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

Batfink

pania wrote: »

£209.81 for me today please taking me sub20k for the first time in 6 years!!! YAHHHOOOOOOOOOOOOO

Well done pania - it's amazing how good the big milestones feel!

x

hypno06

Some really positive news coming through on this thread today :j :j :j

kashton_2

Just a little £3 for me today, 2 weeks to go and i will have my loan paid off and i am also determinded to clear a card this month too!

Double_Trouble

Had a big rethink about my debts.

This was because I got some credit card cheques from my second smaller halifax card. I already have a low life of balance rate on this card and these cheques would allow me to transfer more debt to the card at a low life of balance rate.

My major problem has been my other larger Halifax card on which I had a balance of just under 13K including a 3K cash advance (I had to take when I needed the money for just one month I knew it was crazy but had no choice at the time:mad:) I have recently BT £6000 from the card courtesy of a 0% no fee deal from Mint. This meant the balance was now under £6500 with extra payments I had been making. The credit card cheque I could write was for £1850 so as it can be used for anything I wrote it as a gift to my OH who has paid it into our account. I have then borrowed £4500 from the car fund and paid £6350 to Halifax this with my DD and extra payments will reduce my balance to £14.67 which I will pay off tomorrow. I will then pay off any interest due and the card will be clear.:D

All my cards and OH's cards are 0% now except for my one halifax card which is life of balance and so although we have a large debt instead of costing us £840 in interest per month in Oct 08 will now cost us £30:j

The money I have borrowed from the car fund I will pay back when I get paid at the end of April and in the meantime my extra payments will go to that and when that is finished (hopefully beginning of May 09) will go to savings to pay off the 0% cards as they fall due.

I think this makes a lot more sense and saves me £100 a month interest in the meantime. I really feel that I am getting somewhere at last. I have updated my sig to show the reduction in the car fund and the reduction in credit card debt allowing for the fee.

Sorry for the ramble but it is good to put down goals and aims so that I can get it clear in my head. I know I am not going to make 40K this year because when I set that goal there was no car fund to save for but if I could do 40K including the car fund I would be a very happy bunny.:D

Well done Pania on getting sub 20K it is such a boost to get to the next level.

DTxx

theskintfamily

Another £25 off my MBNA card today. still waiitng for my account to 'settle' so i can start to make some overpayments. Well done everybody, this is such a positive thread and really keeps me motivated!

mel19632

£31 to HSBC for me today

lemma1968

Another £200 off. Sig updated.

Have a good day everyone x

novagirl

£60 off to Tesco today and I'm just waiting on a cheque coming through from a bingo site for £1000! Couldn't believe that I won! So it will come in the post, I'll look at it for a bit then straight into my bank to then be paid off this challenge!

Bleachbird

Another £179 OFF TODAY. Well done everyone, we will get there!!
bb x

Earthstrong

Novagirl, well done on that great bingo win :j
I have just recieved a cheque in the post so once cleared that will be payment of £504.29 to cc.