The "Pay ALL your debt off by Xmas 2012" challenge

Maddie57

Hi

I'd like to join in please. I need to work out my exact debt but its in the region of £27000. I will write it down tonight.
thanks
Maddie

suzitiger

Welcome Maddie! mf0u will be on later to give you a number. Good luck with totting up your debts. See you later on :beer:

L-M

Morning everyone:) well ok it's really the afternoon, but I've only been awake for about 20 minutes:rotfl: (it's not really my fault...I'm disabled so on some seriously strong painkillers:p)

Hello to all the other newbies:D This thread is amazing, I really think it's going to help all of us get where we want to be:T

Kerri, well done on the bed! I know to some people a decision like that would be nothing, but to us who know about debt and have been there making a choice like that is a huge deal, so bloody well done:D:beer: (I'd like to think I'd have done the same thing but I'm not 100% sure:o)

idris and jakes-mum sorry your both having a bad day, sending you dodgy hugs:grouphug: and idris I know what you mean about xmas shopping for the kids, I've got 6 now so I spend mst of december looking like this:eek::rotfl:

and mfou thank you thank you thank you for this thread and for all your hard work keeping it up to date:kisses3:

Jan2011

Just paid £10 off one of my debts. So my new figures are £94.20/£22,868.63 I need to get paying more off asap!!!! If I want to be debt free next xmas! Got my induction for my new job tomorrow, so been stressing about finding my paperwork for. But I cant wait to start now I've found it all more money coming in means more to pay off my debt!!!!!

mf0u1098

I will reply to all of you properly tonight and add our lovely new members to the team but thought I'd just sneak on here quickly to tell you that I just got my payslip today so I can officially update my total tomorrow!!!!! YAY WAHOO HURRAH!!!! *doing very bad cartwheels...*

On a bit of a ranting note though, I got my xmas bonus in my pay and they took £191 out for my student loan repayment! Will all my tax and NI also then my bonus was reduced by 41%... It's so unfair as I understand that it should be repaid as part of my salary, I borrowed the money to get my degree and I agree that it should be paid back. However, I think it should just be taken from your basic salary and not from and bonuses as this could have gone on paying off more of my debt instead of paying more off my student loan which is low interest debt.

Loving the changes that you've all made in your debt busting journeys and all the positive stories on here of how excited and motivated you all are to pay off your debt. Oh and starting this challenge and looking after the thread is my pleasure and I have a lot of help from you guys! Together we are keeping each other motivated and will have THE BEST CHRISTMAS EVER IN 2012!!!!!

Got to go now as I can't really claim this is in my lunch break as I ate it 2 hours ago... xxx

antonia1

mf0u1098 wrote: »

On a bit of a ranting note though, I got my xmas bonus in my pay and they took £191 out for my student loan repayment! Will all my tax and NI also then my bonus was reduced by 41%... It's so unfair as I understand that it should be repaid as part of my salary, I borrowed the money to get my degree and I agree that it should be paid back. However, I think it should just be taken from your basic salary and not from and bonuses as this could have gone on paying off more of my debt instead of paying more off my student loan which is low interest debt.

Totally agree! I was really surprised the first time I got a bonus that the student loan repayment was 9% of it. I fully intend to repay all of my student loan, so I find it annoying that I don't have any control over which debts to pay off first!

HelenPie

mf0u1098 wrote: »

On a bit of a ranting note though, I got my xmas bonus in my pay and they took £191 out for my student loan repayment! Will all my tax and NI also then my bonus was reduced by 41%... It's so unfair as I understand that it should be repaid as part of my salary, I borrowed the money to get my degree and I agree that it should be paid back. However, I think it should just be taken from your basic salary and not from and bonuses as this could have gone on paying off more of my debt instead of paying more off my student loan which is low interest debt.

antonia1 wrote: »

Totally agree! I was really surprised the first time I got a bonus that the student loan repayment was 9% of it. I fully intend to repay all of my student loan, so I find it annoying that I don't have any control over which debts to pay off first!

Unfortunately there is no distinction between salary and bonus - it's all earned income and so all chargeable: tax, NI, and student loan. I've always been aware of this but it doesn't make it hurt any less when you see over 40% taken back from you!

*Big hugs to make you feel better*

psychopathbabble

Looking forward to payday tomorrow! Not that I can spend much of it... why doesn't pay day ever come quick enough?

lemonpopsicle

Hi peeps, I have to confess to opening my sealed pot two days early:o But I have paid it into the bank to go towards my overdraft so my total for this challenge is

£475.46/ £7719

:j:j:j:j:j:j:j:j:j:j:j:j:j

kerri_dfw

Lloyds have said I am at the top of their spreadsheet for being paid tonight, after speaking to a lovely lady yesterday that escalated my claim and then it was escalated again there are some star people out there. As I found this out whilst waiting in the PO to buy car tax, I've jumped for it and paid 12 months car tax for £165 saving me £15 on the year.... well if you don't jump how will you swim?

Did buy my lunch though, but really really hoping Lloyds pay me so I can make a mahoosive dent in this debt. So excited. Best eat my sarnie now om nom nom. Thanks everyone