The 18k Challenge

Mirtos

As some of you may have seen, I recently managed to get my debt down below 19k, and Don't do debt Kids, who has a similar amount to repay, has challenged me to an 18k head to head challenge. :eek:Basically, the first one of us to clear 18k of our debts wins, and, it is hoped, the competition will prompt us to pull out all the stops.Dont do debt has suggested the following rules:I propose that we:
1) post weekly updates;
2) start the thread with a list of our current debts and our plans to raise money for the week ahead; and
3) update the current debts and mark off how our plans went in each weekly update, as well as putting the forthcoming week's plans in.

I think this sounds reasonable. Is anyone else interested in joining? I'm going to limit the number to five, as it is a pretty long-haul challenge, and people dropping out will kill the momentum, so, WHO'S UP FOR IT? I propose that we start officially on Monday with the lists of current debts etc, and check in at least weekly after that.Right. First 5 posters are in: on your marks, get set...GO!

mohana_2

good luck. do you have an approximate timescale by which you think you can reasonably achieve it.

i think it is a good idea to be challenged thus. it will keep your motivation up.

LittleL_4

Can you still be involved if you're going on to a DMP?

little L
x

Mirtos

Well, I've been paying back about 1k a month thus far, but i can't see me being able to sustain it for much longer as I'm working three jobs! Ideally, within two years? - That's what I'll aim for I'll have to see.

Mirtos

LittleL wrote:

Can you still be involved if you're going on to a DMP?

little L
x

Don't see why not. As long as you have 18k to clear, I think that should be fine - it's all for motivation anyway, it's not as if there are prizes or people can cheat or anything!!!!

DontDoDebtKids

Hi all,

Thanks for starting the thread Mirtos! I'm not sure if we haven't bitten off more than we can chew but, as there's no time like the present (everyone else can start on Monday - I plan to win this thing!!!) I'll kick off with the grizzly details:

Debt Totals

Egg Loan: £6659.42 (@7.9%)
Capital One Credit Card: £2968.05 (@0%)
Lloyds Credit Card: £1946.28 (@3.9%)
BA American Express: £5987.88 (@4.9%)

Total: £17,561.63

Plans for this week

I'll start myself off gradually!

1. List as much as I can on ebay this Thursday to take advantage of a 5p listing day
2. Do daily searches (carsource, kelkoo & highstreetweb) on quidco
3. Do at least one matched bet

Wish us luck everyone...

becsxxx

Ooooh - can I join pretty please!??

Have around £18k debt (see signature - to be updated in next couple of days) and am sure I just need some more motivation to get it down!

Unfortunately, plans for this week/next are rubbish as I'm on holiday for 10 days from Saturday! But will be back after and raring to go if that's OK.....

Currently pay off about £400 a month, but have just had a payrise so hoping to increase that too. Next September (long way off I know!) I get a HUGE payrise as will finally qualify. So it might be a case of hare and tortoise with me starting off slowly!!!

DontDoDebtKids

mohana wrote:

good luck. do you have an approximate timescale by which you think you can reasonably achieve it.

i think it is a good idea to be challenged thus. it will keep your motivation up.

I also reckon 1k a month is a reasonable aim so I'll try to beat that each month!!!

Mirtos

Ok, so sofar it's Me, Dont do Debt, Becs and Little L? Are you in? One (ish )space going. My list is coming right up.

becsxxx

Mirtos wrote:

Ok, so sofar it's Me, Dont do Debt, Becs and Little L? Are you in? One (ish )space going. My list is coming right up.

I'm DEFINITELY in - this is the motivation I need! :T :T :T

Great idea Mirtos

Mirtos

Debt Now:
Barclaycard £2872.00 - 4.9%
Lloyds CC £825.53 - 5.9%
Egg Loan £3900 - 7.7%
Cahoot Loan £8287.41 - 5.8%
Amex CC £2049.27 - 4.9%
Barclays OD £1000 - 0%
Grand Total = £18,934.21 :eek:
Goals for this week
1)Pay off At least £100 by Sunday.
2)Use quidco more regularly to up profits
3)Investigate matched betting
4) Send letter before action to reclaim bank charges from Barclays.
5) Get round to listing the stuff I've sorted out on ebay.
6)List all remaining books set aside to sell on amazon.
I think that's enough - don't want to peak too soon!
Oh, and Dont do debt? BRING IT ON!