One debt Vs 100 days ~ Take Two

skaps

Hi just wondering what PAD stands for and how people work out their debt free date? Am new to all of this and would like to set a date too.

Also is there a link to the first part of this challenge would like to see what people managed to achieve to spur myself on further.

postingalwaysposting

*Jellie* wrote: »

PAP- I could well be updating every day for a lot of the challenge. Please feel frr to only update the first post every once in a while....don't want you to be overburdened!

Ahhh its ok Jellie, I have to do it everyday or every few days it becomes a 30min job. As I found out last time :rolleyes: I am fine, I love doing it as it motivates everyone to see the daily 'pot' payed off :j

skaps wrote: »

Hi just wondering what PAD stands for and how people work out their debt free date? Am new to all of this and would like to set a date too.

Hi Skaps, you have been added to the front page, welcome aboard :T
PaD is commonly known as 'Payment a Day' on this forum. If you go onto the diarys page you can actually find one continuos challenge being held on there. It just to make it a habit of seeing/acknowledging your debt each day by paying something off it.
To work out your debt free date use this tool, its called the snowball calculator. Once you have put in all your debts and the apr's it will tell you when your debt free day is likely to be. It will also advise which debts to pay first if you have money to overpay them while making the min repayments :j


£5.00 payment from me today :j

skaps

Thanks for that. Guess i need to make a payment of £4 a day. Just selling some things on ebay and also will get some money from my share dividends this month which will hopefully pay a bit of this debt off.

Going to go work out my debt free day now.

skaps

My debt free date is Jan 2020 :mad:. Now wish i did not have a wedding to pay for as I could have paid off a large sum this year! Oh well am determined that my dfd will be sooner than this.

bloodofareptile

687.50 for me today!

clarabella23

Hi all :wave: I had been playing Bingo Britain before they closed the loophole, did transfer the winnings to my current account then realised I was been stupid, so paid off some of my CC instead! It now stands at £132.23 for my credit card, and £122 for my store card, so down to £255-ish altogether - thats £115 gone already! :dance:Woohoo! Gonna smash these cards this time I can feel it!:D

motherof2_3

Just seen this thread... I have decided 2010 is the year I become debt free (or at least know at all times exactly just how much debt I am in!

Just opened up my lates credit card bill and it states my balance as £1,732.28 DR. So my challenge is to try and clear as much as possible in 100 days (99 now!)

Thanks for starting this thread.. I will now start doing something about it!

skaps

Hi sorry keep on posting with questions. Is the target including the minimum payments we already make as i thought it was extra?

penelopedee_2

Hi Skaps, its about blitzing a debt within 100 days. So we just pick one or a couple of debts, let Pap know the target and then concentrate on everything we pay towards it, minimum payment or not.

On the last challenge I had quite a few small debts so I listed each one at a time and then cleared them one by one. (But obviously you still have to pay any other minimum payments as well - sorry if that is a bit preaching).

Its a bit like the snowballing thing, with picking the highest rate debt and then chucking everything spare at it before you hit on the next highest rate one.

Hope that makes sense (sorry I've had a wine now). Good luck, Pen x.

skaps

Ok cool, i didn't include my minimum payments but as my CC debt is quite high every little extra will help. I've written a list to help me organise where the extra money will come from, glad i have a 2 month break from council tax so some of that will be helping to reduce this large amount.
Thanks for the help Pen, enjoy yr wine.