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

mel19632

Nice to read such good progress! Seems like PAD works really well for you!

Nothing to report for me. Our MBNA card goes onto a very high interest rate at the end of the month (over 30% I think) and we currently owe £4,800 on it (shocking!!)

We will be paying ALL of this off at the end of the month, which will leave us in the overdraft in April, but given that overdraft interest is 17.9%, we will be better off and we will not be overdrawn all month so I think this is the best option.

It will also artificially make our debt payments look awesome (but nowhere near as good as taxi!!) but figures will be slightly fudged!

On another positive note, the payment will take us under £5k owed - whoop whoop!!

Hope everyone is well xx

taxi73

WOW.that will be great under £5k(I'll have to dream a while longer yet).Think that's a good idea putting it on your overdraft.

I don't do PAD as such...I just pay min payments on everything and then pay what I have spare every week or few days...I just want rid of this Halifax one...lol..

It'll all change from next week as my target card is my LOB barclay card.So I have to save it all month and pay it in one lump sum on the payment slip as if I pay at the wrong time of month then it won't take my DD !!!....it's the only card that I know that does that.

mel19632

Taxi - you are a machine! Good luck with the barclay card - when are you aiming to pay that off by?

You look like you are going to smash your £20k target for the year; are you going to up the target or just wait until you have reached it?

taxi73

I don't have a date in mind for paying it off.
The plan is
BMI ...pay min payment £25 p/m plus £100 p/m overpayment
Barclay card LOB....pay min payment by DD plus as much as possible as overpayment
A+L...I've just transferred £4500 to a 0% Barclay card..will pay min payment on BC and pay the £50 to A+L this month
Halifax...pay off this week
BOS loan and Halifax loan ...pay normal payments.
GMAC..pay normal payments.

I put £500 per month in a reg saver (5% int)...there will be £6500 plus interest in that account on Oct 14th when it matures so I will pay BOS + Halifax Loan off and remainder off BMI.
Hopefully by then I'll have paid the Barclaycard LOB offjust leaving the 0% one to throw all the money at hopefully finishing for christmas but am safe until Feb.

I won't count the £500 p/m savings in my totals as paid off until it is used in Oct.

I will break the £20k barrier and will alter my sig as I get to that stage.

I will let the GMAC loan run it's course as it's irrelevant really as it's my car loan and is dealt with through my tax...it finishes july 2012.

As soon as everything except the car loan is paid off it'sonto the mortgage.

Happytogetdebtfree

wow some great payments going on here. I've just had a stressful half hour but I'm too paniced and emotional to strat writing it but I saw finacial up the creek without paddle for at least a few hours. Keep up the good work x

taxi73

We're all here for you if you want us when you're ready.xx

Moneytroubles_2

Hiya everyone, well done on the payments! I have just paid £31 off very taking the balance below £400!! - yayyyy! its so nice to see it at £399 - will try and get it below £300 before next statement is due but not getting my hopes up!

Happy to get debt free - how are you? xx

taxi73

Halifax card killed today
Paid the last £170.14 off.

On to Barclays now.

Moneytroubles_2

WOOHOOOOO!!!! WELL DONE TAXI THATS EXCELLENT xxxx

madmich666

Hi guys sorry Ive not been around lately. Will update totals this weekend and post on here. Ive still been paying off my debts but not been on the internet much.

Keep up the good work all
Mich