The Challenge - Debt free in two years!

jtr2803

I am glad it made you laugh, I was slightly worried it might cause offence but I hoped that it wouldn't!

BIG BIG CONGRATULATIONS on clearing the card, I hope you are very proud of yourself and can use that feeling as motivation to keep going

Ceniza

Thanks guys. It felt really good. I've just been running my finances today and looks like I should be able to clear about £1k from my debts again this month So should be able to half the egg card

Ceniza

Also, I cannot remember if I said anything in this thread, but there's been a default put onto my credit report, for something that was completely not my fault I'm still in the process of sorting it out so hopefully I can get to the bottom of it with o2. I will keep you up to date as I hear more

I need some help/advice.

A couple of years ago, I made the mistake of getting an o2 mobile phone contract out for my brother-in-law. In October of last year, he was tempted out of his contract by another mobile phone company, and they paid off his remaining contract, however, as you know they give you the cash, rather than settle the account. It was in October 2009 that this final payment was meant to be made to o2 to clear the account and close the contract.

It turns out, for what ever reason, that this final payment never cleared. Since the contract was in my name, o2 attempted to write to me, asking for the money, however, I had moved addresses since then, and as a result, their letters did not make their way to me, and they were not forwarded either. O2 had my contact details because I had another two contracts with them, but they didn’t contact me at my new address, and as a result, they instructed a debt collection agency to come get me.

Somehow, the agency sent the chaser letters to my fathers address, and fortunately as soon as he told me a letter had arrived for me there, I was able to pay off the debt to o2.

Here lies the problem, my credit file now shows a default. This was in no way a deliberate error, but it was my error as the contract was in my name. I accept responsibility for that, however, what I need to do is to try and clear my name. Can anyone offer any help and advice to me?

Thanks.

Kepp

Well done Adam! :T

Bet it feels great to have got rid of that card!

Onwards with getting rid of the next debt now

Ceniza

Thanks Beccie.

I'm going to push to clear as much if the Egg card as I can this month to give me a better shot with clearing it with my next credit card

Herewego

Morning,

Just popped in to say well done on clearing your first card, I have also cleared one today but need some plans on how to clear the next one as slightly bigger still not sub 40k so dont think i'm catching you up yet

Ceniza

Herewego wrote: »

Morning,

Just popped in to say well done on clearing your first card, I have also cleared one today but need some plans on how to clear the next one as slightly bigger still not sub 40k so dont think i'm catching you up yet

Hey, thanks for stopping by! Thanks, it was tough to hand over so much money to debt repayment every month, but it feels good to have two debts down down! I should get the Egg one cleared by the end of July, so then it's just a matter of hammering down that loan, which will not be easy!

Congratulations on clearing your card! I know what you mean when they're of a bigger debt, I'm dreading the loan repayments, but will be so pleased when it's gone

jtr2803

Morning Adam,

I have no doubt you will manage to clear that Egg card, the end of July is really not that far away, you are definately on a roll!

Keep busting them cards mate

Ceniza

Thanks JTR - back to payday this week so excitement and debt busting is on the agenda. Wont be long before the mid-month lul sets in again and the excitement dies.

It just seems so long to go! My current snowball is showing as a DFD of May 2012, although I know I've got a couple of bonuses in-between then, so should be able to bring this down to the end of next year. Ideally, I would like to bust my !!! to get it cleared for my 30th, which will be October 2011 - that is a HUGE challenge though as I'd need to average about £1,400 a month repayment I think...

Also, getting very depressed looking at the 'interest' column on the spreadsheet. I cannot believe I've been meeting minimum payments, and in doing so paying nearly £250pm in interest! Makes me sick! Still, maintains motivation to keep going!

Kepp

AdamA9 wrote: »

Thanks JTR - back to payday this week so excitement and debt busting is on the agenda. Wont be long before the mid-month lul sets in again and the excitement dies.

It just seems so long to go! My current snowball is showing as a DFD of May 2012, although I know I've got a couple of bonuses in-between then, so should be able to bring this down to the end of next year. Ideally, I would like to bust my !!! to get it cleared for my 30th, which will be October 2011 - that is a HUGE challenge though as I'd need to average about £1,400 a month repayment I think...

Also, getting very depressed looking at the 'interest' column on the spreadsheet. I cannot believe I've been meeting minimum payments, and in doing so paying nearly £250pm in interest! Makes me sick! Still, maintains motivation to keep going!

I'm the same - payday is exciting as you work out what money to pay where and see the figures come down and then it slows waiting for next payday. I'm glad I get the weekly money from the pub and cleaning as this keeps me going in between. Have you checked out the Payment a Day thread. That could be the motivation you need?

I struggled with that too. I spent too much time focusing on interest I had paid and kicking myself for money wasted. I'm now trying not to do that and focus on the amount of interest I will have SAVED because of the overpayments I am making.

And yep a DFD of Oct 2011 is a massive challenge - but I also think you can do it!!!