Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    Hopeful1
    A Payment a Day Part 2!
    • #1
    • 1st Jan 09, 9:05 AM
    A Payment a Day Part 2! 1st Jan 09 at 9:05 AM
    Emily Hallett started a fantastic thread called 'a payment a day' which you can find here:

    http://forums.moneysavingexpert.com/showthread.html?t=1079175

    The thread has been a fantastic success and has grown so much it is fit to burst!! We have decided to carry on Emily's great idea in this new thread:
    New Year New thread, more debt busting!

    The principle of the idea is that you pay any extra money you have against a debt to clear it a little bit quicker. Not everyone makes a daily payment, but instead they save money to make a lump sum at the end of the month. You can do it anyway you want to, but join the thread and let us know how you are getting on.

    Anyone is welcome to join in at anytime. You will find all the posters are extremely friendly and we are all very supportive of each other.

    Best wishes for 2009 everyone
    One step at a time
Page 1
    • nickynoo08
    • By nickynoo08 1st Jan 09, 9:11 AM
    • 1,832 Posts
    • 17,025 Thanks
    nickynoo08
    • #2
    • 1st Jan 09, 9:11 AM
    • #2
    • 1st Jan 09, 9:11 AM
    Happy new year everyone

    Had an interesting chat with the bank last week. Unfortunately both me and OH found out we will be stuck on basic hrs for the forseeable future, this was not good news as we've had a manic month with bills coming out our ears. Some were things i'd forgotten about and some were just unexpected. Thing is, if i were to just plod along as normal in 3 months we'd be n some serious poo! So i've had to do the one thing i didnt want to do.....Take out a consolidation loan. Has both its positives and negatives. Negatives being its a loan i didnt want (but needed!), and 2 its over 6yrs!. The positives being, i've managed to save us £190 a month on our out goings and 2 its a flexi loan so i can and will be making overpayments.
    Crazy thing was the lady in the bank showed me how long it would take for me to get out of this mess if our money wage situation stayed the same.
    We're £600 into our o/d and once all of our bills have been paid we could afford to pay no more than £20 a month towards it! Then that brings us to my cc. My intrest free peroid ends soon and coz of our o/d getting another interest free card wasnt looking good. We were told it could take us in excess of 40odd yrs to clear it all

    Right sorry for the rant. I feel a lot more positive going into 2009, hope everyone here all the best
    Debt free
    VSP #16 target £10.83/£500
    • katie2407
    • By katie2407 1st Jan 09, 9:13 AM
    • 352 Posts
    • 3,154 Thanks
    katie2407
    • #3
    • 1st Jan 09, 9:13 AM
    • #3
    • 1st Jan 09, 9:13 AM
    Great a new thread

    check on line banking have some extra money in it as we decided not to go out last night or get any drink in as both of us are working over the new year period so paid

    £40 to credit card and £50 to virgin
    5 account to clear- £14580.47/£1074.90- 7.3% paid off
    debt free nov 2012 before that I hope
    sealed jar no 420
    • missthrifty
    • By missthrifty 1st Jan 09, 9:16 AM
    • 147 Posts
    • 2,029 Thanks
    missthrifty
    • #4
    • 1st Jan 09, 9:16 AM
    • #4
    • 1st Jan 09, 9:16 AM
    Hi

    Going to be first to post (if I am quick)

    Thanks to Emily for starting pad thread and thanks to Hopeful1 for continuing... it is sooooo addictive.

    pad for today ... £4.55 to loan and £2.00 to savings. Will sort sig later.

    Have a good day everyone.

    miss t
    • jenchin66
    • By jenchin66 1st Jan 09, 9:17 AM
    • 634 Posts
    • 3,310 Thanks
    jenchin66
    • #5
    • 1st Jan 09, 9:17 AM
    • #5
    • 1st Jan 09, 9:17 AM
    Happy New year everyone. A nice shiny thread, hope everyone has a healthy one

    £5.00 to post office today
    Pad, started 28.11.08 running total £3674.91
    Sealed pot challenge member 346
    • cally6008
    • By cally6008 1st Jan 09, 9:18 AM
    • 7,390 Posts
    • 11,159 Thanks
    cally6008
    • #6
    • 1st Jan 09, 9:18 AM
    • #6
    • 1st Jan 09, 9:18 AM
    Happy 2009 to everyone.

