here and of course we can only give you a virtual slap if you slip

try to post your full Statement Of Affairs ( SOA ) using the sticky thread for newbies - all the nerds will soon be along to give you advice.

All the best and good luck

gallygirl · 3 October 2006 at 9:49PM

I'm with oopsadaisy on this - there is a long line of people only to willing to give a virtual slap when required (ahem,,,, I may be on it ........), however we are good at this also -

when you have done well. We are also capable of this when times are bad

.

And you will find there are lots of virtual parties to go to..... dig out your fancy dress!!!!

Welcome and good luck!!!

dudleyboy · 4 October 2006 at 6:27AM

Welcome JDGB999, that sounds like quite the challenge! £1000 pcm on debt repayment is a lot of money so don't feel too bad if you have difficulties along the way. It will be interesting to see how you do and will undoubtedly provide motivation for others. Good luck and look forward to reading your progress.

themaccas · 4 October 2006 at 8:29AM

Hi JDGB, well done and good luck with your challenge we owe a little bit more than you but so far have managed to pay off a fair bit this year so I am sure with a lotta cheerleading along the way you can do it. We are aiming to pay off the rest by March 2008 which is 18 months away so maybe we can spur each other on!

HairyHandofDartmoor · 4 October 2006 at 8:52AM

I too am hoping to pay off £1000 per month until Feb 08! Good luck with your challenge. I believe it can be done with a lot of hard work. If you can whittle down your living expenses to the bare minimum and work every hour God sends to earn extra money, then it can be done! If one month you can't pay off £1000, then you may be able to make it up the following month. It is certainly worth a try. You are more likely to succeed if you have a definite target. I shall be watching your progress with interest!

anniestar · 4 October 2006 at 8:55AM

Good luck and welcome. I'm sure you will be successful, you sond MEGA positive. Look forward to reading the updates.

Bells&Whistles · 4 October 2006 at 10:18AM

Wow ! what a challenge, wishing you the best of luck, will be keeping an eye on you !

JDGB999 · 4 October 2006 at 1:05PM

Hi all

Thanks for the support from everyone so far.

Full of enthusiasm and determination I have made lots of changes to my monthly outgoings today (which i think will be the easiest thing to do and is an obvious starter)

Moved Gas & Electricity to a duel fuel single suppler saving approx. £15 / month
Moved phone supplier saving £7 per month
Cancelled Sky and replaced with freeview saving £40 per month
Downgraded home care package (I can't cancel as my boiler is shaky and winter is coming ) saving £8 per month
Also I have looked at my life insurance and home contents insurance and realised I am paying over the odds. Come Feb / March they will be getting moved and NOT renewed as I normally do!

I know most of these won't kick in for a few weeks however I think the days activities have been worth it!

To my calculations I have saved approx. £1200 over the next 18 months. All of the savings above will be getting put towards debt month on month.

Why didn't I do this earlier? Companies do rely upon peoples busy lifestyles - I know I have just paid what is asked for years without consideration. Not any more

For those that have been asking my debt as it stands today is outlined below:

Loan#1 £4426.62 5.9% APR
Loan#2 £8137.50 5.9% APR
Loan#3 £999.95 6.4% APR
Credit Card £1034.73 (This is my first target to be cleared)
Overdraft £4038.76 (This is my 2nd target to be cleared)
GRAND TOTAL on 4th October 2006 £18637.56

Just thought I'd give you all a quick update!

Storm · 4 October 2006 at 1:25PM

Have you used the snowball calculator which tells you which order to pay your debts off in? Don't know the link, but sure someone will be along with it in a minute... Have you taken into account the additional interest whilst you clear these debts off? The snowball is great because it works it all out if you can put in the apr & minimum payment requirements.

Good luck with your challenge!

£18.5k in 18.5 months - Starting yesterday

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