Pay off as much as you can in 2011 Challenge!

sarahs999

Speedys wrote: »

Well, as totals are paid off, the interest reduces and therefore the capital payments increase.

I think we should be good in the long run to hit the million mark. :)

I see what you're saying... but whether the interest increases or decreases doesn't affect the amount of disposable income people have to pay off debt. Unless you mean that some people are not counting the interest payments and only counting the capital payments? In which case you're right! It doesn't affect me as all my credit cards are 0%.

Anyway, whatever the outcome, well done us!

jwil

Just popping in as I've made some payments, so want to get them in before midnight

£3,096/£14,000

I really can't wait until my debt is paid off and that money is all mine again :cool:

Speedys

sarahs999 wrote: »

I see what you're saying... but whether the interest increases or decreases doesn't affect the amount of disposable income people have to pay off debt. Unless you mean that some people are not counting the interest payments and only counting the capital payments? In which case you're right! It doesn't affect me as all my credit cards are 0%.

Anyway, whatever the outcome, well done us!

I am only counting the capital payments in my calculations, some are doing payments made and some are doing capital payments.

jwil

kdenty wrote: »

Erm mine should read minus £284/£7750 :(:(

Budget not very good and low pay landed at same time as big bills so the overspend had to go on the credit cards. February might not be much better either as I can only pay off minimum on each card.

I WILL get there I KNOW I can - it might just take a bit longer than I hoped.

What about upping your target instead of putting a minus figure in? If we add the £284 onto the £7750 we get £8034. Would you rather do that? I won't change anything until I hear back

It's only January so don't worry about being a little behind, you've still got 11 months left!

kdenty

jwil wrote: »

What about upping your target instead of putting a minus figure in? If we add the £284 onto the £7750 we get £8034. Would you rather do that? I won't change anything until I hear back

It's only January so don't worry about being a little behind, you've still got 11 months left!

OK that does sound a better idea. Thankyou Jwil. I've been feeling a bit dispondent so sorry if I'm being negative on your lovely thread. In July a small loan is paid off and morgage payments should go down (unless Bank of England go mad with interest rates but still should be lower than what we pay now) so payments should get lots better. The start of the year feels very difficult money wise.

Witchypoo_2

Hi, I am a newbie with a debt so large my stomach churns when I think about it! I have been reading posts on this forum for quite some time and think it's time I faced up to the truth and tackle my debt. I would really like to pay off £5,000 in 2011

nicki_2

I've been lurking on this thread for a while but decided I would join in. I can't make huge payments just yet as I've just become self-employed with only commission as wages :eek:

On Jan 1st when I started I owed £8800.54 but that doesn't include interest charges on my two credit cards or overdraft fees or the fact that on the 1st of the month I have £500+ in bills come out :eek: As a result I'm only aiming to make payments of £2000 to my cards. My overdraft limit is £2500 and I would love that to be cleared this year as I've been in it for years and every time I get so far into paying if off something comes up, how possible that is though I don't know. I've also allowed some monies to be put aside to buy a new laptop as this one can't cope with multi-tasking :mad:

So my January total is : £157/£4500

I have saved money which will go towards paying off my overdraft but don't want to count that just yet as I don't know if I'm going to have any problems with switching from benefits to self-employment.

andy_hunk

Got caught out this month and did the unthinkable, used my CC for new purchases! however I checked and double checked this new "highest interest balance gets paid off first" and realised that on this occasion I can get away with it.

Therefore new balance is now £1025.87 and I just made a payment of £132.50 which includes £32.50 extra, this is due to my PRB this month.

So to summarise £132.50/£1025.87

andy_hunk

Witchypoo wrote: »

Hi, I am a newbie with a debt so large my stomach churns when I think about it! I have been reading posts on this forum for quite some time and think it's time I faced up to the truth and tackle my debt. I would really like to pay off £5,000 in 2011

Good luck and don't forget to card tart to avoid paying the higher balances!

nicki wrote:

I've been lurking on this thread for a while but decided I would join in. I can't make huge payments just yet as I've just become self-employed with only commission as wages :eek:

On Jan 1st when I started I owed £8800.54 but that doesn't include interest charges on my two credit cards or overdraft fees or the fact that on the 1st of the month I have £500+ in bills come out :eek: As a result I'm only aiming to make payments of £2000 to my cards. My overdraft limit is £2500 and I would love that to be cleared this year as I've been in it for years and every time I get so far into paying if off something comes up, how possible that is though I don't know. I've also allowed some monies to be put aside to buy a new laptop as this one can't cope with multi-tasking :mad:

So my January total is : £157/£4500

I have saved money which will go towards paying off my overdraft but don't want to count that just yet as I don't know if I'm going to have any problems with switching from benefits to self-employment.

As long as you pay off as much as you feel you can comfortably afford, it's better than letting spiral out of control by just paying the min! Just don't get the laptop on HP!!!!!!!

My_life

Number 37 reporting in!

37 - My life - £3,150/£24,000


My target and payment totals here are capital only, so I have actually paid more but as that was interest I have not included those payments!

Keep up all the hard work everyone!

My life