A Head to Head Challenge

michael1983l

hehehe nevadagirl I can sense the enthusiasm in you, your like me I just want to get things moving as fast as i can.

Hobsch

I have more debt as per signature but again would see how I do on the first £21K of it. If I could clear that amount in 2 years it would be some achievement - although very unlikely but does give motivation. I'm in if thats ok.

mizmir

Fantastic -things are hotting up here :T. Hello to all new challengers :hello: - this should be a great way for us all to stay motivated. Thanks Michael!

My debts at the moment:

Capital One: 8560.76 - on LOB interest rate of 5.94%
MBNA: 8650.00 - on 2.9% until June 1007 - need to throw money at this one!
Overdraft - about £5500 - I think goes to 7.9% in January (free at the moment)
Car loan: 1993.94 - at 9.6% - ends February 2008 (can't overpay this)
DFS - 2829.24 - at 0% - ends January 2009.

So I'll be concentrating on the cards and the overdraft!

Off to update my sig!

mizmir

michael1983l wrote:

a very handy tip to pass on is if you have a large personal loan if possible try and find an extra £50 a month to pay it off with. I recently did this with egg and it reduced the payment period by 18 months i think and cleared £600 of interest charges off the account. I just cant believe i never did it sooner.

That's a great strategy overall - I don't have a loan that I can overpay on but I am aiming to overpay £100 on my other debts (over the figure I have allowed in my budget). So if I can find an extra £100 a month I can bring forward my DFD. I think with this challenge I'm going to have to do better than £100 a month though!

nevadagirl

hehehe nevadagirl I can sense the enthusiasm in you, your like me I just want to get things moving as fast as i can.

Michael, you're right, I am keen!

Just phoned up my gas/elec provider and they're sending me a cheque for the £200 excess I have on it. My dd is set at £75 a month and I'm fed up with ringing and asking them to reduce it, so I just claim back any excess after every bill. It's the only way I manage to save up sometimes :rolleyes:

Once I get the cheque and allocate the cash, I'll update my sig.

And I thought I wouldn't make any extra money this month

michael1983l

mizmir wrote:

Fantastic -things are hotting up here :T. Hello to all new challengers :hello: - this should be a great way for us all to stay motivated. Thanks Michael!

My debts at the moment:

Capital One: 8560.76 - on LOB interest rate of 5.94%
MBNA: 8650.00 - on 2.9% until June 1007 - need to throw money at this one!
Overdraft - about £5500 - I think goes to 7.9% in January (free at the moment)
Car loan: 1993.94 - at 9.6% - ends February 2008 (can't overpay this)
DFS - 2829.24 - at 0% - ends January 2009.

So I'll be concentrating on the cards and the overdraft!

Off to update my sig!

im not 100% on your deal mate but I used to work for comet when I was a bit younger and the 0% finance deals worked as follows. If you do not repay the whole ammount within the allotted timescale for interest free then they charge you interest from day one that the deal was set up. Not many people know this, so if I was you I would make sure your DFS sofa is paid up by Dec 2008 as well mate.

mizmir

michael1983l wrote:

im not 100% on your deal mate but I used to work for comet when I was a bit younger and the 0% finance deals worked as follows. If you do not repay the whole ammount within the allotted timescale for interest free then they charge you interest from day one that the deal was set up. Not many people know this, so if I was you I would make sure your DFS sofa is paid up by Dec 2008 as well mate.

Thanks - I'll double check but I think the deal is that the monthly repayment will pay the debt off by the end of the time period - so it should be paid off automatically. But will definitely check - don't want to get caught out with that.

mizmir

michael1983l wrote:

im not 100% on your deal mate but I used to work for comet when I was a bit younger and the 0% finance deals worked as follows. If you do not repay the whole ammount within the allotted timescale for interest free then they charge you interest from day one that the deal was set up. Not many people know this, so if I was you I would make sure your DFS sofa is paid up by Dec 2008 as well mate.

Just checked and it is 0% throughout - payments add up to total - BUT it doesn't finish until December 2009 not January!

Ah well - once I have cleared everything else I can pay it off sooner!

mizmir

Hi challengers

Have just checked my snowball and calculate that I'll need an extra £300 a month (on top of my £700 current payments) to meet the £21K in two years target! :eek:

Going to need more than a few bits and bobs on eBay for this one....

Off to find ideas for money making!

michael1983l

mizmir wrote:

Hi challengers

Have just checked my snowball and calculate that I'll need an extra £300 a month (on top of my £700 current payments) to meet the £21K in two years target! :eek:

Going to need more than a few bits and bobs on eBay for this one....

Off to find ideas for money making!

Im in the same boat as you I need £875 a month to finish, I currently am paying £675 so I need to find 200 a month extra.

For the extra £200 Im looking at cutting back on lifestyle, although hopefully my topups from the bank charges im owed will get it closer to the £675 a month.