Pay off as much as you can in 2011 Challenge!

suzie_wong

sarahs999 wrote: »

I'm in the lucky position where I'm not paying any interest so it doesn't count for me. But I always include my minumim payments in the amount - it's still being paid off, even if it is compulsory! Otherwise my total would look really teeny :rotfl:

I know how you feel about the total looking teeny!! Unfortunately I am paying interest, and as I have a lot of debt the interest eats up a lot of my payments.
However, I just decided to apply for a card that has 18 months interest free for balance transfers, and much to my surpise I was accepted, with a limit of £4600 . This is quite a small proportion of my debt, but it all helps. I am really chuffed as I haven't applied for a new card for ages and thought I'd be turned down.:j

sarahs999

It's a good time to be applying now, I think. There's a bit of a balance transfer war going on.

jwil

My_life wrote: »

Hurry up pay day!

My salary goes in on the last day of the month and all my direct debits (and overpayments) now go out on the next day.



Good things about this:

• jwll only has to update my line once a month!
• no risk of spending any of my salary on anything else (currently 100% of my salary from the joint account is going to debt payments and overpayments)
• only have to update signature once a month

Not so good things about this:

• I have to wait 30/31 days now everytime to see any change
• feel I have nothing to contribute most of the time to this excellent thread

PS jwll - i too am a rounder-er-upper. I have all my debts with HSBC now (others paid off) and their online banking is brillent - instant gratification on overpaying the mortgage - even by a £1.10 - as it changes instantly:j

My Life

I don't mind updating more than once a month , though equally it is very satisfying seeing those larger numbers coming in around payday.

The wait between paydays is very frustrating, I agree!

I love online banking - my mortgage isn't available online and I hate it! I could see my previous balance any time I wanted, but can't any more. I wish they'd move into the 21st Century!

jwil

KLee wrote: »

Haven't been on for a while as have been working very hard but this has all paid off. What with some invoices coming in and no lunches or smoking I have been able to pay off 436.26 off my Virgin credit card and it is now at ZERO!!!!! Hurrah. It's been cut up for a while but can now ring and close the account. Really pleased to see with how well everyone is doing. Now it is time to face the bank loans!! Good luck and have a fabulous weekend!!

Well done on paying off your CC! :j

jwil

suzie_wong wrote: »

Paid off another £120 yesterday, taking me to £811.83/£6000 paid.

Just out of interest, is everyone putting in just what they are paying towards their debts, or are they working out how much their debt has reduced by once interest is taken into account? I am putting in what I am paying- my debts are certainly not reducing by the same amount :mad:

I am counting the amount my debt is reducing by - so see what my balances are after the payment has been taken and interest has been added. The amount I am paying is actually more than that.

There's no right or wrong way though - I just wanted to see how much I actually reduce my debt by, and would like to be close to £20k by the end of the year.

jwil

Siobhan789 wrote: »

Can i join please as at 01/01/11 i had debt of £18,699.24 and have paid off so far £4,730.64 as at 19/03/11

£4,730.64/£18,699.24

Welcome Siobhan, of course you can join us! Well done on what you've paid off so far, that's fantastic!

jwil

suzie_wong wrote: »

I know how you feel about the total looking teeny!! Unfortunately I am paying interest, and as I have a lot of debt the interest eats up a lot of my payments.
However, I just decided to apply for a card that has 18 months interest free for balance transfers, and much to my surpise I was accepted, with a limit of £4600 . This is quite a small proportion of my debt, but it all helps. I am really chuffed as I haven't applied for a new card for ages and thought I'd be turned down.:j

Great news, I managed to get a couple of 0% cards early this year, and it makes a huge difference! :T

jwil

Howdy everyone, hope you all had a good weekend.

Thanks for all the updates everyone, I shall go and update now.

abba1772

Car Finance DD came out today bringing my total to £1853.88 / £3500

LAM2011

jwil wrote: »

I am counting the amount my debt is reducing by - so see what my balances are after the payment has been taken and interest has been added. The amount I am paying is actually more than that.

There's no right or wrong way though - I just wanted to see how much I actually reduce my debt by, and would like to be close to £20k by the end of the year.

I am doing this too so I can see the total debt going down. Mine is currently £2,713 - was going to wait till pay day but feel the need to update now. Paid off my overdraft (£300) which I hadnt included in part of my £10k debt (head + sand + not acknowledging as debt moment) so my actual credit card payments dont look like they have reduced much but that is including interest.

Will update again at month end (Next Wed only!)

Thank jwil