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  • FIRST POST
    • BillEatsCrisps
    • By BillEatsCrisps 31st Aug 17, 1:09 PM
    • 5Posts
    • 7Thanks
    BillEatsCrisps
    £15,591.56 - Clear it in a year
    • #1
    • 31st Aug 17, 1:09 PM
    £15,591.56 - Clear it in a year 31st Aug 17 at 1:09 PM
    I took out my first ever credit card in March 2001. I paid the balance off in full the first month. I think that was the last time I did that. The second month, I thought I had paid the balance in full again, but turns out i didn't (these were the days before Internet banking - these were the days where you got a bank statement once a month, you kept your own check on your balance within your cheque book stubs and from time to time you could check your balance at the cashpoint), so by month three I was already in the position of making payments towards my credit card bill and feeling the balance hanging over me.

    Over the past 16 years I've gone through all sorts of plans to get debt free. From remortgaging my house to paying only minimum payments to paying £1 per month to paying chunks and leaving myself short for day to day expenses......

    At my worst I owed £34,000 and started paying £1,000 per month towards it.

    I now owe £15,591.56 and I am sick of it!!

    So I'm setting myself a target to get it all paid off by the august bank holiday 2018. And for the august bank holiday I'll have a party!

    I have had a couple of really tight months recently and have only been able to pay these tiny payments, but I should be able to make some proper dents now and it feels good to have a plan.

    Wish me luck on my adventure!
Page 1
    • redofromstart
    • By redofromstart 31st Aug 17, 2:01 PM
    • 392 Posts
    • 2,000 Thanks
    redofromstart
    • #2
    • 31st Aug 17, 2:01 PM
    • #2
    • 31st Aug 17, 2:01 PM
    Good luck with it Billeatscrisps!
    • BillEatsCrisps
    • By BillEatsCrisps 2nd Sep 17, 10:56 PM
    • 5 Posts
    • 7 Thanks
    BillEatsCrisps
    • #3
    • 2nd Sep 17, 10:56 PM
    • #3
    • 2nd Sep 17, 10:56 PM
    Well I've made some payments.

    After three months of only paying £1 to each of my 14 creditors, this week I have completely paid off 2 of them and given £1 to each of the other 12.

    Then, looking down at my list of debts, I logged back in online and paid off all of the odd pence of the balances to round them down to full numbers (that's neater!)

    Total debt is now £14,836 spread over 12 creditors.
    • redofromstart
    • By redofromstart 3rd Sep 17, 8:25 AM
    • 392 Posts
    • 2,000 Thanks
    redofromstart
    • #4
    • 3rd Sep 17, 8:25 AM
    • #4
    • 3rd Sep 17, 8:25 AM
    That's good progress, I think I'd really struggle with the number of them rather than the amount. I like rounding things to even numbers too.
    • fruitloop04
    • By fruitloop04 3rd Sep 17, 9:38 AM
    • 142 Posts
    • 404 Thanks
    fruitloop04
    • #5
    • 3rd Sep 17, 9:38 AM
    • #5
    • 3rd Sep 17, 9:38 AM
    Good luck billeatscrisps! That's impressive to pay £15k in a year...I think it is going to take my a year to pay my £4k!!
    16.08.2017 CC 1 - £2050 £1603.47 CC 2 - £1766.82 £1163.36 Emergency savings: £1000/£6000
    Mortgage - April 2017 £153,000 £149,954
    Debt free by xmas: 1070.86/1500
    (Non Mortgage) Debt Free Date: August 2018
    • leimichellecat
    • By leimichellecat 3rd Sep 17, 1:13 PM
    • 114 Posts
    • 185 Thanks
    leimichellecat
    • #6
    • 3rd Sep 17, 1:13 PM
    • #6
    • 3rd Sep 17, 1:13 PM
    Good luck Bill! I've got a similar size debt and target date. I'm taking on the 0% that expires first, then one debt at a time. I'm hoping clearing one debt will motivate me to clear the next! Each debter you don't have to engage with again will motivate you to get the next one out of your life!
    Taking on the world one debt at a time!!!

    Clear the CC by Xmas 2017 #168 - £500/£2370

    BYOLTW Oct17 4/18
    • BillEatsCrisps
    • By BillEatsCrisps 12th Oct 17, 9:53 PM
    • 5 Posts
    • 7 Thanks
    BillEatsCrisps
    • #7
    • 12th Oct 17, 9:53 PM
    • #7
    • 12th Oct 17, 9:53 PM
    It's been a little while since I last posted and I have been plugging away.

    I now owe £14,557 spread over 11 creditors.

    Keep on going.
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