Pay off as much as you can in 2011 Challenge!

seasideDreamer

Just paid £55 off the Post Office card so that's £1093.28/£6842.49. I think that's me for the month now as Ive almost paid all my cash out again, this debt paying is too addictive lol.

Fairie

Hi
So I've sat down and worked out that I owe £34790.20 (£31000 of this is for a mortgage I no longer have the property for). I know that I also have two overdrafts, a strore card and a credit card that I cant find any paperwork for, so hope that I dont have anymore debts that i dont know about.

So to (hopefully) cover these debts too I would like to make my target of 2011 £40,000

I would like to point out that all these are old debts and I have learnt my lesson and changed my ways!

I know that this is going to be impossible but feel that if this is my target and I can see it going down i will feel more motivated to pay more off etc.

My next task is to set myself a budget for the rest of the month and see if i can make arrangements with all the different debt people.

Fairie

Ps. I have started my Debt/ Spending diary, I havnt actually spent anyhing yet but i have made a list of who i owe money to and how much!

copperjar

Go for it Fairie! Good luck

Fairie

does anybody know which thread I can get advice about who I am better off paying first - none of them are currently getting interest as far as I am aware - but will get in touch wih people tomorrow to double check. am I better paying off the small debts and making small payments to the big ones or just making small payments to everybody?

boysma

Morning all

130.00 please to Lloyds cc this morning. My running total is now:

1826.67/10,000:j

Yoyosam

No 51 reporting I have paid £248.83 between my 3 cc this month but I am hope to pay off a bit extra before my next pay day. Even though it is a short month it feels like a long one

xx_michelle_xx

Fairie wrote: »

does anybody know which thread I can get advice about who I am better off paying first - none of them are currently getting interest as far as I am aware - but will get in touch wih people tomorrow to double check. am I better paying off the small debts and making small payments to the big ones or just making small payments to everybody?

Hi fairie, good luck with your journey!

I have a payment plan in place with all my creditors and they all get the same amount of money each month (exc the parents who get a fraction more). All but two of my creditors have frozen interest and charges.

By cutting back on groceries etc, selling things and generally being extremely savvy i have extra money left which atm, i am paying to the company that is charging me extortionate interest.

Some people choose to pay off accounts in order of interest rates i.e highest rates first and while this makes good financial sense, i think it is sometimes more viable on an emotional level to pay off and close a small account. This gives you the motivation to continue on your debt free journey.

It is afterall, alot harder to get out of debt than it is to get in it.

But this is just my opinion of the world

Like i said, good luck with everything (paying off debt becomes addictive!)

xx

sarahs999

HI Faerie,

Are you sure they're all not earning interest? How did you manage that! I would do as MIchelle, and pay off the smallest first. Close the accou t, move on to the next. it give you a boost and also you have fewer payment dates/minimum amounts to remember.

S

Fairie

Hi all

I have today paid O2 £31 which has now closed my account so my total is now

£31/£40,000

so thats one less company I owe money to :j

Fairie

o2bfree

Afternoon all.

No.13 reporting an overpayment of £51.40 to nasty CC.

Running total as sig (forgot to look before posting,sorry:))