The 'extra payment every week' thread 2014

please-let-me-be-lucky
please-let-me-be-lucky Posts: 10,202
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edited 23 September 2014 at 3:52PM in Debt-free wannabe challenges
Lets get ready to ruuuuuumble! Happy 2014!!

Hi guys, firstly I want to say thanks so much to inamin for starting this thread in 2012, and to Betty Crumble for running it last year. In their absence I've decided to set it up again this year, I hope that's ok! It's kept lots of us on track and helped clear thousands of extra debt ££££s.

Inamin's instructions from the first thread are;

SO the idea of this is that we all make a decision to make ONE additional payment every week towards one of your debts. It doesn't have to be the same debt every week (although that may be a good idea if you have one that is more expensive than the others) and it can be for as much or as little as you like.

However, as a few people (me included) will be changing the focus from a debt to a goal then that's allowed too

There is really only one rule and that is that the payment must be above and beyond your usual minimum or planned payments (so no taking it off your minimum and then paying less on the due date!!!! )

If you wanna state your goal/debt in your first post then please do so, we like a bit of waffle

A signature line that states your amount that week, then cleared and added to your total at the end of the week so we can all see where we're at when we post is a good idea

I think that's everything

Good luck guys.....

.....and we're off!

If you haven’t already, join the forum to reply!

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Debts @ LBM £23,729.31. Debts @ 08/04/2016 £0 :j
Best win so far - holiday to Florida
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Comments

  • julie2710
    julie2710 Posts: 1,381 Forumite
    Thanks so much for starting this thread again. I am so going to try and keep on track with this for the whole 12 months this year. This is such an amazing way to motivate me!

    The aim is to try and do more than i did last year, so will need at least £1500 overpay by the end of the year. Can't wait to get started :D
    MBNA [STRIKE]£2,029[/STRIKE] £1,145 Virgin [STRIKE]£8,712[/STRIKE] £7,957 Sainsbury [STRIKE]£6,870[/STRIKE] £5,575 M&S [STRIKE]£10,016[/STRIKE] £9,690 Barclaycard [STRIKE]£11,951[/STRIKE] £11,628 CTC [STRIKE]£7,629[/STRIKE] £6,789 Mortgage £[STRIKE]182,828[/STRIKE] £171,670
    LBM Dec12 excl mort 47,207/42,784 Dec13
    Excl mortg and CTC 39,578/35,995 Dec13
    Incl mortg 230,035/214,454 Dec13

    Extra payment a week:this week £0 / YTD£1,457.55
  • jaxsmar
    jaxsmar Posts: 473
    First Anniversary Name Dropper First Post
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    Well said Julie 2710 - where would we be without this challenge it encourages me to keep plodding away at being debt free I paid off £625.00 last year - on overpayments. When things get tough I know I can read other people's post and no I'am not alone on this journey.

    ......... £1.27 today paid.:p
    Penny wise pound foolish. 366 days 1p challenge 2020 ✓ 2021 2022 2023 completed.
    No.13 1p a day challenge 2024
    No. 24 52 week savings challenge.
  • It really is a fab way to debt bust without even noticing really. Every Friday I usually round down my available balance and send the odd pounds and pence to a debt. For example, if my balance is £123.45 I'd send the £3.45. By doing this I paid off £710.42 in 2012 and £584.11 in 2013. That's a total of £1294.53 extra off my debt total!!! :j

    Today I've sent £15 to Barclaycard. That debt is a round number at the moment, but is only on 0% until next month. It certainly won't be cleared by then so will have to look at moving it, however I'm trying to make it as small as possible before then. My other 2 debts are 0% until next year.
    Debts @ LBM £23,729.31. Debts @ 08/04/2016 £0 :j
    Best win so far - holiday to Florida
  • This sounds brilliant I will defo try and do this. Fed up of being in debt and need out! :)
    Debt 1st January 2014 - £14,500 :(
    Loan £8370 CC1 £1995 CC2 £190 Catalogue £138 Overdraft £1800 Paydayloans £2000
    January Take lunch to work 11/19
  • I am in!


    Just discovered an 82 spend on my other CC - Christmas emergency in Sainsbury's and a couple of other places I hadn't entirely covered. Curse my grade C maths!


    That rather shafts the budgets this month but will be back on later after some fiddling to see what I can pay


    Thanks for setting this thread up Lucky XXX
    Nevertheless she persisted.
  • Welcome scotsgal and Buffy, the more the merrier. Xx
    Debts @ LBM £23,729.31. Debts @ 08/04/2016 £0 :j
    Best win so far - holiday to Florida
  • System
    System Posts: 178,076
    Photogenic Name Dropper First Post
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    Thanks for starting the thread again :T:T ...until reading this thread I didn't even know I could make overpayments to my loan, how stupid did I feel :o Let's hope we can have another good year getting those debts down :):):)
  • I am in!


    Just discovered an 82 spend on my other CC - Christmas emergency in Sainsbury's and a couple of other places I hadn't entirely covered. Curse my grade C maths!


    That rather shafts the budgets this month but will be back on later after some fiddling to see what I can pay


    Thanks for setting this thread up Lucky XXX


    Paid a tenner off the main card and 12 pound off the other cc, remembered that I had allocated my sealed pot money for this card so things aren't as bad as I thought! wouldn't have worked all that out without being made to by this thread


    thanks again Lucky XXX
    Nevertheless she persisted.
  • Hello 2014! Still on the overpayment run. I've counted this week's payment towards last year, so I can round up to £400 for 2013. Ridiculously exciting!

    Just stocked up on a fortnight's worth of lunches and other food - am determined to spend as little as possible this month!

    Roll on 2014 :)
  • count me in, need to sit down and go through my figures
    Make £5 a day: Jan £6.20/ £155
    £2 Club = £8.00;50p Club = £10.00;20p Club = £9.80
    Take Lunch To Work: Jan 6/20 GSC = £51.16/£240; VSP=£1.78
    THE ONLY THING WORSE THAN GETTING UP FOR WORK IS NOT HAVING ANY WORK TO GET UP FOR.
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