Pay off as much as you can in 2011 Challenge!

richestorags_2

Morning,

Again not been on for a while, but happy to report all tax arrears have gone, as well as all overdraft balances. For the first time in absolutely years, I am running my account in credit only. Seems strange to not have a minus on the front whenever I look at my statements!

Two credit cards debts to go from my original £40,000+ debt in 2008. Getting there!

affordmylife

hi everyone. you are all doing so well. impressed.

i have fallen off the wagon a bit - sorry. last month i only managed to pay of £150. and im currently waiting for payday (any day now) to make this months payment. i hope to pay £350. dammit i will pay £350 and we will manage for the month. dd is getting very expensive wanting hollister dresses and the like. i dont feel she should go without cos she has a mummy who is silly with money. especially as both her parents work full time. anyway only £1500 and her silly mummy will be debt free woo hoo. i cant wait.

the next question will be overpay the mortgage or save????

dizzybee

I've done it i have cleared all my debts with a £500 payment today.
it feels so good.from know on i will start saving towards items i need instead of getting it on credit.i will still read the thread and follow everyone progress good luck to everyone.
keep chipping away you will get there in the end.

Walnut

dizzybee wrote: »

I've done it i have cleared all my debts with a £500 payment today.
it feels so good.from know on i will start saving towards items i need instead of getting it on credit.i will still read the thread and follow everyone progress good luck to everyone.
keep chipping away you will get there in the end.

Well done :T

I've made a few more 'small' overpayments, so my total is now....

£500/£4000

goodgirl80

I need to pay an average of £418 a month from now on to get this cleared in 2011. Wish me luck!

sarahs999

goodgirl80 wrote: »

I need to pay an average of £418 a month from now on to get this cleared in 2011. Wish me luck!

I need to pay over £900 a month I knew it was going to be hard but hadn't banked on falling behind this soon. Pah. DH has a lot of gigs next month that will bring us an extra £600 or so, so might claw some back.

Have to be realistic though. We have decided we want to do the Santa Lapland trip this year while DS is still young enough to totally believe in it all. SO we're going to be saving up for that at the same time. IF it means that it takes a bit longer to pay off - say, first three months of 2012, I can live with that. WIll still strive to get it done, but not going to kill myself.

kavics17

£1600 overpayment for me, hoping to make an extra £700 at the end of the month, although it might be a generous figure:).

Current total is:

2. kavics17 - £16,466.52/£19,200 +

kavics17

After a quick calculation, can you please modify my target? I still need to pay off £7532.70 to be debt free so that's added to my current balance:

2. kavics17 - £16,466.52/£24,000

jwil

richestorags wrote: »

Morning,

Again not been on for a while, but happy to report all tax arrears have gone, as well as all overdraft balances. For the first time in absolutely years, I am running my account in credit only. Seems strange to not have a minus on the front whenever I look at my statements!

Two credit cards debts to go from my original £40,000+ debt in 2008. Getting there!

Well done! :j

jwil

affordmylife wrote: »

hi everyone. you are all doing so well. impressed.

i have fallen off the wagon a bit - sorry. last month i only managed to pay of £150. and im currently waiting for payday (any day now) to make this months payment. i hope to pay £350. dammit i will pay £350 and we will manage for the month. dd is getting very expensive wanting hollister dresses and the like. i dont feel she should go without cos she has a mummy who is silly with money. especially as both her parents work full time. anyway only £1500 and her silly mummy will be debt free woo hoo. i cant wait.

the next question will be overpay the mortgage or save????

Every payment counts, there's no 'only' amounts here

As for when you are DF - I would build up a decent amount of savings for emergencies and then overpay the mortgage. Or you could do 50:50