Newbies' 10K in 2010 Challenge!! :)

brokemedic

Thought I would come and update my signature as I hadn't done so in a while - bit disappointed that it's only 37% - thought it might have been slightly more. I am not sure if I will meet my target of 10k by the end of the year but fingers crossed. On the bright side, I have realised that I only have 2 more computer repayments to make and 11 loan repayments as well. I have taken advantage of a BT, though I was only able to transfer £300 to my Barclaycards account. Barclays who whopped up my interest rates from 8% to 16% - once it's been paid off, that's it!!! No more Barclays ever again LOL!!

Good luck everyone..

t4mof

Got quite a bit to update.

On the positive side, I have managed to move my remaining credit card debt from MBNA to hubby's Barclaycard at 0%. All my credit card debt is now on 0%. We won't clear it by the time runs out but the standard rate is 12.9% which is lower than what we've got on MBNA so still a good deal. What I'm actually hoping is that by the time the 0% runs out, Virgin or MBNA will offer us another 0% and I can transfer it again.

I was on holiday for 2 weeks at the end of August/beginning of Sept but while I was away I paid £70 to Barclaycard1 & Halifax and £80 to HSBC. Also managed £568 to Virgin when I got home.

Now for the bad news - my car completely failed it's MOT last Monday. It's 11 years old so really wasn't worth spending the money on. So unfortunately I have had to apply for a loan to buy a new car. I was really hoping I could get another 2 years out of it so that my cards would be clear and I could save up but it was not to be.

So I have had to rejuggle the credit card repayments and it's added another 6 months onto my DFD. Grrrr! Oh well, if I can keep them all on 0% I might be able to pull it back again.

t4mof

It was payday on Friday so £110 to Barclaycard2, £80 to HSBC and £70 to Barclaycard1.

Thought my first car loan payment was due out on Friday as well but nothing came out of my account. Found my letter and it's not due till 24th Oct So a bigger payment will be going to Virgin this month.

And some more good news is that work have opened up overtime from now until December 12th. You commit to a certain number of hours and if you complete them, they pay you a bonus. So I've committed to 56 hours over the next few weekends - get paid time and a half on Saturday and double time on Sunday and a £150 bonus which I'm hoping will be paid in December's pay :j. Did my first 6 hours on Sunday so only 50 more to go.

So after my new car set back my credit card debt free date by 6 months, I reckon the overtime will pull it forwards again by 4 months. Here's hoping...

banwa

t4mof wrote: »

Got quite a bit to update.

On the positive side, I have managed to move my remaining credit card debt from MBNA to hubby's Barclaycard at 0%. All my credit card debt is now on 0%. We won't clear it by the time runs out but the standard rate is 12.9% which is lower than what we've got on MBNA so still a good deal. What I'm actually hoping is that by the time the 0% runs out, Virgin or MBNA will offer us another 0% and I can transfer it again.

I was on holiday for 2 weeks at the end of August/beginning of Sept but while I was away I paid £70 to Barclaycard1 & Halifax and £80 to HSBC. Also managed £568 to Virgin when I got home.

Now for the bad news - my car completely failed it's MOT last Monday. It's 11 years old so really wasn't worth spending the money on. So unfortunately I have had to apply for a loan to buy a new car. I was really hoping I could get another 2 years out of it so that my cards would be clear and I could save up but it was not to be.

So I have had to rejuggle the credit card repayments and it's added another 6 months onto my DFD. Grrrr! Oh well, if I can keep them all on 0% I might be able to pull it back again.

Well I am glad this post is here because I have been skulking around and not posting for this exact reason.

We got one of of cars through its MOT by the skin of its teeth and our mechanic told us to 'get shot while you can'. It was a disastrous car. So we have bought a new(er) one, for which we have had to take out a loan.

So we are further in debt than the start of the year.:( On the plus side, apart from the new car loan, ALL of it is interest free.

And the question is, can we carry on with this thread? I was basing it on 'can I reduce our debts by £10k this year?'...we can't because overall our debt has risen. But we will make well over £10k of payments.

Or can I count the debt minus the car debt?

Or I am I banished completely?

t4mof

I was basing it on just making 10k worth of payments and with everything on 0% for the next few months, the debt will plummet before the end of the year anyway. For me it's the credit card debt I want rid of, I can live with a car loan.

So for the time being I'm ignoring my car loan and concentrating on the CC debt. Once that is paid then the in-laws will be paid and then I think I read in the T&Cs for my loan that I can get a settlement figure for that and pay it off early anyway so that is the plan.

We're almost in October and it would be a shame to give up now. You can put the loan to one side in your head and aim to reduce the debt you started the year with by 10k. It would still be a great achievement.

Nottoobadyet

Very happy siggy update from me!!!

t4mof

Well done, must be a great feeling :T

museumworker

Well done nottoobadyet! :j

Have a double pay packet month due to OH being paid 4 weekly - putting £2570 into savings :eek: which brings total up to over £16k :j :j. Just in time for builders to empty out our bank accounts as work starts 16 Oct :rotfl:.

t4mof

£70 to Halifax a few days ago and I've just paid £559 (and 59p!) to Virgin so that's down to £1100.

Budget looking good for the rest of the month and then payday will have my overtime pay and OHs expenses which come to about £200. If everything goes to plan (and it rarely does!) I might be able to pay the whole Virgin balance off next month.:jIf not it will certainly be gone by Christmas.

Then Barclaycard1 will be tackled.

loumac

Well I think everyone's officially forgotten this thread... But it keeps me motivated to think back to my original plan so here is my monthly update.

New total £10,437.34