The Challenge - Debt free in two years!

Woowoo

Hi Adam

Do you think you'll still manage to clear your Capital One card tommorrow?

On your credit card statements it will say estimated interest next month, I deduct this straight away from my monthly payment so I know the true figure I managed to pay off.

E.g on Friday I will pay £185 to Lloyds but the estimated interest for next month is £111 so I will have only paid off £74

Kepp

Hi Adam,

You have my sympathy, I've done that one before, seen my total go down only to go back up with interest and it is depressing.

This month, paid £160 off MBNA only to see £150 interest go back on :mad:

Woowoo's idea is great, that way you know what to expect.

Although I check and change my figures a lot, it's always worth comparing the beginning of the month and the end, cause even with interest, at least the overall figure will have gone down

Ceniza

Woowoo wrote: »

Hi Adam

Do you think you'll still manage to clear your Capital One card tommorrow?

On your credit card statements it will say estimated interest next month, I deduct this straight away from my monthly payment so I know the true figure I managed to pay off.

E.g on Friday I will pay £185 to Lloyds but the estimated interest for next month is £111 so I will have only paid off £74

Yes I will be clearing it tomorrow. There's only £300 left on that one so should be able to clear it and also maybe half the Egg one. That's the plan anyway

beccie wrote: »

Hi Adam,

You have my sympathy, I've done that one before, seen my total go down only to go back up with interest and it is depressing.

This month, paid £160 off MBNA only to see £150 interest go back on :mad:

Woowoo's idea is great, that way you know what to expect.

Although I check and change my figures a lot, it's always worth comparing the beginning of the month and the end, cause even with interest, at least the overall figure will have gone down

£150 interest? That's crazy amounts? Can you not apply to have the interest frozen? That would really help you!!

Woowoo

That is crazy interest, the banks should be ashamed of themselves.

jtr2803

AdamA9 wrote: »

I just realised the interest has gone on my credit cards My payments are not as great as I predicted. More to pay off this month than planned...

My updated debt diary
Last update: 23-June-2010

Lloyds Loan - £18,665.10 @ 14.5% (down from: £18,831.22)
Capital One CC - £306.82 @ 30% (down from: £968.83)
Egg Banking CC - £934.23 @ 21.90% (down from: £943.30)
Lloyds TBS overdraft - £0 @ 12.3% (down from: £2,000)
Loan from OH No.1 - £400 @ 0%
Loan from OH No.2 - £2,000 @ 0%

Total Debt: £22,306.15

Sorry Adam, just a lighthearted moment but when I saw this post and the bits I have highlighted in red I couldn't stop myself from thinking you had two OH's and had a loan from each :rotfl:

Don't lose heart! I know the frustration of not being able to make those extra payments but once you pay off that crap1 card you will be so glad!

Ceniza

jtr2803 wrote: »

Sorry Adam, just a lighthearted moment but when I saw this post and the bits I have highlighted in red I couldn't stop myself from thinking you had two OH's and had a loan from each :rotfl:

Don't lose heart! I know the frustration of not being able to make those extra payments but once you pay off that crap1 card you will be so glad!

That actually made me LOL in the office - now people are looking at me like I'm crazy!! I see how you've read it now, but I can assure you, it's the same person LOL.

Thanks for bringing a smile to my otherwise dull day

Ceniza

So, today is pay day, and that can only mean one thing! Debt busting

My updated debt diary
Last update: 25-June-2010

Lloyds Loan - £18,665.10 @ 14.5% (down from: £18,831.22)
[STRIKE]Capital One CC - £0 @ 30% (down from: £968.83)
[/STRIKE]Egg Banking CC - £934.23 @ 21.90% (down from: £943.30)
[STRIKE]Lloyds TBS overdraft - £0 @ 12.3% (down from: £2,000)[/STRIKE]
Loan from OH No.1 - £400 @ 0%
Loan from OH No.2 - £2,000 @ 0%

Total Debt: £21,999.33

There will be a slight adjustment when the interest is charged on the 18th but that will be cleared as it's only a couple of squid! So I guess, this is it! One card cleared :D:D:D:D:D:D

Thanks to everyone who has stopped by to wish me well. Your support does help

:T

OrangeFairy

LOL i had to laugh at that too!!!

DD2 who is 4 asked what i was laughing at!!!! Couldn't really explain!!!!

OH No2 obviously loves you more :rotfl::rotfl::rotfl::rotfl:

Well done on getting rid of a card!!! :T:T:T:T:T

Ceniza

Thanks Kel

Woowoo

Yippee for clearing your first card, I bet it felt good!