Olympic Countdown aka clear those debts by July 2012!

welshkaz

im now trying to sort repayments anyone have a clue who i pay off first most im upto date on apart from a poxy catologue none are utilities or mortgage or mega important bills they are catalogue, studio etc argos card like i said im upto date on all but 1 but dont know if theres a certain way of paying extra off one not the other if that makes any sense at all .

planning_ahead_2

Another £13 from me today please:beer:

Now £2023 off the debts

MrGreen

welshkaz wrote: »

im now trying to sort repayments anyone have a clue who i pay off first most im upto date on apart from a poxy catologue none are utilities or mortgage or mega important bills they are catalogue, studio etc argos card like i said im upto date on all but 1 but dont know if theres a certain way of paying extra off one not the other if that makes any sense at all .

I would recomend the snowballing method, it's basically paying the most amount of your money to the debt with the highest interest while still meeting the min repayments on other debts.

Go to http://www.whatsthecost.com/snowball.aspx and enter all your debts, you will need to know what interest rates your are being charged, what % the min payment is each month for each of your debts and how much money you have to make repayments. Once you've done this it will show you a table as to how much you should pay each month with the most going towards repaying the highest interest rate debt.

Then you can go back each month and enter your repayment amounts and interest charges and see how much sooner you'll pay off your debt.

bloodofareptile

Another 404 for me. New total 3,121/22.713

Waiting on an international transfer to go through so I can make a serious dent on that figure!

DanielleNic87

£48 paid today.

candyblue

Another £330 from me, thanks

The_Dragon

welshkaz wrote: »

im now trying to sort repayments anyone have a clue who i pay off first most im upto date on apart from a poxy catologue none are utilities or mortgage or mega important bills they are catalogue, studio etc argos card like i said im upto date on all but 1 but dont know if theres a certain way of paying extra off one not the other if that makes any sense at all .

Sorry I didn't get back to you before - I think the general thing to do is look at the interest rates and go for the highest interest one first - if the interest rates are all about the same then go for the one with the least amount to pay so you get the pleasure of paying one off

The_Dragon

Many thanks for all the updates and wowza Oreo that was a heck of a percentage paid off! You have taken the lead in the percentage paid race at 31.79% :eek::eek::eek:

But everyone else is really helping out as well and Team MSE is now 3.09% of the way round the course!

mijm0t77

hi all,

paid another £51.00 off the cc's today.

well done everyone, great to see all these payment being made, it is keeping me inspired. i am hoping to be able to make some more payments soon. :beer:

shanks77

The_Dragon wrote: »

Are you going to pay the Bank of Mum back gradually or save and do one large chunk?

Personally I would go for setting up a Standing Order to the Bank of Mum once the other debt is paid for a certain amount per month and any extra save it and throw it at the debt as an when

Want to do it in one large chunk as dribs and drabs would be too easily spent.
The Standing Order is a good idea had half thought about it earlier but now you have mentioned it as well will prob go ahead with it thanks for input Dragon