Shifting a 24K debt in a year?????

Kepp

jtr2803 wrote: »

I second what Woo said - you are definately NOT lazy! I don't blame you for wanting to stay somewhere you already know, that's what I wanted to do when I decided to go back to work in a pub but my old place don't need any staff (and anyway the new place has worked out quite well!).

Thanks guys! x

Kepp

Ceniza wrote: »

Well, next week is the test to how well we've done. I'm a little worried my DFD is going to be the same though, as my overpayments have not been too much than what was already stated on the snowball calculator...

I have tried hard to overpay so I'm hoping that I will have managed to knock it down to March, fingers crossed!

Even if not, and if you haven't, even just meeting the snowball payments every month is an achievement, let alone overpaying them.

And I found it good motivation to compete, hope you did too

All will be revealed on Wedsnesday.........:D

Ceniza

Ahhhhhhh I cannot do mine wednesday as I have to wait for my loan payment to be made and the interest calculated, so may not be until the Friday, but I've been paying about £50 over my snowball, which is a total overpayment of about £450 a month!!! And I have this place to thank for that! Without MSE I would still be in a lot of debt (well more than I am now), and still just meeting minimum payments every month with no goal!

Now I have my own Beccie to race against and keep me on my toes, as well as everyone else helping out, so you're right, even if it's not come down to March, at least we're still well ahead of where we would be without this forum. I'd be looking at 20+ years to be debt free! You get less for life!

Anyhoo, I'm rambling. Better get back to work! IT'S FRIIIIIIIIIIIIIDAY

Kepp

I have actually checked my DFD now, I won't be making anymore payments from August's money now so won't be able to change it further.

I was tempted to wait as I have a fair bit of money from the pub to pay in after working 18 hours there this weekend :eek:

But it won't hurt to let that money boost Septembers payments as that's going to be a difficult month with rent and deposit to be paid.

So....drum roll please....in the 'get your DFD down to March 2013 challenge' I have got mine down too......

:T:T:T Jan 2013!!!!!!!! :T:T:T

Woowoo

Beccie you are doing brilliantly, Adam better pull his socks up if he wants to catch you up lol!

Kepp

Same as I did last month - thought I'd see how far I'd come since my LBM 4 months ago now. This has been a record month with amount paid, I knew I would never be able to pay this much off again with rent etc from now on but my final push saw me throw £1,220 at my debt this month! :T

So....

APRIL LBM

Total Debt
£24,917

AUGUST - 4 MONTHS ON

Total debt
£21,798

Total reduced since LBM
£3,119

Total reduced by in month
£541

Savings made by transfers
£718

Snowball
Aim £300
Actual £300

Overpayments
Aim £570
Actual £450

Interest paid in month
Original £500
Now £187
Saved £313

Minimum payments –
Cost of interest
Original £40,796
Now £9,319
Saved £31,477

Minimum payments - DFD
Original Jul-30
Now Aug-16
Saved 13 yrs 11 mths

Snowball -
Cost of Interest
Original £6,727
Now £3,306
Saved £3,421

Snowball - DFD
Original Nov-13
Now Jan-13
Saved 10 mths

Plus a ticker for good measure!

Woowoo

You are saving yourself a fortune on the monthly interest now.

I want a ticker!

Ceniza

WOW - that's amazing!!! I don't think I will better that! When you did your snowball, how much did you say you would be repaying per month to get it to Jan2013?

Woowoo wrote: »

Beccie you are doing brilliantly, Adam better pull his socks up if he wants to catch you up lol!

I'm not sure I will be - holiday has eaten my bonus already (I think, I don't know what my bonus is yet), however, I did get a payrise this month, well, it's not an official payrise, it's a raise in the car allowance I receive, and it's quite alot, so should be able to put more away to debt busting - hopefully October will bring a raise to my pay too

Kepp

My total available to pay debts is still the same, £835 till Jan 11 then £880 (when my sofa is paid off and I can use the money). After taking out my minimum payments from that from September that makes the snowball payment £350. This changes as each card is paid off so I have more money to put towards the snowball.

Unfortunately from now I will struggle, even hitting the snowball payment will be a push as I don't earn as much extra as I did at the pub and my half of the rent will be taking £375 each month.

So I'm glad that I made such a push while I could!

Just checked...my final payments in Jan 13 would be £673 so I'm guessing I would need to make extra payments (as well as the snowballs) to this amount in order to take another month off?

Or hopefully, finally make some BTs at some point!

jtr2803

Massive well done to you hun! I hope you are so proud of how far you have come in such a short space of time .

Jan 13 really isn't that far away and I bet you will knock a few months off it yet :j