Pay off as much as you can in 2011 Challenge!

Impulse1976

Another £492.12 for me today.

Total now £6,933.99 / £8,500 81% now - yippee

suzie_wong

Hmmm... trying to make a decision.

About 10 years ago I opened a bonus builder savings plan with AXA, paying in £20 a month, and then 3 years after that, added another. So I have been paying £40 a month for a good few years.

I have a lot of debt and am considering cashing in the policies. I just phoned them and was quoted a total of £3735 for the 2 policies together. I am trying to decided whether to cash them in and use to pay off some of my debts, or carry on paying it and wait for them to mature, in which case I would get a large terminal bonus added, making the total worth more than twice- maybe even 3 times what it is now. Obviously this would be a nice lump to have in the future when my children reach 18, which was the original plan.

In a way I am thinking it's a no-brainer- if I cash it in I will reduce my debts as well as freeing up the £40 a month as an extra to put towards debts- but I have a niggling doubt. :cool:

I would appreciate your thoughts......:o


BTW, just paid £200 off CC, making £1287.58/£6000 paid

affordmylife

i have just made the final payment to number one virgin credit card of £250. which now makes that one completely cleared - woo hoo.

new total today £1,850/£3,500.

one more virgin credit card to clear and im done. never ever again xx

My_life

Number 37 reporting for roll call

Pay day and debt reduction day:j

New total £9,651/ £24,000 40%!!

I may just make this years target after all!

My Life

dreamdreamer

I have a lot of debt and am considering cashing in the policies. I just phoned them and was quoted a total of £3735 for the 2 policies together. I am trying to decided whether to cash them in and use to pay off some of my debts, or carry on paying it and wait for them to mature, in which case I would get a large terminal bonus added, making the total worth more than twice- maybe even 3 times what it is now. Obviously this would be a nice lump to have in the future when my children reach 18, which was the original plan.

Difficult one really - how long until they mature? How much longer will it take you to pay your debts without it? How much interest would you pay on them in that time? Would that amount be more/less than the terminal bonus? It'd involve a whole load of calculations to say which one would leave you better off financially. What was the plan for the money when you took the policies out? The way uni fees are going it might be invaluable when your kids reach 18... but emotionally getting rid of the debt is always going to feel better I think.

seasideDreamer

Made £100 worth of payments...well paid a lot more but that was on cards I'd spent on so £1639.33/£6842.49.

wigwam

Stupid question alert!!!!!!
I know people do different calculations but I'm wondering how all you debt busters / savers work out your monthly payments

I was trying to look at money paid off my actual debt. i.e. without interest but this is seeming way too complicated. So do most of you just add up the payments you make or look at the amount your debt is reduced by?

donna_dynamo

£873.06 paid off so far. I have a loan starting May for the car so as i am not making a payment i have paid another 102 off the credit card. Few things have finished on ebay so will update my total when I make the regular payments in april and the extras from ebaying.

DedicatedDFW

Hi All,

Another small payment from me £2107.45/£10,000

wigwam - I am simply putting down all the payments I make - whether regular payments or extra payments - i have each of my debts noted in my sig and keep track of reductions that way. It is about finding out what works for you.

copperjar

Pay day tomorrow and just worked out my money for March. I managed a £100 underspend so have paid that off my credit card. More payments due tomorrow!

£3155.22/£10,000