Pay off as much as you can in 2011 Challenge!

jwil

La_escocesa wrote: »

Just paid off £524.32 :j

Gonna be a tough month of Jan but very much up for it :j

Well done! :T

copperjar wrote: »

Just had a thought (dangerous!). Are we including monthly payments towards loans in this - or is it anything over and above minimum payments? Because if it includes loans, then I think I should up my target :eek:

It's entirely up to you. I'm not, because I will reach my target fairly easily if I do that :eek:, I am only going to count actual debt reductions.

However, on my loan, the interest is front loaded (added on at the start) so I have made my balance the loan + interest. Each month, my payment then reduces that debt by £320 so I would count all of that as a reduction. It might be worth seeing if your loan is the same. With my CCs however, most of my payment is interest, so if I pay £200 but only reduce the balance by £5, I will only count the £5, not the £200.

That's just the way I'm doing it though - if you want to include the monthly payments then that's fine too

jwil

Welcome to everyone who's joined :beer: I've added you all to the front page.

Good luck with the debtbusting!

kavics17

jwil wrote: »

Hmm, I've been pondering over this. My first thought would be to do an update at the end of the year, but I'd like to see how we are all doing . I don't think I can keep up with every payment though as people get paid at different times and payments come out at different times.

Ok, what I am going to suggest is: if you want me to update your total in the first post, post it in either of the two formats:

£548 paid off so far
or
£548/£5000 paid.

I don't mind what colours by the way :rotfl:, but if you were able to make it bigger or in colour then that would be great. (Click on 'go advanced' for those who are not sure how to do it). If it's like that I can clearly see it is a total and will add it to the first page.

Does that seem ok?

It is very clear.
Can you pls update mine?

£500/£19200 paid.

I include the monthly repayment as well that's why I put a higher amount .

rachelww1

Hi jwil

Can I join please. Can you put me down for 16k. Thanks.

La_escocesa

Another £658.09 paid! :j

£1200 paid so far!!

Just another £2300 to go!

copperjar

Thanks for the replies. I think I will include my monthly payments as well now, my loan was front loaded as well jwil - the interest has been paid already so anything I pay now comes off the debt. Not sure about the other loan so I'll count min payments towards that as well.

Which brings me to - can I change my aim from £7k to £10k please :eek:

copperjar

La_escocesa wrote: »

Another £658.09 paid! :j

Crikey!! Well done :T

Pollydaydream

La_escocesa wrote: »

Another £658.09 paid! :j

£1200 paid so far!!

Just another £2300 to go!

Blimey, that's a good start - well done :T

£200 paid so far for me.

Polly

La_escocesa

Thanks guys Was money I was expecting to come through. Wedding pressie cheque from OH's grandparents. So lovely of them. It's now just honeymoon expenses on the credit card I'm paying off so they technically paid for a bit of our honeymoon, even though I know they'd be annoyed if I told them we'd paid a bill with the money... Just different that way. So shhh, don't tell them

too_much_debt

Hi

Can I join please? My total debt is about £13,000 and want to reduce it ASAP so can you put me down for that amount please.

Need all the motivation I can get, I'm doing the Sealed Pot Challenge and am also saving my £2 coins, 50p's and 20p's in a money box and when I get enough to make up a bag or two I shall pay them off my debt.

Thanks