Who has the longest period until they can be debt free?

Zulu_Dawn

I have just done some calculations and at my current rate of repayment, it will take me until June 2019 to clear my debts!!

I am determined to reduce this. People get less for murder.

By increasing my monthly repayment by just over 25%, this would come down to October 2016. This is just ten years away. I can manage this.:j

Anyone got any good ideas of how I can keep motivating myself for the next 87,660 minutes?:think:


ZD

flaura

Hi Zulu

When i started paying mine back it was supposed to take until 2012 at the rate i was paying - now i'm looking at March 2007 ! you just need to throw those bonuses and each extra bit of cash the debt way and it soon starts dissapearing ..

not sure where mine has gone but it's paid and i was looking at another five years on top

Brassic

Lol - love that you've worked it out in minutes.

You mean apart from making yourself a spreadsheet like I've done (I'm beginning to sound obsessed)

I find that planning every last penny (in my spreadsheet), keeping the kids amused for free, working, and finding ways to go out for free I don't have any time to be unmotivated. But then, I only really started properly last month. So I have another 5 years to become thoroughly down and depressed about it all

Zulu_Dawn

HI Brassic

LOL. Yes I've got hours of fun ahead of me developing this spreadsheet even further so I can see how I'm doing.

I have to say that debt free date does feel more motivational than an amount, which to be honest is a bit meaningless as our earning capacity and outgoings can be so different.

Zulu_Dawn

Hi Flaura

I hope you are right. I am absolutely determined to deal with this once and for all.

ZD

HairyHandofDartmoor

I'm hoping for Feb 08, since getting most debts onto low life of balance interest (working on the last one).

But I don't have a life as most people know it (never go out, never get a takeaway, don't even hire a DVD, etc). However I would rather live like this for 18 months than have a five year debt sentence hanging over me.

But that is just my preference. Some people would rather repay more slowly and have more of a life! You do what's right for you.

Brassic

HairyHandofDartmoor wrote:

But I don't have a life as most people know it (never go out, never get a takeaway, don't even hire a DVD, etc).

I do - but I get paid to do it

(hire the dvd that is).

Also got 2 free cinema tickets winging their way to me hopefully as we speak so dh and I are going to go out together for once :j

Shame there is only cak on at the cinema atm though :rolleyes:

Zulu_Dawn

I hear " the departed" and " children of men" are both great.

Depends what you like I suppose.

flaura

Zulu

it becomes a bit of a challenge in itself to to get the pennies and the years dropping off !

But it's the years that motivated me to get shot of it.. ! i changed jobs and worked my !!!! off but i've jsut got to the stage where i've given up my second bar job as i didn't need it..!

oh and i have no social life. ! no i'm kidding ! you just need to be frugal and if there's money left in the bank (even if it's that couple of quid you can't draw out ) then wack it twoards the debt ! it seems a lifetime away to begin with but you'll get there

and negotiate for Full and Final Settlements.. i saved myself nearly £800 doing that !

flowerofscotland

My original DFD was October 2013; currently it is September 2011; I have set my own target of November 2010.
I could probably get it down even more but my way of tackling my debt is a 2 stage plan. Step 1 is working to a budget with a set amount thrown at my debts. I then add whatever I can e.g. annual bonus this year paid off my overdraft and I am determined not to go overdrawn again.
Step 2 once all the debts are cleared is to put the same amount into savings.
So instead of setting an unrealistic budget which cuts out everything except absolute essentials I have devised a budget I can live with. It seems to be working for me although I am only on my 3rd month. Somehow by giving myself a budget for non essentials I am finding that I am preferring not to spend this money but throw it at the debts.
I appreciate this approach isn't for everyone and it will take me a long time to clear all my debts but hey it took me a long time to spend the money as well
Like many others this board has been a great source of support and ideas and is becoming an obsession - one that doesn't cost anything (I have to have internet access at home for work purposes so that doesn't count )

saubryn

I haven't worked out my DFD as I don't want to depress myself. Instead I'm doing it one debt at a time - clear the Rent Arreers, the Electricty + Gas, then the Council Tax.

After that I'll throw everything at the other stuff. Its all defaulted and charged up to the hilt. My credit rating is totally shot, so I can't run up any more, which is good. So as far as I'm concerned, its not going up, and the important stuff is going down. When I am making some more money (at the moment I'm just a shade better off than I would be on benefits) then I can throw all of that extra money at the debts.