Pay off as much as you can in 2011 Challenge!

o2bfree

A little £21 OP this week.
I only total my overpayments on this challenge and don't include the 'normal' minimum payments.
Everyone totals up differently but in the end we are all here to be debt free.

Everyone is doing so well and getting closer to their individual targets.
All of us still partcipating in this challenge deserve a pat on the back.

Laze

Been using my cards (the ones with no debt on them) as I don't want to go over on anything until I get paid. Got a tripd to London at end of the month as well as a car detail (£150) on the weekend. Had a new letter for a balance transfer from one card, so will have to do that with the one ending August.

All in all, I definitely think I'm on course to remove debt by Jan. Big payment (hopefully coming by 10th August!)

Once again, thanks for this jwil! It's inspiring and also motivating to pay debt off this way - sharing it on here

abba1772

£4.58 paid to Cap One CC rounding up my account to the nearest tenner lol

takes my total to £4427 / £7000

Just waiting on halifax DD coming out but that isn't til the 27th x

DedicatedDFW

Hi all thanks so much for understanding and the kind supportive words - just so you know its not very often i've felt that way about my debt - comparing my repayments to others - must've just got out of bed on the wrong side the other day :rotfl::rotfl::rotfl: But after a bit of deliberation i did post it just in case others identified with it

New update from me and really hoping to squeeze another overpayment in before the end of the day - but will really have to look at what i have to pay out - fingers crossed please

£3805.88/£10,000

Deeperblue

I wish I was better at maths.

I wonder if there is some kind of percentage for debt paying that makes it more comparable for people who feel their overpayments aren't as significant as others....

The actual pound figure, the percentage of debt paid or percentage of income paid don't quite seem to be fair...

Maybe 'percentage of free cash left over after essential out goings which is put towards debt'?

That way if you have £50 left over each month and all of it goes to debt thats 100%... if you have £500 and £100 goes towards debt thats 20%.

Oh dear.... I think my percentage for this month would be pretty low... perhaps we shouldn't go there

phoenix_dragon

I have only managed to hit my target because DH and I both work full time and are living with my parents and siblings. There are 7 of us in a 3 bedroom flat! And I have a baby on the way. So I don't have the costs of running a household. We're all in different situations, and a single penny paid off a card is better than not paying it.

kec09

Just paid £300 to barclaycard, its looking unlikey I will reach my goal by the end of the year but I will keep on trying!

£2698.51/£6400

Laze

Nothing to add in payments, but have now closed one of my credit card accounts. The rewards scheme was useless to me and although it was a "Platinum" card, that really does nothing as I'm not about status. I want to keep a card (probably Tesco one) as it makes sense if you keep on top of what you're paying. They can really work for you, but I do not want useless ones around me that I won't use.

clippy_girl

There is a thread for exactly that purpose on here (called fixed % after bills to debt or similar!)

Not that I am trying to discourage you from thus thread of course but it's there if you think that would help

Deeperblue wrote: »

I wish I was better at maths.

I wonder if there is some kind of percentage for debt paying that makes it more comparable for people who feel their overpayments aren't as significant as others....

The actual pound figure, the percentage of debt paid or percentage of income paid don't quite seem to be fair...

Maybe 'percentage of free cash left over after essential out goings which is put towards debt'?

That way if you have £50 left over each month and all of it goes to debt thats 100%... if you have £500 and £100 goes towards debt thats 20%.

Oh dear.... I think my percentage for this month would be pretty low... perhaps we shouldn't go there

My_life

kavics17 wrote: »

I know that my overpayments are huge but so does my target. We can afford the overpayments because we have good salaries but we do know that this can change anytime and therefore put all our money towards the debt-the sooner it pays off,the better for us.

Can I just suggest that those who are feeling down by huge overpayments should change these into %? As some of you with smaller targets, smaller overpayments are doing better in % than us, who has a long way to go. Chin up everyone, this thread is a huge support for me and keeps me motivated, focused!

Same here with me - I am able at the moment to make what appears big payments- but I have big debts too (although going down each month :j) and I am including all my debt payments (standard and overpayments) including my mortgage debt.

I have been at this since my lightbulb moment in December 2008 and some days I think I will never make it - including the odd panic attack that will my job will not last until I have paid everything off (38 months at the current rate) - I work in the public sector and will shortly start the process of 30% of all staff in my service being reduced.

I also do all my debt reduction on the same day each month (standard and overpayments) - so I have to wait a whole month before I can change my signature or give my reduction amount (roll on next friday) - but reading this thread keeps me focused.

We have all done so well - regardless if you pay a £1 or £100. Thank you jwil for doing this and I hope you will consider taking us all on the same journey next year!!

My Life