The Challenge - Debt free in two years!

Ceniza

Thanks HWG

Woowoo

Horray for your board finally arriving, not long till you can go and have some fun on it

Have fun tonight what ever your up to x

Ceniza

Happy new year to everyone! Hope you all had a lovely Christmas and good celebrations to welcome in the new year. My first payments for January then. New year, here we come!!

If anyone has a new diary, can you drop me a link please as I see not many people have made updates yet... That might be because you're still recovering, or it could be that I've not seen you've started a new diary

My updated debt diary
Last update: 05-January-2011

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 - £1,000 @ 0% (Down from: £2,000)
£383.37 to Lloyds Loan - £17,316.17 @ 14.5% (down from: £18,831.22)

Total Debt: £18,316.17

You know, I've been looking over my loan, and realised that since May, I've only cleared £1,500. That's only just over £200 a month cleared, when my payments - at a minimum - have been £383.87

I have to try sort out this interest somehow, it's damaging my repayment efforts...

Woowoo

Hi Adam

Any plans on how to get it on a lower interest?

Ceniza

At the moment, no. I don't know what to do. I don't think anyone would loan me the money on any better rate. I guess the only option is to pay off bigger amounts to clear it faster.

Kepp

Hey Adam and happy new year!

Really liked your 2010 round-up, really shows the effort that's gone into it, although the hourly calculations are just a little bit scary!

Have you considered trying for a 0% card?

I now have all but one loan (£6,725 at 12.9%) onto 0% with the first deal running out in June 11.

A couple of months ago there wasn't any chance of me getting anything like that so it could be worth a shot?

Barclays are offering 0% for 16 months at the mo (one of the deals I got) and allow you to transfer money into your bank acc on this deal making it easy to pay off the loan with.

I did their test first which told me I only had a 60% chance of getting it and then thought what the hell and applied anyway and got it, so def think it would be worth a shot!

Hope you enjoyed your time in Slovakia

Jessica1987_2

i havent posted before but i've read your blog for a while! well done!

It is very inspirational. i only wish i had found this blog and website sooner. My last loan repayment went out today and my last CC payment at the end of the month makes me debt free.

I've cleared the remaining debt of £3,500 since March last year, and have had to move house and had a lot of expenditure which i have payed for out right.

Although i've done it now (nearly, 1 payment to go eeeek), i wish i had known about this site and the inspiration and support all the users give each other. I think i would have cleared it all alot quicker!

Kepp up, i will def keep reading how your getting on :j

Ceniza

Another £16.17 sent to Lloyds, just to round things up a bit

beccie wrote: »

Hey Adam and happy new year!

Really liked your 2010 round-up, really shows the effort that's gone into it, although the hourly calculations are just a little bit scary!

Have you considered trying for a 0% card?

I now have all but one loan (£6,725 at 12.9%) onto 0% with the first deal running out in June 11.

A couple of months ago there wasn't any chance of me getting anything like that so it could be worth a shot?

Barclays are offering 0% for 16 months at the mo (one of the deals I got) and allow you to transfer money into your bank acc on this deal making it easy to pay off the loan with.

I did their test first which told me I only had a 60% chance of getting it and then thought what the hell and applied anyway and got it, so def think it would be worth a shot!

Hope you enjoyed your time in Slovakia

Thanks Becs, I do have a 0% card, it's only with a £6k limit though, I need one with a £17k limit to make it work LOL. I don't know what I'm going to do, it's not like I can cut up the debt into smaller pieces either as not sure on the possibility of getting another loan at the moment. Unless I transfer money from the loan to the CC and try clear it in 16 months, but then I'd still have to clear the £400 a month from the loan as it's a fixed monthly payment.

Will try work it out and see where I get

Jessica1987 wrote: »

i havent posted before but i've read your blog for a while! well done!

It is very inspirational. i only wish i had found this blog and website sooner. My last loan repayment went out today and my last CC payment at the end of the month makes me debt free.

I've cleared the remaining debt of £3,500 since March last year, and have had to move house and had a lot of expenditure which i have payed for out right.

Although i've done it now (nearly, 1 payment to go eeeek), i wish i had known about this site and the inspiration and support all the users give each other. I think i would have cleared it all alot quicker!

Kepp up, i will def keep reading how your getting on :j

Thanks Jessica, it's nice to read. I'm trying to get there, but it's difficult. Even more so now that I have just the one big loan to pay as there are no smaller goals to reach so the sense of achievement isn't as big as when I was clearing a card every other month. Still, I'll keep plodding along, I'll get there eventually

Woowoo

Morning Adam

Are you going away this weekend?

Ceniza

No, not this weekend, it's been changed to the 23rd january.