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

GreenSaints

mf0u1098 wrote: »

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!

Haha! Yes, I totally understand what you are saying

I have to be honest with myself (and the rest of the team!) so those are all of my debts. Like I said, it'll be a miracle if I clear all that (fingers crossed for this weekends lottery numbers!), but the more that's cleared means the less I have to pay off in 2013! :rotfl:

kerri_dfw

Hi Greensaints, I have about £14.5k of student loan too, but as it only goes inline with inflation it's better to leave it alone and save the money as it will earn more interest. At least this is what I'm going to do when I am debt free, I'd rather pay £150 a month before tax and save for a house.

GreenSaints

Hi Kerri.

Yeah, I totally agree, but my student loan is quite small in comparison. Because of the car and medical I get with work, I'm heavily on my salary (this month it was £400 and £197 on NI!) . I'm also paying £87 a month for my loan, so if I can pay off my loan, at least I'll have some more money in my take home pay.

More money in my pocket, the better

mf0u1098

*smacks my hand on my head"...

Just realised that my loan direct debits came out yesterday so my total can be reduced by £403.91 making my new total £15,982.56 :j:j:j

rjh35

mf0u1098 wrote: »

*smacks my hand on my head"...

Just realised that my loan direct debits came out yesterday so my total can be reduced by £403.91 making my new total £15,982.56 :j:j:j

Woop well done!!

Bit of bad news for me...car problems...sent it into the local garage and they have said it needs to go to main dealership! They had it all hooked up and that, but no joy! At least they did not charge me! But, going to main dealer for the issues..and they are charging me £75 just for the computer diagnostics arggh!! God knows what the bill will be!! Managed to borrow the cash of my dad and pay him back on pay day! But means a set back on paying the debts off already!

mf0u1098

rjh35 wrote: »

Woop well done!!

Bit of bad news for me...car problems...sent it into the local garage and they have said it needs to go to main dealership! They had it all hooked up and that, but no joy! At least they did not charge me! But, going to main dealer for the issues..and they are charging me £75 just for the computer diagnostics arggh!! God knows what the bill will be!! Managed to borrow the cash of my dad and pay him back on pay day! But means a set back on paying the debts off already!

Thank you rjh35 although they come out every month and have done for a number of years. The true test will be at the end of the month when I add up what is still in my savings account if I don't have to dip into it.

Cars!!! "When they are good they are very very good but when they are bad they are HORRID"!!! If there seems to be one thing that can go wrong that causes major financial problems then it's cars as they seem to break with no warning and it can cost £100s to fix. But don't worry, even if you just manage to pay off a fiver this month or even 5p then you've started the debt ball rolling. xxx

rjh35

mf0u1098 wrote: »

Thank you rjh35 although they come out every month and have done for a number of years. The true test will be at the end of the month when I add up what is still in my savings account if I don't have to dip into it.

Cars!!! "When they are good they are very very good but when they are bad they are HORRID"!!! If there seems to be one thing that can go wrong that causes major financial problems then it's cars as they seem to break with no warning and it can cost £100s to fix. But don't worry, even if you just manage to pay off a fiver this month or even 5p then you've started the debt ball rolling. xxx

Fully agree! Just wish I lived on a bus route to work or something...I actually cant stand driving! Couldn't live without it though!

And thanks for the encouragement! Suppose the good thing is, and a change from the past...I wont be getting into any more debt for it. Will pay my dad back ASAP and it won't be going on a credit card. The balances will still be coming down after pay day and not up!!!

mf0u1098

Hi All

Could I please ask a huge favour...? I am not going to be around tomorrow as I am at a funeral and my best friend (it is her dads funeral) wants to have a few drinks in the evening. So I was wondering if you could all please continue to make any new joiners, and indeed the rest of our trusty team, feel welcome and let them know that I will add them to the 2nd post as soon as I can get back on MSE on Saturday.

Keep up the good work debt busting and I hope we can start seeing more totals coming down!!!

"A journey of a thousand miles begins with a single step..."

kerri_dfw

Of course we can Hope it goes as well as possible tomorrow.
See you Saturday.

banwa

Erm, can I join?

*blushes and tries to hide signature*

I have a huge amount of debt, of course I would love it to be clear by next Christmas but think that might be just about impossible. You never know though. I would be happy with getting it under £10k. Maybe you could put me down for £14k cleared by next Christmas? Please?

Tried and failed dismally at the £11 in 11 challenge, but have started afresh and 2012 is the year I will break the monster's back:)