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

richestorags_2

Howdy all,

Have now fully repaid my overdraft (which I was being charged more interest than my credit cards??! - they just upped it hugely without much warning). Unfortunately my credit rating doesn't allow me to source 0% deals, but in a perverse way, I'm glad I have a poor/mediocre credit rating at present. It ensures that no urge for further credit will be taken until I am in a position to move house. By then, it will be repaired sufficiently enough.

I doubt I will hit my target of £20,000 but in my mind if I can get to around £17,000, the challenge will have been a huge success for me (especially given that I have had a baby, saved money for her birth, have my girlfriend on maternity pay, and have paid off tax arrears - which I didn't even include in this challenge).

Onwards and upwards!

richestorags_2

....and when I say that "I have had a baby", obviously I don't mean me being a bloke and all that......erm.....I'll get my coat.

greent

Just paid another chunk off for this month. Will update again after mortgage payemnt (about £500+ capital wise - need to calc) goes out in a couple of days

Great work, everyone!

greent
whose OH is being made redundant next month- for the 2nd time in 6 months

jexysbird

Haven't updated for a couple, (maybe more) months. Not too far off our 20K target now....

Have paid off £14,234.61 and have £5765.39 left to go until Christmas. We are determined to do it, so every spare penny is being thrown at it!

Well done to everyone so far!!! Keep going - we're nearly there!!

Uniscots97

Another £1335 paid off. I'm nearly at my target.

poohbear59

I have decided tht this challenge is way beyond my means for the time being. We need to borrow anothr £25000 to complete our holiday let and that will push my non mortgage debt to £40000. I wish you all well and mybe I will join in again when I have an income other than benefits.

hypno06

You don't have to leave us, poohbear - you can still post your payments on here, regardless of any "official" challenge going on!

I paid off a whole £10 today - courtesy of a scratchcard payout......slowly slowly she goes :rotfl:

greent, sorry to read about your OH redundancy - hope something turns up soon.

richestorags, congrats on the baby, whether or not you gave birth to it yourself :T

Keep up the good work, guys - we are on the homeward stretch for 2009 :eek:

poohbear59

hypno06 wrote: »

You don't have to leave us, poohbear - you can still post your payments on here, regardless of any "official" challenge going on!

I paid off a whole £10 today - courtesy of a scratchcard payout......slowly slowly she goes :rotfl:
:eek:

Thanks hypno, I have deleted my signature re; debts and payments and need to start from scratch. I will work out exactly what we owe to the many credit card and loan companies and then go from there. I felt I shouldn't be posting on here as my debt was going up instead of going down but it is new debt for a specific reason.

DH had half a day work this week which has given us £70 to live on this month. All bills are paid.

Posting payments on here and seeing them go down was a huge help to me. I will try to be more positive and start watching them go down very slowly.

Thank you

mel19632

Keep posting poohbear59! My theory is that debt for a purpose is not so bad - as least you will have something at the end of it. Its only if you are getting further into debt without anything to show for it that its not so good.

Boys and girls I have some very exciting news....I have "paid" over £20k since 1 December 2009!!! £20,641 to date to be precise.

This means, as promised I will reset my challenge to £20k capital paid off. See signature for progress. To date, total capital paid is £16,324. Onwards and downwards! (for the debt I mean )

Earthstrong

Mel, that is good news, well done on the progress you made in under a year.

However don't you mean from December 08 and not 09.?
'I have "paid" over £20k since 1 December 2009!!!'

£100 from me to my abbey card and another £500 on Friday.

Doesn't look like I will be achieving my target this year, but I am in less debt and only have 2 cc on 0% interest until June next year.
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