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

antonia1

mf0u1098 wrote: »

Hey kerri_dfw, I think there are some great deals to be had on new current accounts at the mo. I know coop were doing a £200 to join, First Direct I think is £100 and there are others. I'm not sure on the monthly paying in limit though so you'll have to check. Might be worth seeing if you can get some free money whilst sorting your finances out to help with your budgeting! xxx

I'm pretty sure its £1500 for First Direct and £800 for co-op, as I'm in the process or switching to co-op just now. Do check though. I'm having my salary and expenses paid into First Direct, then transferring £800 to Co-op to pay all bills etc. The £100 from First Direct came through really quickly, will have to see how long the £200 for Co-op takes, as it is going straight to my debt.

Also, if you already have accounts with them, Halifax pay £5 per month if you pay in a set amount, but don't know how much. The full guide is here:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Bobley

Hi can I please join?

This year has been hell for me financially so I need to sort it out ASAP!

Can you put me down for £6000 please, (hoping interest doesn't take it over that )

Kim x

mf0u1098

Bobley wrote: »

Hi can I please join?

This year has been hell for me financially so I need to sort it out ASAP!

Can you put me down for £6000 please, (hoping interest doesn't take it over that )

Kim x

Absolutely! Welcome to the team, I'll put your name and amount on the first post xxx

kerri_dfw

Aw thanks for the current account ideas. My credit rating isn't really good enough for any new accounts aside from a basic account though unfortunately. I think I'll setup that my lloyds account is used for bill payments and my hsbc for me, this should also allow me to pay off my lloyds overdraft at the same time. I like a plan

loubie_lou

I think I read that it takes 4 months to get the £200 from the co-op account! Might be wrong tho!:eek:

emiesq

antonia1 wrote: »

Also, if you already have accounts with them, Halifax pay £5 per month if you pay in a set amount, but don't know how much. The full guide is here:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

The Halifax one is £1000/month, but you can withdraw it afterwards. Have just applied for this one, so fingers crossed...

Have been keeping a spreadsheet of my spendings for 3 months now, so now have a better idea of what I can actually save from salary per month.

MrsAckroyd

Oooohhh, Please can I join too?? I've recently decided to take the bull by the horns & get rid of all of our debt, about 10k all together. Any hints & tips you guys can share would be much appreciated :beer:

GreenSaints

Hi All,

What a fabulous post!

Can I please join? I've paid a lot of my debt off this year, but sadly I still have lots more! :P

So the debts I have (excluding the mortgage) are:

• £1,264.32 - Barclaycard (was £4350 at the beginning of this year :j)
• £1,304.83 - Lloyds Student Overdraft (which has been like this for over 4 years! :eek:)
• £7,810.34 - Student Loan (don't know the exact figure, but this is from my calculations from my last statement)
• £12,542.90 - BOM Loan! :eek:

So that is the grand total of............drum roll..........£22,922.39! :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:

It would be a miracle if I paid all that off next year, but - I'm a glass half full type person! :P

mf0u1098

MrsAckroyd wrote: »

Oooohhh, Please can I join too?? I've recently decided to take the bull by the horns & get rid of all of our debt, about 10k all together. Any hints & tips you guys can share would be much appreciated :beer:

Absolutely! I'll add your name and amount to the 2nd post xxx

mf0u1098

GreenSaints wrote: »

Hi All,

What a fabulous post!

Can I please join? I've paid a lot of my debt off this year, but sadly I still have lots more! :P

So the debts I have (excluding the mortgage) are:

• £1,264.32 - Barclaycard (was £4350 at the beginning of this year :j)
• £1,304.83 - Lloyds Student Overdraft (which has been like this for over 4 years! :eek:)
• £7,810.34 - Student Loan (don't know the exact figure, but this is from my calculations from my last statement)
• £12,542.90 - BOM Loan! :eek:

So that is the grand total of............drum roll..........£22,922.39! :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:

It would be a miracle if I paid all that off next year, but - I'm a glass half full type person! :P

Hi GreenSaints, welcome to the team! I'll add your name and amount to the front page.

To be honest, I have student loan debt of £20k to pay off as well as my £16k in this challenge but since the MSE article has questioned paying off the student loan early then I've chosen to exclude this and instead, once the £16k is paid off then save for a deposit on a house. Also, since the money for the student loan comes out of my wage before it hits my bank account then it doesn't feel like it's real debt... well of course it is real debt but not like my bank loans and credit cards and overdrafts... Am I making any sense...? Anway, welcome!