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

lauhen

I would like to join please, new year and all that. I want to acheive £10,000 by christmas 2010 please. I will add the debts to pay off with this in my signature shortly.

skintbint_2

hi folks at last i can update, what a long month december has been. now sitting at 4.42% paid hoping to hit the 5% by the end of Jan so that means another £100 to be paid, have got my budget bags ready and will use anything left at the end of the week to put towards another bill, so hopefully will be posting here weekly from now on even if its only a fiver a week

lauhen

Hi there,
I have £168 to pay towards a debt, would you pay it now or wait until you build up enough to pay it all off or a bigger lump sum.

skintbint_2

i would pay now, as if it sits around you will find another way for it to go would probably put it towards the virgin and get that cleared as quick as possible then thats one less to worry about and lets you concentrate on getting rid of the rest, or see which is the charging the highest interest rate and put towards that

Primula

Definitely pay it off now, before you are tempted!

Brokeattheminute

Just changed my signature there,was able 2 pay a little bit more off my 2 credit cards thanks 2 being paid extra for a stat day at work last wk!Paid £69.69 off my Virgin Card and £60.00 off my Tesco credit card.Went up 2 my sil house last nt with my o.h and my 2 children for a n.y meal and a few drinks so n.y.e was a n.s.d.Its the 1nt of the year i hate heading out as theres always a big crowd out,it takes you ages getting 2 the bar and the taxis charge double fares:eek:so it can turn into a very exp nt.What did everyone else do for the new yr and how much did it set you back?

Jem75

Hi, i signed up to this last year but we've lost our old email, etc so had to register again.

I'm not sure of the total debt now but i know it's over £13K, we've already managed to pay off £10K during last year.

Will add totals, etc later.

Jo

se999

Well an update now December figures are in:

Total at last update was £1509.50/5000

Saved £413 on budget for the december.

Transferred an extra £97.50 from mse bingo/scratchie accounts, since last update.

Total extra is £510.50 so new total £2020/£5000

se999

lauhen wrote: »

Hi there,
I have £168 to pay towards a debt, would you pay it now or wait until you build up enough to pay it all off or a bigger lump sum.

Normally debts calculate interest daily, so if it's one like that you save on interest by paying it off earlier, so as long as the debt interest rate is higher than your savings interest rate.

Some loans don't allow early repayment/ have penalties, in which case you put it in a savings account until you can use it for the repayments.

juicygirl

Hi everyone,

That's my Egg loan payment cleared and I made an overpayment as well to round it to the nearest £100. So that's another £590 off it this month :j

Rounded my current account to the nearest £5 and transferred the change to my ISA. Do this everytime account changes and am finding the small amounts are adding up without me noticing.

As soon as Virgin statement comes in (probably Tuesday) I will make this months payment to it as well.

Good luck everyone and a Happy 2010 to you all xxx