NEW - pay off £20,000 (ish) by Christmas 2009

In_Search_Of_Me

sorry forgot to update...new total in siggy! Chuffed i've finally got past the 1000 barrier!

Floxxie

Ok, although I promised not to have another enormous pay-off month, my hubby cashed in his ISAs and handed over the money. I chose to pay it off the mortgage but that means that I now have to increase my annual target to £35k :eek:

I know that sounds completely unachieveable but £8289 has been paid off this month, year to date £13728, leaving me £21k ish to find (my o/d is at the same rate as my mortgage - 1.48% so interest shouldn't be extortinate).

Have run out of all options concerning the cashing in of savings or other monies so overpayments will definitely be smaller from now on!


Floxxie

Floxxie

Hope this is a good omen for the coming month - just won £20 on the free scratchie. I am so excited as the most I have previously got is £1.

Off to put it on the £15k o/d!

Floxxie

System

pandapaws wrote: »

(gulp)

I'll join you with the 30k Hypno. I'm still aiming (and roughly on target for) £70 a day which is just a little over £25k, so this would be an extra push.

We're just counting actual payments made (less any extra debt we may take out for any reason), right? So if you pay £100 off a card, but get charged £20 interest later in the month, that's £100 towards the target, not £80? But if you pay £100 and then re-spent £20 on chocolate that would only be £80 towards the target? Sorry for being a stickler, but I remember at the start of last year's challenge loads of people were asking the rules. I could easily pay off £50k if I was allowed to exclude any additional spending but that would defeat the object somewhat!

Thanks for setting it up.

You could easily pay off £50k?? :eek: Dear god! What on earth do you do for a living and how can I get in on the act? I didn't think I was on bad money but if I can clear £6k off in a year then I'll be doing really well!!

DebtBgone_2

im just reading through this and im so evious of you guys, your aims at paying your debts off i just dont have that capacity id be lucky to mange 1 k its so frustrating!

System

With that said, can I be added to the list please Hypno? Put me down for £6k by Christmas. That's £6k of actual debt clearage though, not including the interest.

Total current debt (excl. student loan) is about £28k so a fair way for me to go.

Thanks for the motivation Hypno! :T

System

DebtBgone wrote: »

im just reading through this and im so evious of you guys, your aims at paying your debts off i just dont have that capacity id be lucky to mange 1 k its so frustrating!

Hi DebtBGone,

I know where you're coming from - I am only just in a position to be able to start clearing the debts off, after years of earning rubbish money and not actually being able to afford to live, which is what put me in huge amounts of debt in the first place. I was working two jobs until last summer just to survive but then lost my second job which made matters worse and increased my debt even more. This forum is so you can talk about your worries and maybe get some advice/support from others in a similar situation. I hope things get better for you soon!

Red.

betty_blue

DebtBgone wrote: »

im just reading through this and im so evious of you guys, your aims at paying your debts off i just dont have that capacity id be lucky to mange 1 k its so frustrating!

Hi DebtBgone
try not to be too frustrated, just aim to pay off what you can, remember £1K off your debts is a step closer to being debt free! :j

mel19632

Keep up good work everyone! Remember that everyone has a different situation so some people have a lot more spare cash to throw at debts. As long as *you* feel like you are achieving your goal try not to be envious of people like Floxxie who are able to pay off amazing amounts! Ps well done Floxxie and In search of me!
I have paid £104 to work loan today and bf had good month at work so I have o/p an additional £500 to Mint. I feel like I have had a good month after thinking it would be rubbish. Looking forward to breaking through the £29k total mark! xx

needtopaymydebts

Hi everyone,

I haven't posted in a while as i've changed the way that i'm paying off my debts but now i'm getting back on track i think i'll start posting more often again as it keeps my motivation up!

my husband and I had been paying off our debts separately until I realised that he seemed to be getting nowhere simply paying off equal amount off 2 cards despite one being 0% and the other about 25% or something ridiculous! well not i've decided we're paying them off together and have managed to get rid of 1 card already...but with my debts all being the lowest interest for the longest then they're getting paid off last!

I have my eye on a new house so we're going to up all of our payments so hopefully in a month or two i should be well on the way to hitting my £5500 target