    • mooomin
    • By mooomin 1st Jan 09, 9:22 AM
    • 13,655 Posts
    • 134,514 Thanks
    mooomin
    • #7
    • 1st Jan 09, 9:22 AM
    • #7
    • 1st Jan 09, 9:22 AM
    Morning all and Happy New Year!

    It's nice to see a new thread for 2009 - now which brave soul wants to volunteer to add up all our PADs each day?

    On with mine, £3.97 paid to the Overdraft Begone Fund, and 8p interest went into that account too, so total PAD of £4.05. Shame my overdraft interest of £3.04 came off today

    Hope you all had a lovely night and that you're not feeling too rough today

    ff
    Comping again


    Wins this year: - two night trip to Belgium, £100 Gett taxi credit, tickets to Newcastle game, FIFA 2016 for PS4, stitch markers, Cumberstitching book
    • Lewby
    • By Lewby 1st Jan 09, 9:26 AM
    • 436 Posts
    • 1,011 Thanks
    Lewby
    • #8
    • 1st Jan 09, 9:26 AM
    • #8
    • 1st Jan 09, 9:26 AM
    Morning all. I'd like to join this challenge please. I have managed to persuade OH to help me free ourselves from debt (most of it built up by me giving in to his 'I want it' nature) and we have agreed that if he can see the debt going down he will be motivated to stop spending and we'll pay it of more quickly!

    As it stands today our DFD is June 2012 - just in time for the Olympics! So I am aiming to get it cleared by Dec 2011 ..... which sounds so much better.

    I will be paying something 'extra' everyday to our debts - even if it's only £1. I will put it into a jar and make the payment at the end of each week. We cleared our overdraft this week and will be living within our credit balance for the first time in a decade! I psychologically (big word for this time in the morning) like the idea of living within our means and reducing the debt everyday!

    I'll check in with this thread to keep me on track. Thanks for the support!

    Lewby xx

    ** Official DFW Nerd Club Member 009**
    Total Debt 01/02/11 £64,912 01/04/16 £32,700
    NSD's for April 01/15 GC £0 / £300
    Weight lost to get to target 7/28lbs
  • Hopeful1
    • #9
    • 1st Jan 09, 9:30 AM
    • #9
    • 1st Jan 09, 9:30 AM

    It's nice to see a new thread for 2009 - now which brave soul wants to volunteer to add up all our PADs each day?
    Originally posted by flying_fresian
    *everyone looks intently at their keyboard avoiding eye contact at all costs*

    My payments for today:
    £1 evil loan
    £1 EPDL

    Hubby should have had 1 weeks pay last week, but won't be getting it until next week now. For the 1st time ever i'm not in a state of panic! I will have to use my cap 1 card but i knew i would. Looking forward to kicking some debt !!! in a couple of weeks time when we're all back to normal.

    Have a nice day everyone
    One step at a time
  • Hopeful1
    Welcome Lewby. Sounds like you're married to my hubby's brother lol My hub has improved only cause he now knows we aint got it. HOWEVER, i have discovered he spends £22 per WEEK on bets and can't see what's wrong

    When he is being paid weekly again i will be saving £22 per week to show him what that looks like at the end of the year.

