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

Earthstrong

£130 gone out to my mortgage overpayments for yesterday.

Batfink

Well, since my last post I've been making a few changes to my spending habits!

I've opened a Step Account at NatWest, into which I'm going to setup a standing order for £50 a week, to cover my day to day costs - fuel, food, and anything I simply have to buy. This way, I have money which I can spend without feeling guilty but the rest will stay in my account to go towards debts.

Once the card for the Step Account arrives, my mum's going to take custody of my other cards so that she can give them back in an emergency.

Good eh?

x

lamarsi

hello, all i haven't been on here for about 6 months, but can i ask is the £20k including % or reducing debts by £20k? how is that posssible ? i don't think i earn 20k a year although if i got of my backside and stopped playing on the internet i prob could as i'm self imployed :0

lamarsi

imployed??? employed note to self use spell check

mel19632

Hi Lamarsi - I think everyone has their own opinion on how they are keeping score. I am counting total paid at the moment, but at the end of the year will let everyone know how much "capital" I have paid. For me its better as I find a bigger number more motivating!

mel19632

Batfink, also what is a step account?

Batfink

mel19632 wrote: »

Batfink, also what is a step account?

Hi Mel,

It's just NatWest's name for their basic back account - you get a Solo Debit/Cash card, but cannot go overdrawn.

x

Guesty6

Just popping in to say Keep up the good work.

I am doing some extra work tomorrow night for £200 and have an item on ebay that has just gone over £80 so hoping to use that towards my O/D

On the home straight now debt wise, paid at the end of the month and will be paying off another £800 minimum.

Cant Wait:money:

Julie67

My debt is £43,000 but I could be half way there by next Christmas put me down for £20,000 Wahoo Scary but Good !!

sarahs999

lamarsi wrote: »

hello, all i haven't been on here for about 6 months, but can i ask is the £20k including % or reducing debts by £20k? how is that posssible ? i don't think i earn 20k a year although if i got of my backside and stopped playing on the internet i prob could as i'm self imployed :0

Hi there, we're all doing whatever we can. I knew I couldn't manage £20k in my particular situation so I signed up for £10k, I'm full of admiration for those whoa re attempting £20k or more. Some people have bulk amounts to add from things like savings or redundancy which get them off to a flying start. We have nothing like that so just use whatever we can earn extra each month (my husband gigs, I sell cakes and do ebaying, on top of our real jobs). I also do all the scratchcards, surveys, quidco, mystery shopping, anything really that brings in a bit extra - it may be tiny but it all goes straight off the debt. None of my debts is incurring interest as they're all on 0% credit cards so I'm paying off capital each month, but lots of people only count the capital that they're reducing to make it 'fairer' if you see what I mean. Others count the interest too, which is fair enough as that is part of the debt. Also some people count their mortgage which I don't (if I did maybe I could do the £20k thing!). It does sound a lot, but then that's the nature of a challenge! Good luck