The Challenge - Debt free in two years!

Ceniza

Thanks Jody

Ceniza

Just a slight update, paid a little more to round the total to £18,700

My updated debt diary
Last update: 08-December-2010

Capital One CC - £0 @ 30% (down from: £968.83)
Lloyds TBS overdraft - £0 @ 12.3% (down from: £2,000)
Loan from OH No.1 - £0 @ 0% (down from: £600)
Egg Banking CC - £0 @ 21.90% (down from: £943.30)
£200 to Loan from OH No.2 - £1,200 @ 0% (Down from: £2,000)
£421.68 to Lloyds Loan - £17,500.00 @ 14.5% (down from: £18,831.22)

Total Debt: £18,700.00

Woowoo

Well done Adam, what do you reckon you will enter 2011 owing?

Ceniza

I think this might be it for entering 2011 with. I'm not sure if I will squeeze anymore money into debt this year! and my next pay (23rd December) will count for January now. I have a few trips coming up over the next few months, all very MSE (i.e not costing a lot) but they are halting huge overpayments. I'm basically going to be away in December, January, February, March and April, so each of those will mean I'm unlikely to make any huge overpayments. I'd like to think I can finish Q1 of 2011 with about £17,000 owing.

Woowoo

At least all your trips will come out of your salary and not paid for on the credit card!

As long as the total continues in the downward direction your doing good

Ceniza

I've learnt my lesson!! No trips ever going on the cc again!! As long as I keep pumping around £600 a month for the next few months I'll be happy

Kepp

Well done on all the trips being MSE

Is Jan 2013 still your most up to date DFD?

Ceniza

No it's not - not sure why it's not up to date. Current DFD is June 2012... Best update that

Also, did you get my email back about the spreadsheet?

Ceniza

Inspired by the lovely Woo, I'm going to start making smaller payments to my debt. With Lloyds I participate in their 'save the change' system. How it works is for everything I buy with my card (always use card, rarely use cash*) it will round up and take the change and put it into savings. So if I do some shopping and spend £12.50 it till round it up to £13 and put £0.50 into savings. I use my card almost every day, so it usually adds up to about £5 a week sometimes.

Friday will now be my 'pay the change' day, and I will transfer the money from the save the change account to my loan, to clear it quicker So, starting this Friday I've transfered £1.65

*the reason I always use card is because I find if I take out £10 just to buy a coffee for example, the change will just get wasted on stupid things that I don't really need. Not having money on me stops me buying silly things like food from the vending machines

Woowoo

A great idea Adam, well done :T

Glad I can occasionally be a good influence on people