The big challenge - pay off £20k by Christmas 2010

parsniphead

Another £280 paid off today. It will be a struggle to pay off more this month but I'm going to jiggle the finances to see what can be done.

Sarahs999 - well done paying off the Virgin card.:T

taxi73

Sarahs well done on another card done.
Well done everyone else.

Another £190 in savings today.

mel19632

Well done Sarah! Thats a fantastic result (card and breaking through the barrier).
Love reading the updates on here.

gailey_2

Update on me.

Need to sit down with hubby and work out uptodate figures.

paid 10pound to mercers on behalf of barclaycard, need to find another 107 by end of month.

Rang Lloyds about bankcharges they agreed on temporary od to fund their extortionate bankcharges of about 500 quid agreed to pay them 30quid a month ontop of 40quid loan so 70quid.

Very cat-now paying 60quid amonth so whole balance should be cleared in 17months think it was.

Still od in barclays but acceptably within thier limit.

No spoke to everyone can now answer phone.

hubbys rang abbey credit card and said cant make min and has paid less.

reflecting back at this year we paid quite bit but no where near paid off.

loans gone down at least think lloyds loan be 2years this november so 960 paid off.

Hubby I think is roughly run for 2years with 4years left too and has paid 9600.


Its the credit card and catlalouge that has risen due to interest and blooming car of doom more spending on it.

at moment I have roughly 1000 on cat and 1800 on cc to clear.
also had 1750 od over limit on current account.
total=4600

hubby has 2700 od.
4500 one card and 2grand on other.
total=9200

We have no morgage at least.
hubbys had no luck getting better paid job if he does we will lose child benefit in 2013.

Im so determined to clear it ahte being in debts but have no spare cash to throw at it at moment.

Trying not to get disheartened that this years been tough financially.
People have much worse debts and clear them.

Wish I could work but with 2kids , no childcare and 4months pregnant is hard.
still trying to make what I can off ebay which goes straight off the debt sold a pram last month to pay 200bank charges.

Going to sit down today and work out plan of action as feel so down about it.

Think me and hubby need honest look at finances again and see what we can rejig.Still trying to lower grocery costs but hard with ever rising food prices.
Could switch few things insurance wise which may be bit cheaper and earn cashback to help fund xmas.

Got 2nd cart inherited from fatherinlaw which hubby will use weekfdays for work to save money on rising cost of petrol.

need to make sure our budgets realistic
we not getting into more debt
we making our repayments
we putting any spare cash to pay down the debt.

sorry seem bit down just trying to make some sense of it all.

Happytogetdebtfree

Hi Gailey sorry your feeling disheartend keep your chin up you can only pay what can be afforded, we all feel the same somedays shoulda woulda coulda and i get mad at myself thinking how did i get these amounts but for all the thinking and dwelling it doesnt reduce the numbers haha if only it did hehe... i was going to say did you ever try some of the unenforcable routes i know some people have been lucky with it i have never been mind because i have never tried but we arent with debt collection agencys but i think for any creditors that are it may be worth a try... dont give hope and keep focused 2013 is a way a way and things can change for the better a few months can also be a dramatic change in life ...... so keep chin up and keep posting... well done on your figures so far xxxx

sarahs999

£100 to FD card. Come on everyone, where are you? Last push before Christmas?

mel19632

Well done Sarah!

Agreed, it is very quiet on the thread. For us, we are just doing a monthly transfer to savings so nothing to report from me!

sarahs999

Another tiny £20 off FD. It would have been £80 but we went out for a spotaneous afternoon tea at the St PAncras Grand yesterday. Wish we had't, it was rubbish! Anyway, lesson learnt.

gailey_2

I need some advice guys.

Im making a payment today of

20quid to next directory-leaving 37 pounds remaining to clear to 0:j

60pounds as agreed to very leaving 1020 remaining
very is at 44%intrest rate:eek:
agreed 19repayments of 60pounds until its cleared
obviously more i pay less interest as interest is compounded.
lady says can pay off more than 60quid if want but 60 monthly min.

