The 18k Challenge

Mirtos

Hi Becs hope you had a lovely weekend. Little L? We haven't had an update from you.... fancy letting us know how you're getting on?

Mirtos

Hi Guys - It looks like we've lost smiler monkey - so in case we have, I've asked Bells and whistles to join us, as she wanted to at the beginning and I said no to limit numbers - but now I feel like that was mean of me - don't want to leave people out. Anyway, :wave: HELLO BELLS. WELCOME (if she decides to forgive me for being mean and join us)

becsxxx

Here we go:

Debt

Natwest Overdraft (£1,000 @ 0%) = £1,001.05
Natwest Graduate Loan (6.5%) = £2,030.29
Cahoot Car Loan (5.8%) = £4,201.72
Credit Card (NSPCC, 0%) = £2,370.00
Student Loan = £8,864.87

Credit

£1,782.02

TOTAL = -£16,685.91
TOTAL PAID OFF SINCE START OF CHALLENGE = £1,850.00 :j


Goals from last week:

1. I've joined some mystery shopping companies after having read another thread on this forum. Am being offered jobs already, so aim to try and do a couple this week for extra income! - DONE - in fact, have done 4 jobs!
2. Investigate matched betting.... aaargghhhh! - Have read the beginners thread several times and think I'm beginning to get it! But, am far too busy to sit down and concentrate like I need to at the moment! Will get round to it soon.....
3. Pay extra £100 off Graduate Loan - DONE - paid off £200!!

This week's goals:

1. MAKE LIFE-CHANGING DECISIONS! (see below)!!!!
2. That's it! Can't cope with too much at once!

So, big decisions to be made this week are:

1. Do I sell my car? As you can see, my car loan is over £4,000. My car is currently worth around £5,000. My OH is keen for us to sell it (he uses it pretty much all the time anyway!) and contribute say £1,000 each to a cheaper little car. This would obviously be a huge chunk off my debt, and more importantly, would free up the £180 a month I currently pay off the debt towards other payments. Any thoughts?
   
2. Should we move house? This would not exactly be a moneysaving thing to do, but I currently own my property alone, and my OH and I have been talking about buying somewhere together. We could get a much larger and nicer property by moving out of the city centre slightly. My share of the mortgage would probably not be much more than I currently pay when service charge etc. is taken into account. Again, any thoughts on this???

Well done on everything else you guys are doing, and have a good week :beer:

leon103

Well done everyone.

Mirtos

Hi Becs - I reckon sell the car if you can bear to. On the house up to you really, but don't forget all the solicitors fees etc...

I'm a bit stressed because I feel as though I'm trailing behind everyone else - admittedly, even though this is the 18k challenge, I started with nearly 19k - around a grand more than everyone else, but it's still getting me down! I'm also facing a period of uncertain income because I've just left my job to become fully self employed, so Arghhhh!!!!!!!!! Panic! (also just had a coffee - the caffeine isn't really helping me keep my anxiety in check :rotfl: ) I know I'll be ok, and my parents have offered to help out should the worst happen, BUT I've got so addicted to my debt repayment 'hits' that the thought of reducing them is very worrying.

Ok. Rant over. Just needed to get that off my chest

Bells&Whistles

I thought I was on board anyway !! lol ! Thank you for making it official !! :j

Mirtos

woooo hooooo! Good (Now I feel like an idiot, but never mind, it's not unusual:rotfl: ). But don't forget to post your updates! *puts on school marm hat* THAT APPLIES TO EVERYONE - YOU KNOW WHO YOU ARE! COME ON CHAPS! GET 'EM OUT!

Mirtos

Bells&Whistles wrote:

I thought I was on board anyway !! lol ! Thank you for making it official !! :j

oH LORD! yOU WERE! aM i GOING INSANE? I swear I remember saying no to somebody to limit numbers - I've been feeling guilty about it ever since. Sorry Bells! :rotfl: I think I just got confused because ppl hadn't posted updates etc and I was trying to track down who was missing How embarrassing - I'm off to hide in a corner!

Bells&Whistles

Mirtos wrote:

oH LORD! yOU WERE! aM i GOING INSANE? I swear I remember saying no to somebody to limit numbers - I've been feeling guilty about it ever since. Sorry Bells! :rotfl: I think I just got confused because ppl hadn't posted updates etc and I was trying to track down who was missing How embarrassing - I'm off to hide in a corner!

:rotfl: I'm sorry to laugh buts thats tickled me ! I promise a full update is to come, have been really ill latley so am just making time sort everything out and will update asap !

leon103

Mirtos wrote:

Hi Becs - I reckon sell the car if you can bear to. On the house up to you really, but don't forget all the solicitors fees etc...

I'm a bit stressed because I feel as though I'm trailing behind everyone else - admittedly, even though this is the 18k challenge, I started with nearly 19k - around a grand more than everyone else, but it's still getting me down! I'm also facing a period of uncertain income because I've just left my job to become fully self employed, so Arghhhh!!!!!!!!! Panic! (also just had a coffee - the caffeine isn't really helping me keep my anxiety in check :rotfl: ) I know I'll be ok, and my parents have offered to help out should the worst happen, BUT I've got so addicted to my debt repayment 'hits' that the thought of reducing them is very worrying.

Ok. Rant over. Just needed to get that off my chest

Don't panic. Its not a competition. You are doing very well. Wish I could tackle my debt like you have.