Pay off as much as you can in 2011 Challenge!

cakelover_2

Hi All

£198 paid over the last couple of days - £68 of min payments and £130 I got for a V Festival ticket, making my total now:

£2677.39/£6500.00 41% paid

Keep going everyone! :T

Deeperblue

Well... what a month so far.

As well as the tax being due on the car this month the other half needs to have £400 worth of dental stuff doing :eek: It just seems never ending sometimes.

It's not all bad news though. It was OH's birthday this month and he got a cheque from his parents for £9000! His dad has just taken early retirement and as part of the package got a 6 figure payout. Initially this cheque was meant to pay off his student loan, but our credit card debts take priority I think.

To be honest it doesn't feel as great as I thought it would. It feels like I'm cheating and not really earning the 'Debt free' label I'm weird, I know.

So, I'm going to up my total to pay to £20,000 to keep me motivated to keep up the hard work.

New totals:

119. Deeperblue - £16538.29/£20,000

sarahs999

Woh! Deeper blue you just doubled our collective monthly debt payment! lol. Congrats.

kavics17

Well done, Deeperblue. Please don't feel bad, it doesn't matter how you got the money, the most important thing that you spent it to pay it towards your loan!

OH's salary in, calculations made, so this morning I overpay Tesco's by £1400. Current total running:

2. kavics17 - £22,869.15/£24,000

Slowly, slowly but getting there.

jwil

kdenty wrote: »

108. kdenty - £4688/£8,034


Hello,

long time no see. Well I spent 12 months financially struggling. I'm self employed and subcontract and have been busy paying for my own pension and tax bills. Well it turns out as my earning were lower this year I have overpayed my tax and pension. I wondered why I was struggling month to month with lower pay and higher bills! So I have had a lovely refund which I've used to pay off some of the credit cards.

This has made a huge difference. I'm going to be debt free in 7 months (if not sooner) at this rate. My previous estimates were 4 years!

I still owe Bank of Mum and Dad a fair amount but they have generously said they are not needing it right now and I have some time to save it and repay them. Mum even said I didn't have to repay it all but I will. I know they plan to move house to be nearer me in the future so I will make sure I have it by then so they can pay the stamp duty and associated moving bills.

I can't believe how happy I am and there is still some money to come back yet from my pension (I have had my tax refund)
:rotfl::rotfl::rotfl:

Wow that must have been some serious overpaying, what great news about your DFD, well done!

jwil

BirdSeed wrote: »

Would it be worth considering that the overall totals are smaller too because some people had previously been able to pay off massive chunks off their debts / some have paid them off completely? I would estimate that as the year progresses the payment totals do reduce.

Keep up the good work everybody x

That's a good point, quite a few people have reached their targets now, but there are a lot of people who haven't updated at all for a while, so hopefully they'll pop back before the end of the year.

jwil

Deeperblue wrote: »

Well... what a month so far.

As well as the tax being due on the car this month the other half needs to have £400 worth of dental stuff doing :eek: It just seems never ending sometimes.

It's not all bad news though. It was OH's birthday this month and he got a cheque from his parents for £9000! His dad has just taken early retirement and as part of the package got a 6 figure payout. Initially this cheque was meant to pay off his student loan, but our credit card debts take priority I think.

To be honest it doesn't feel as great as I thought it would. It feels like I'm cheating and not really earning the 'Debt free' label I'm weird, I know.

So, I'm going to up my total to pay to £20,000 to keep me motivated to keep up the hard work.

New totals:

119. Deeperblue - £16538.29/£20,000

I know what you mean Deeperblue, it's been one thing after another this month.

That's very nice of your OH's parents! I think you are right to prioritise the CC debts. Don't feel guilty though, it's not cheating! You can always work hard to get some savings up once you are debt free, so the challenge is still there.

jwil

Thanks for the updates everyone!

Happytogetdebtfree

Morning jwill, I haven't updated for months and I daren't lol I can't remember when I updated last? Lol I'm feeling the woes of te negative finance at the moment it feel so intimidating :-/ x

o2bfree

Hi All,
A little OP of £2.87 today as I rounded up my minimum CC payment.
Making my running total £2497.89/£6000

With my PAW tomorrow I will hit 50% of my target :j

Deeperblue - how generous of your in-laws. Well done for choosing to pay it off CC debts, no cheating there :T