    Geez!!
    One step at a time
    • katie2407
    • By katie2407 1st Jan 09, 9:35 AM
    • 352 Posts
    • 3,154 Thanks
    katie2407
    It's nice to see a new thread for 2009 - now which brave soul wants to volunteer to add up all our PADs each day?
    just added up everyone so far and its


    £107.60 today
    keep it up everyone
    5 account to clear- £14580.47/£1074.90- 7.3% paid off
    debt free nov 2012 before that I hope
    sealed jar no 420
    • mooomin
    • By mooomin 1st Jan 09, 9:38 AM
    • 13,655 Posts
    • 134,514 Thanks
    mooomin
    It's nice to see a new thread for 2009 - now which brave soul wants to volunteer to add up all our PADs each day?



    well so far we have paid off £107.60 today
    keep it up everyone
    Originally posted by katie2407
    Looks like we have ourselves a volunteer

    If not, maybe a rota of folk - one month each? I don't know the best way to do it but it is always nice when we can look at a whole month and say "We paid of £xxxx of debt".

    Thoughts?
    Comping again


    Wins this year: - two night trip to Belgium, £100 Gett taxi credit, tickets to Newcastle game, FIFA 2016 for PS4, stitch markers, Cumberstitching book
    • Lewby
    • By Lewby 1st Jan 09, 9:41 AM
    • 436 Posts
    • 1,011 Thanks
    Lewby
    Thanks Hopeful ..... Glad to know that his brother is kept in check too!!!!!

    I have implemented an 'allowance' system which means my OH gets a monthly amount of cash to fritter away without me getting stressed. We have been doing it for a while now and it makes him think twice about spending it because it's 'his'! How bizarre is that! He also works better with cash that 'virtual money' as buying things with a card means nothing to him but actually handing over the cash makes it real! Whatever works......
    ** Official DFW Nerd Club Member 009**
    Total Debt 01/02/11 £64,912 01/04/16 £32,700
    NSD's for April 01/15 GC £0 / £300
    Weight lost to get to target 7/28lbs
    • Lewby
    • By Lewby 1st Jan 09, 9:43 AM
    • 436 Posts
    • 1,011 Thanks
    Lewby
    Looks like we have ourselves a volunteer

    If not, maybe a rota of folk - one month each? I don't know the best way to do it but it is always nice when we can look at a whole month and say "We paid of £xxxx of debt".

    Thoughts?
    Originally posted by flying_fresian
    Maybe we could all keep our own totals in our sigs and one person could do a monthly round up, one month each?
    ** Official DFW Nerd Club Member 009**
    Total Debt 01/02/11 £64,912 01/04/16 £32,700
    NSD's for April 01/15 GC £0 / £300
    Weight lost to get to target 7/28lbs
    • cuddlymarm
    • By cuddlymarm 1st Jan 09, 9:43 AM
    • 1,080 Posts
    • 4,873 Thanks
    cuddlymarm
    Hi everyone

    Happy 2009

    We haven't got any debts (but unfortunately also no house now due to BRsy) so I would like to join this challenge to put money away to start again ( I don't know if we'll ever buy another house but if you don't try you'll never know). I hope this is OK

    Happy saving everyone

    Cuddles
    OH I've put £2 away today (sorry I nearly forgot)
    • COOLTRIKERCHICK
    • By COOLTRIKERCHICK 1st Jan 09, 9:44 AM
    • 10,378 Posts
    • 58,239 Thanks
    COOLTRIKERCHICK
    Happy new year everyone

    Had an interesting chat with the bank last week. Unfortunately both me and OH found out we will be stuck on basic hrs for the forseeable future, this was not good news as we've had a manic month with bills coming out our ears. Some were things i'd forgotten about and some were just unexpected. Thing is, if i were to just plod along as normal in 3 months we'd be n some serious poo! So i've had to do the one thing i didnt want to do.....Take out a consolidation loan. Has both its positives and negatives. Negatives being its a loan i didnt want (but needed!), and 2 its over 6yrs!. The positives being, i've managed to save us £190 a month on our out goings and 2 its a flexi loan so i can and will be making overpayments.
    Crazy thing was the lady in the bank showed me how long it would take for me to get out of this mess if our money wage situation stayed the same.
    We're £600 into our o/d and once all of our bills have been paid we could afford to pay no more than £20 a month towards it! Then that brings us to my cc. My intrest free peroid ends soon and coz of our o/d getting another interest free card wasnt looking good. We were told it could take us in excess of 40odd yrs to clear it all

