Pay off as much as you can in 2011 Challenge!

cakelover_2

Hi All

£225.98 loan DD out the other day, making my total now:

£2479.39/£6500.00 38% paid

Got my new CC to transfer my balance through as well so my cc will go to 0% interest :j I should also have enough room on there to transfer my other cc if they should start charging interest in the next 3 months, which I think they might.

Well done Andy and anyone else who has paid off a creditor or cut up a card! :beer:
Have a good day all.

Eltee12

August payments = £255.40, running total

£1,833.34 / £3,000

newlifeahead

Well done everyone:beer:

I have made another overpayment to day of £17.91 new total
#47 £5856.10 / £6000 97.60 %

This is the first time I have worked it out as a percentage.

woohoo:j I am almost there...

svb53

Hi all, ww finally sold a van on ebay yesterday and got paid for that. So, that means that Vanquis and Natwest O/D are both gone, with some dents made in other debts too. Sooo happy. New total £3997.22/£5000.

Law13

Morning all - made a payment so my new total is £1252.60/£4000.00.Not doing as well as I hoped!

jwil

Sorry I haven't updated for a while everyone.:o

Well done to everyone who's made a payment, closed or cut up a card or account:j

Law13 - you've still paid off over £1200, pretty impressive!

jwil

andy_hunk wrote: »

Credit card debt free now! I paid off my final balance Monday woop woop!

so 132. andy_hunk - £1,025.87/£1,025.87

Well done andy for reaching target :j:T

Impulse1976

Hi all,

Another OP of £539.32 for me, thought its better off debts than in a savings account.

No 93 - Pay off as much 2011 Challenge £10,093.43/ £8,500 - 118% - Revised to £11,000 30/06 - 91% Revised Amount

Laze

Laze wrote: »

Update... But with a niggle.

I had to pay £540 off onto card 5 which was at £0 at my last update. This is due to going to London last month.

I thought ahead about car insurance. So whilst paying off a card to a 0% deal (card 2 is now transferred to recently cleared card 5), I also got the deal on transferring funds to my account. So I did this and took enough out for my car insurance due in November. Which is perfect as I usually pay on a card and end up paying that back for 3 months - meaning 3 months of interest anyway (still works out cheaper than paying monthly).

So...

Card 1: £0
Card 2: £0
Card 3: £500
Card 4: £1645
Card 5: £2472

So now two cards are down. One is ripped up (as I said in an earlier post. It being a platinum one was useless to me as rewards were crap), however card #2 that is now available is a Tesco one so will be able to start using that to get clubcard points as it's the only rewards I get, bar MBNA platinum rewards, which to be fair, the Tesco ones work out better.

So REVISED TARGET NOW. £5817.70, but with a hefty more amount paid off. on it.

£1200.70/£5817.70

It's awesome to keep a track of it here. I know now I have the following to do before deals run out:

Card 3 of £500 Paid off by End of October
Card 4 of £1645 Paid off by End of January
Card 5 of £2472 Paid off by End of April 2012

Tough tasks, but in line with me wanting to start saving come this time next summer to pay off the £19k on my car.

OK, just had a proper hours worth of going through plans. I've worked out that now I have paid card 2 by taking advantage of transferring money to my bank account for free from card 5 (and also took out more money to pay for car insurance come November) I should be able to be card free in April next year (When Card 5 0% runs out).

It's a huge task paying off the £4,622.00 in 8 months. It works out to a mammoth £575 per month (not equally as some cards end sooner than others and need to be paid efficiently as to not incur penalties!) - considering I'm paying £355 off on my car finance per month on top of half the circa £1,000 monthly house bills for rent, council tax, utilities etc. ALL of my wages are dedicated to paying this off, along with some side monies (eBay sales mainly) to buffer the target.

The point of this post is that my goal is even more clear now. If this can be achieved, I will be shaving 4 months off my "card-free target" which was August 2012. Not bad considering that dead pre-empts car insurance in November too

Take a look back at your finances guys. Make sure you are paying them off efficiently and strategically. Just double checking mine and moving stuff around will save me 4 months worth of torment and has got me cheaper car insurance by paying up front annually.

Pernicious

Hello everyone,

Another £50 to the bank of Mum & Dad - please update 120. Pernicious - £2617.65/£5,612.40

Thank you