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How do I work out my debt free date?

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How do I work out my debt free date?

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
26 replies 11.6K views
never_again_2never_again_2 Forumite
179 posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
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Hello,

I've seen on some threads that people have a debt free date.

Would someone be kind enough to explain how I work this out.

For information I'm putting rough figures below. I haven't checked my progress for a while but the the loans were correct in November:

TESCO loan £14,000. Taken out in April 04 for 7 years @ £242.20 p/m

Sainsbury Loan £4,400. Taken out in June 04 for 5 years @ £101.05 p/m
~~~~~~~~~~~~~~~~
A&L Credit card balance last month £3,600 0% until July (I think) I pay whatever I can afford each month, but it will be paid off by September because my husband is getting a guaranteed payment from work.

MBNA loan £6000 18 months; taken out last month, 1 payment made @ £348.29.

None of my loans have PLP and my husband and have already cut out expendeture to the min.

I am hoping to be debt free by Christmas 2008, do you think this is possible?

I would really appreciate the help.

Thank you.
Total Debt November 2016 =£9,660.52 :mad:

Monthly Repayments = £593.09 :eek:

Goal to be debt free December 2017/ Savings £500 :T
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Replies

  • Hi there!

    Follow this link

    http://www.whatsthecost.com/snowball.aspx

    and enter the details of all your debts, interest rates etc. It will give you a debt free date.

    You can also enter different levels of repayment into it and see the difference made by even small over payments.

    Good luck with clearing your debt!
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • Thank you for that.

    I've just input my info and i can be debt free by Sep 2008, not including the payout my husband will get. This has been a big boost - thank you
    Total Debt November 2016 =£9,660.52 :mad:

    Monthly Repayments = £593.09 :eek:

    Goal to be debt free December 2017/ Savings £500 :T
  • No problem! I'm glad you can achieve your desired date, hopefully sooner with the payout. Best of luck with your efforts to become debt free! Maybe you want to add your debt totals to your signature to show everyone how you're doing and motivate yourself.

    Best of luck :)
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • kathfisch wrote:
    Hi there!

    Follow this link

    http://www.whatsthecost.com/snowball.aspx

    and enter the details of all your debts, interest rates etc. It will give you a debt free date.

    You can also enter different levels of repayment into it and see the difference made by even small over payments.

    Good luck with clearing your debt!
    Thank you so much - that website is absolutely fantastic and has helped me immensely. If I could I would click your "Thanks" button more than once for that. :j
  • headcovers wrote:
    Thank you so much - that website is absolutely fantastic and has helped me immensely. If I could I would click your "Thanks" button more than once for that. :j

    No prob, glad to help! :D
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 :DProud to have become debt free... and striving to keep it that way
  • ... Or, if you want a local Excel version on your computer that lets you put in overpayments as you make them, go here:

    http://www.geocities.com/schizeckinosy/Snowball.html

    The beauty of this one is that the details you enter can be changed when you want to change them, and it will keep them until you update them again - so no need to re-visit the 'What's the Cost?' website and re-entering all your details if circumstances change.
    The difference between genius and stupidity is that genius has it's limits...
  • Thankyou indeed, that website is ace! Gives a full breakdown on what to pay off when - im gonna print it out and keep it to work to!
    x
  • Hi headcovers I also tried that website today it was very good thanx for the general advise, this is really helpful.
  • PJ1PJ1 Forumite
    154 posts
    Hi Everyone,
    I've just been to this website as suggested but am now thoroughly depressed. I knew I had large debts but now I've found out it going to take me until Dec 2012 to pay them off!!! I'm not happy! :o(
  • D&DDD&DD Forumite
    4.4K posts
    ✭✭✭✭
    Hi PJ1 welcome to Mse when you feel ready try posting a SOA and we'll have a look for you see if we can help :D
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