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

psychopathbabble

Bit of advice please I've paid off £100 of my £1000 loan on which I pay around £15-20 in charges a month (interest plus £5 usage charge), I pay £30 a month so it goes down a little bit each month. I was just thinking, should I pay the £100 I've paid off this onto my highest interest card at 26%? Or just leave it and carry on reducing it a bit each month?

kerri_dfw

Wow I missed that bit, congratulations Jemma and thank you very much. I was naughty with the mini-challenge, didn't fancy leftovers so had fish finger wrap oops

PedroMatias

psychopathbabble wrote: »

Bit of advice please I've paid off £100 of my £1000 loan on which I pay around £15-20 in charges a month (interest plus £5 usage charge), I pay £30 a month so it goes down a little bit each month. I was just thinking, should I pay the £100 I've paid off this onto my highest interest card at 26%? Or just leave it and carry on reducing it a bit each month?

The rule of thumb, and the quickest way to clear debt, is to pay your highest-interest debts first. I'm not quite sure what you've done with that £100, but if 26% is your highest interest debt and you still have access to the money, then put it on there.

psychopathbabble

PedroMatias wrote: »

The rule of thumb, and the quickest way to clear debt, is to pay your highest-interest debts first. I'm not quite sure what you've done with that £100, but if 26% is your highest interest debt and you still have access to the money, then put it on there.

It's just sitting in my overdraft I did think that was the best way, just not entirely sure of my interest rate as it has the £5 charge on top of the interest.

Pie

Had a lovely susprise today - because my brother has been living rent-free with my parents for a few months (he's been saving to move to Australia :eek:) my parents have given me an extra £100 towards Christmas, so I don't feel hard done by :rotfl:

After much dithering I decided to stick it on the overdraft, so

£464/ £7180 :j

Does anyone know which board to go to for overdraft advice? N@tionwide are going to ask for the rest of the £950 I owe them at the start of February, as thats my review date and I don't pay my wages into that account anymore. Don't know if I can raise that much cash by then! Thanks

psychopathbabble

Just transferred it also paid 43p from my account to the cc too!

068 £230.07 / £6,492.82 3.54%

sharronej

his_missus wrote: »

Hello all!

Not been on for a few days, feeling a bit disheartened at the moment. We went away this weekend and I thought it had all been prepaid when I booked it back in September......So feeling like I've taken a step backwards already

Sorry to hear you're disheartened but stick with it, we're all going to feel this way at some point over the next twelve months but we'll get through it together, imagine how good you will feel when you've paid more off than you owe!

Pie wrote: »

Does anyone know which board to go to for overdraft advice? N@tionwide are going to ask for the rest of the £950 I owe them at the start of February, as thats my review date and I don't pay my wages into that account anymore. Don't know if I can raise that much cash by then! Thanks

[url] http://forums.moneysavingexpert.com/forumdisplay.php?f=20[/url]
Give this one a try. I would suggest that you also read this article http://www.moneysavingexpert.com/banking/setting-off?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

psychopathbabble wrote: »

also paid 43p from my account to the cc too!

I strongly suspect you are toying with us ladies who have to pay off rounded up figures :rotfl::rotfl::rotfl:

kerri_dfw

psychopathbabble wrote: »

Just transferred it also paid 43p from my account to the cc too!

068 £230.07 / £6,492.82 3.54%

oh dear hurting my OCD :P the little payments add up though I should try doing the £1 a day challenge I think.

Just got really angry with BT chat for trying to charge me £30 cessation after telling me I won't have to pay any charges. Called their customer service who straight away saw my notes and said "no you don't have to pay them" phew

Oh and I'm 1 point from anothe SB £5 voucher in 6 days:T:T:T:beer::beer::beer::T:T:T

Update: 2nd £5 voucher since Thursday achieved I'm apparently very good at searching for some management company hehe

mf0u1098

Kerfuffle wrote: »

Congratulations mf0u1098,

Your challenge has made it to the weekly email.

:T:T:T:T:T:T:T

BLIMEY!!! That's sooooooo cool!!! Thanks everyone for being so super duper. I just want to point out though that this is OUR challenge and it would be nothing without you all, I just started it xxx
:T:T:T

psychopathbabble

Sorry to those of you who suffer OCD with numbers! If I had more in my account, I would have paid it Can't always do £1 per day as I don't have the cash in there! Will try harder to keep numbers rounded! xx