Olympic Countdown aka clear those debts by July 2012!

The_Dragon

**sde** wrote: »

Another £105 for me please. Number 103. Im not sure about the total from the other day yet,havnt worked it out. Will have 2 wait until i c statements or get around 2 it. The main thing is that im making payments and getting that much closer 2 being debt free!

Making payments is good as you say you are getting there!

phoenix_dragon wrote: »

Hi everyone! Dragon, our total paid is now £3239.65/£12643.27. Move on up! La la la, la la la la la!

25% there so yep! moving closer to debt freeness :T

TooMany4Legs wrote: »

Hello All,
Thanks for the lovely welcome
I've been looking at my budget and plans and have determined that my best way forward is to pay off loans first, as CC is 0% for another 16 months......
This does unfortunately mean that all my debt-busting pennies are going to have to sit in my savings account whilst I wait for them to reach a loan-paying-off amount..... but I'm aiming for the following:
Loan 1 - May 2011
Loan 2 - Jan 2012
CC - Apr 2012

Just disappointed that I will only be posting the minimum payments I'll be making off my CC til Jan 2012 on this post! Oh well, at least I have a plan!

TooMany4Legs xx :beer:

Minimum payments is still getting at the debt! (could you pay minimum payments + another £5 so you feel as though you are nibbling away at them?)

TooMany4Legs

The_Dragon wrote: »

Making payments is good as you say you are getting there!


Minimum payments is still getting at the debt! (could you pay minimum payments + another £5 so you feel as though you are nibbling away at them?)

That's a thought - I'll have another look at my spreadie and see if I can pay a bit on top each month without impacting the loan pay off dates! I like your thinking

TooMany4Legs xx

The_Dragon

TooMany4Legs wrote: »

That's a thought - I'll have another look at my spreadie and see if I can pay a bit on top each month without impacting the loan pay off dates! I like your thinking

TooMany4Legs xx

It was just an idea, the fact that you are not just paying the interest but even a pound off the capital makes you feel as though you are getting somewhere

TooMany4Legs

The_Dragon wrote: »

It was just an idea, the fact that you are not just paying the interest but even a pound off the capital makes you feel as though you are getting somewhere

I guess it's not too bad - as the card is 0% I'm not paying any interest, so that minimum payment will keep on paying off the capital. I'd just like to have more to show for my efforts in this thread! I do really want to throw every penny I can at the loans, as they are costing me interest each month - the sooner I can wave them good bye the better! And when I do - wooohoo - I'll have a nice big number to post here

TooMany4Legs xx

The_Dragon

TooMany4Legs wrote: »

I guess it's not too bad - as the card is 0% I'm not paying any interest, so that minimum payment will keep on paying off the capital. I'd just like to have more to show for my efforts in this thread! I do really want to throw every penny I can at the loans, as they are costing me interest each month - the sooner I can wave them good bye the better! And when I do - wooohoo - I'll have a nice big number to post here

TooMany4Legs xx

Ah right! The CC being interest free changes things, in that case yes throw stuff at the loans!

sunday_girl

March update from me (no. 32)
Total debt now £12696. No chance of being debt free by July 2012 BUT it could be possibe to be CC and OD free by then. just leaving the loan remaining...so that is my new goal!

martafdz

TooMany, look for the documents on the loan and read all the small print. New loans charge you for paying off the whole loan and paying off bits off it but some old loans (over half a year at least) charged only if you paid off the loan but nothing if you just overpaid. My current loan, for example, I had it two years ago, if I pay it off they charge me some interest but if I pay £100 extra a month then I do not pay anything. It was a "glitch" that they have solved by charging a month's interst or so when you overpay but that is something relatively new, look closely to see if they say anything about paying extra.
These payments cannot go with your direct debit, you cannot call them and say you want to increase it. You have to go to the branch and ask them to pay into your loan account. Most people in the branch do not even know this is possible (I know because I was a cashier for three yearsin Ntwst until a few months ago) and only branch managers might even know how to do it. But it is possible, at least if you have an RBS/Natwest account, which is the system I know. They have to do it in their second system (BackOffice) and manually, thus nobody is trained anymore to do this but people who have been in the bank long enough and are in a senior position will know and will have access to the option. As I mentioned, new loans are charging a bit and it is only worth depending on how much you are paying, check T&C, but old loans did not have this charge so some people paid the full amount less one payment in order to avoid the charge of paying it early. This is the same, you just throw in some money when you have a chunk, if your loan hasn't got a charge for overpaying, then you will be saving interest and you will pay it earlier. Have a look.

The_Dragon

sunday_girl wrote: »

March update from me (no. 32)
Total debt now £12696. No chance of being debt free by July 2012 BUT it could be possibe to be CC and OD free by then. just leaving the loan remaining...so that is my new goal!

I'm not sure I will be debt free either , I have had a bit of a depression spend fest BUT I will get as debt free as possible (and that is the main thing for all of us I reckon ) - oh and you are now 22.21% clear and free :T

runmichellerun

Hello! I have a new total, which is £5,235.85.

Thank you!

clearing_out_my_pockets

Hello, number 81 here! I've now paid off £5,253.89