wow...it really does work!

julesfh

That is brilliant, I am definitely going to do that now!

mrso2b

I'm going to do this with the £11 I made on ebay the other day - I'm going to pay it towards my credit card - thanks OP!

Hovel_lady

Well done!
I love reading these posts - really inspiring. Thanks :A

toptotty11177

I agree with the OP. I too did this with one of my loans and ended up paying it off months earlier than originally planned.
My way of doing it was always to have a round £10 pound figure in my bank. For example if I had £53.22 in my account I would pay £3.22 onto my loan and keep the £50. Then if I spent £6.42 the next day I would the remaining £3.58 off my loan and have a £40 balance. Obviously some wont be able to do that, but even to the nearest whole pound would make a huge difference!
I'm gutted to find that my other loan will not allow me to do that though cos every payment I make is classed as a lump sum (even if its pence) payment and I have to pay 58 days worth of interest on that amount. So I have to try and save it all up and pay it off early that way. It'll never happen though, I'm rubbish at saving!

hummingbird

I recently joined the Payment a Day challenge too, haven't done much with it yet but this has inspired me to keep going with it! It's the practicalities of it that can make you forget etc but if we cna overcome those there will be no stopping us!:j Thank you!
Hummingbird x

jet9cat

Great thread

I find this is where internet banking really comes into its own as it makes it much easier to do this than if you had to physically trail to the bank every day. I have recently joined the Payment A Day thread as well, as although I made payments whenever I thought I could afford to, I find belonging to and following the thread is a great motivator to keep chipping away at it and there's only one thing better than seeing a decreasing balance on a credit card or loan and that's a zero balance!!:rotfl:

princesst84

Im new to posting but have been reading for a while. I started doing this myself a few weeks ago after reading loads of advice on here, its amazing how the small amounts add up, its money I havent even missed as I would have frittered it away otherwise!

kiwikaz

I'm ( and OH ) on a DMP with the CCCS. About 20 months into it. To date our debts stand at approx £ 81 k.
We've managed to increase our payments slightly but as things stand and assuming nothing alters we're still looking at another 12 years before our debts are paid.
On a review with the CCCS I'd asked about making ad hoc payments. Their suggestion was to put away any savings we could make here n there and, when a reasonable amount had been saved to let them know and then to hand over this to them and they'd pay it out pro rata.
My problem with this is that when I / we see money " growing " then we always find something else we need to spend it on.
If it was only a few pence here n there towards our debts and could be done by on line banking which would from reading other posts make a difference and a dent in our debts.

My question is .... would we be able to do this without cocking up our existing arrangement ?

MoneyWasting_Expert

Paying small amounts towards a credit card works. I done this a about 6 or 7 years ago on a card. I had like a grand debt and made wee payments here and there to clear it, and it felt almost supernatural just how quick the balance starts to shift. Even making a payment to your CC on the date you get paid rather than due date saves you pounds in interest.

fozmcfc

Every penny does count and to the human mind, it's just like £299 seems a lot better than £301 when buying something.