    Right sorry for the rant. I feel a lot more positive going into 2009, hope everyone here all the best
    Originally posted by nickynoo08
    we had to re- mortgage 18 months ago to the sum of 30k to clear everything up so our morgage practically doubled.. but instead of more going out than what we had coming in, it put us back in the back as far as that was concerned... it was our olny solution... to get us back with a fighting chance.. and to be honest we done it at the right time just before all the hooohaaa with mortages and the banks etc... otherwise i am sure we would have post everything...

    in the begining i did think an extra 5 years on the mortgage and highter payments.. but it has given us a life, and fresh new start...

    at the moment i have put 20p into my new year saving tin
    Work to live= not live to work
  • Hopeful1
    Maybe we could all keep our own totals in our sigs and one person could do a monthly round up, one month each?
    Originally posted by Lewby
    I think this is a great idea and have added a Jan PaD total to my sig.

    Nickynoo - you have done what's best for you to survive. As you said, you can still make overpayments when you want to. Debt is a vicious circle, but at least we all understand our money better now and know we can find ways to get out of it. Take care hun x

    Welcome Cuddlymarm x
    One step at a time
    • mooomin
    • By mooomin 1st Jan 09, 10:02 AM
    • 13,655 Posts
    • 134,514 Thanks
    mooomin
    Maybe we could all keep our own totals in our sigs and one person could do a monthly round up, one month each?
    Originally posted by Lewby
    Good plan but there may be some issues with it:
    • People (like me!) have their PAD total from when they started, which could be confusing
    • One person forgets to update their sig and we're doomed!!
    Tell you what, if no-one minds, I will do the totals for January and we can think about it more then. Some bright spark will come on here later and have a better idea than my sleep-deprived-and-Bucks-Fizz-addled-brain can come up with
    Comping again


    Wins this year: - two night trip to Belgium, £100 Gett taxi credit, tickets to Newcastle game, FIFA 2016 for PS4, stitch markers, Cumberstitching book
    • penguin83
    • By penguin83 1st Jan 09, 10:15 AM
    • 4,790 Posts
    • 13,105 Thanks
    penguin83
    Happy New Year everyone. Ive paid 15.00 to MBNA today, going to keep up the 15.00 a day till the end of Jan - hopefully!

    Hope everyone has a great day x x x
    Pay Debt by Xmas 16 - 0/12000
    There is something about the outside of a horse that is good for the inside of a man.
    • Paulgonnabedebtfree
    • By Paulgonnabedebtfree 1st Jan 09, 10:35 AM
    • 2,703 Posts
    • 28,940 Thanks
    Paulgonnabedebtfree
    Happy new year everyone

    Had an interesting chat with the bank last week. Unfortunately both me and OH found out we will be stuck on basic hrs for the forseeable future, this was not good news as we've had a manic month with bills coming out our ears. Some were things i'd forgotten about and some were just unexpected. Thing is, if i were to just plod along as normal in 3 months we'd be n some serious poo! So i've had to do the one thing i didnt want to do.....Take out a consolidation loan. Has both its positives and negatives. Negatives being its a loan i didnt want (but needed!), and 2 its over 6yrs!. The positives being, i've managed to save us £190 a month on our out goings and 2 its a flexi loan so i can and will be making overpayments.
    Crazy thing was the lady in the bank showed me how long it would take for me to get out of this mess if our money wage situation stayed the same.
    We're £600 into our o/d and once all of our bills have been paid we could afford to pay no more than £20 a month towards it! Then that brings us to my cc. My intrest free peroid ends soon and coz of our o/d getting another interest free card wasnt looking good. We were told it could take us in excess of 40odd yrs to clear it all

    Right sorry for the rant. I feel a lot more positive going into 2009, hope everyone here all the best
    Originally posted by nickynoo08
    Consolidation loans are not necessarily a bad thing IMO. It depends how the borrower views and handles it. Obviously it's vitally important that the lending that has been paid off by such a loan isn't allowed to start creeping up again.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

105Posts Today

2,000Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin