My Debt Diary

James240

southernscouser wrote:

Dude, rather than paying off the extra £100 now and risk going into your overdraft why don't you wait until next payday and whatever is left pay that off the loan? :think:

Or will you be tempted to spend the money when it's there?

In all honesty mate i rather pay it now cos i can see myself using it if its there, im going to write the cheque out tommorow and send it off straight away.

Then once that is cashed by the lovely people at Egg ill be under £10k :j :j

Verbatim

Well done James. Tomorrow, no whoops , today is the day!:beer:

Congratulations on being under £10k, :j :j :j just the little matter of your cheque being posted and hitting Egg:money:

You really deserve huge admiration for what you've achieved. It's been a long, tough slog but you've been so determined and stuck with it through thick and thin. I know there's more to go but we can't let this milestone go unremarked.:D

I'm never too sure how the interest works with snowballing. Am I right in thinking that your debt goes down even faster as it gets smaller because there's less interest going on so that more of your payments go on the actual debt??

Hope so James.

James240

Verbatim wrote:

Well done James. Tomorrow, no whoops , today is the day!:beer:

Congratulations on being under £10k, :j :j :j just the little matter of your cheque being posted and hitting Egg:money:

You really deserve huge admiration for what you've achieved. It's been a long, tough slog but you've been so determined and stuck with it through thick and thin. I know there's more to go but we can't let this milestone go unremarked.:D

I'm never too sure how the interest works with snowballing. Am I right in thinking that your debt goes down even faster as it gets smaller because there's less interest going on so that more of your payments go on the actual debt??

Hope so James.

hiya verbatim :hello: Yeah your correct with the snowballing thingy when i started overpaying my loan at the begining of this year out of my normally monthly payment of £303 only £235 was coming off my loan. Now that ive paid off loooaadddsss of my loan ( ) £270 comes off the total debt out of the monthly payment of £303. :j

James240

sorry have to do two posts cos i cant do paragraphs on works computer on this website :doh: my original Loan finish date was Feb 2009 and working it out i should hopefully pay the loan off in June 2007 :j if i hadnt had been such a plank with spending on my credit cards then that would have been that, but as i did i need to clear that as well now :rolleyes: :doh:

Verbatim

James240 wrote:

sorry have to do two posts cos i cant do paragraphs on works computer on this website :doh: my original Loan finish date was Feb 2009 and working it out i should hopefully pay the loan off in June 2007 :j if i hadnt had been such a plank with spending on my credit cards then that would have been that, but as i did i need to clear that as well now :rolleyes: :doh:

That's fantastic james. Once you've cleared the loan knowing you you'll hammer the card so hard it'll be gone even quicker.:j

Are you waiting for the cheque to clear before you change you sig? I'm watching for it.:T :T :T

James240

yeah definatley waiting for the cheque to clear before i change me sig, lol like doing it once they have recieved the funds

James240

ok just spent a tenner this morning cos im going bowling on Wednesday and thats for 3 games :j so total i got left now for the rest of the month is £104.13

James240

had to spend £10 on filling the car up today cos i was flat out of petrol :doh; but should see me through for a couple of weeks so got £94.14 left

Verbatim

You're so well organized James. How do ypu keep the motivation up?? I'm glad you've got the bowling on Weds.

James240

its hard at times Verbatim it really is, theres times when i would love to go out and buy myself new clothes or new trainers or the latest items, or even get a new car but the thing that keeps me going is the fact i need to get my !!! in gear cos if i dont i will end up without my own place renting for the rest of my life cos house prices have gone so high and i cant afford a deposit ive got a three year plan worked out for the end of this year and im looking at trying to stick to it cos at the end of my three year plan im looking to have over £15,000 in Savings. (thats the plan any way )