Barlclaycard need to pay off 107 quid on 28th its a deal where i pay that and they pay 77 which means mercers can hand back to barclayacrd but must admit mercers been lovley and barclaycard been awful.

I have balance currently of 1760. 62 before oct payment.
Once payment by me and them means 214 been paid off for oct.
leaving balance of 1545.62 I think my limits 1200.
Its not been spending at all just interest and charges.
interest rate is 29.9%

Lloyds tsb-been bogged down but horrendous bankcharges last few months agreed to pay them back 21pounds month until may to clear so go temp od .Asked abiut hardship they said no but read Loysd are nitemare to get bankcharges back from.

Also have Lloyds loan this was due to them taking away my od 2years ago and converting it into loan over 6year period paying 39pounds a month. so far paid 780 as been going for 2years and got 4years left.

need to check loan agreement see what interest im paying but dont think its as high as the card and cat.I think the remaining balance is about 600-800 but would have to check.

My normal current account with barclays is 70pounds od but this will be paid when child benefit goes in on 7th.

got about 90pounds of bill to pay related to daughters classes.
outstanding phonebill to pay of 120 orange and switching to payg.
will be paying this off in full.

Reason I need advice is letter from inland revenue this morning with tax rebate of 880:beer:

want to clear large chunk of debt , pay remaining bills, ensure current account in order and perhaps put some by for emergancies.
Trying to stretch it as much as I can.

I can easily pay phonebill
get od in order
clear next directory to 0.
woe dad 50pounds for fixing my computer

but others are just too large to clear.

did think maybe 300 off very as that means 6months of of 19planned been paid in advance.

If I can pay barclaycard 345 that means im back within 1200 limit and perhaps they not be so awful to me as 29.9 quite high still.

am i wrong to pay off both or should i focus on very,
in ideal worl could love to clear very or barclaycard before this xmas but dont think I can.


still need to look back at old posts sit down with hubby and update sig as do wonder if we will hit 20k but unfortunatly due to some respnding on hubbys card, high intrest and charges the actual amount not decreased as much.

gailey_2

Right me again trying to update sig from last update end of june.

In june it was 9659paid so far.

in june I paid 166 that month of my debts
hubby paid 570 for his cards,loan and bank charges.

total 736

in july I paid 270 loan, bankcharges and od fees.
huly hubby paid roughly 570 again maybe more as not exactly sure what his bankcharges are and been including that.

total 840

august
I paid 270
hubby reduced card payments and paid 100cards , 400loan plus od interest so 530.

total 800

september
I paid 200bank charges, 10pounds very, 30 od interest so 240
september hubby paid 530 again.

total=770

october.
I made 1st repayments this month and paid 60very, 20next today.
already paid 200bankcharges and 30od fees.
have to make more payments on 28th but wont count those until paid

so total so far 310pounds for oct.

Hubbys paid 50pounds to abbey credit card, 50tesco and usual loan payment of 400 so 500 so far still need to check his fees.

810pounds

As you can see we paying off huge chunk of our income each month on debts.
Just going so slow and with car of doom, intrest rates, bankcahrges feel its going down too slow and get frustrated.

Need to keep better track of hubbys side of things as dont think he keeps close eye on charges/late payment fees as I count those as debts as well as od limits.

so updated signature so far roughly as feel could possibly be more is

13,615.00 so we 6385short of target.
With 2months to go!

Like I said in previous post got tax rebate will make a dent hopefully.

we wont clear by xmas but hopefully by next xmas we will.
Im determined and proud of what we achived as been hard year.

Hubbys 2nd car nissan micra should cost him 100less in petrol per month
going to try switching stuff again.
doing well on groceries.
getting rid of bmw of doom which has cost bus nearly 2grand a year and reason why we in so much debt in first place.

plan is to part exchange with hubbys travel rebate about 2half grand and get car for about 3 and pay any remaining money off his tesco card and try clear one card just leaving him with abbey credit card and od.
Also aa loan will be c;leared in 4years time cant se wya to accelereate that unless he gets new job.
Hes also still trying to get better paid job it it all pays off hopefully we be ok.