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

loveday69

his_missus wrote: »

Morning all!

Kerri you were missed yesterday, hope you feel better soon. I reckon this is the hardest challenge you've set esp at this time of year.

Loveday can't believe you read the whole thread in one go!

mf0u1098 good luck keeping those lads in check - !!!!!! Dastardly and Muttley :rotfl:

Well, we were going to go to the cinema tonight, we always go in December to watch a Christmas film but the times are pants tonight. We were then going to go out for a meal but Hubby is in a stinking mood after last night's footy, he's not great company today, I pity the lads in his office :rotfl:. SO I think I will transfer the money we would've spent over to the CC

Keep busting those debts xxx

It did take me a couple of days and a bit of eye strain, loved it when I saw posts marked 'yesterday', time for commitment on 0 cash and lots of debt to pay :eek: hmm. You've all done so well so far, many with a higher debt than mine so I'm hopeful I can do this. I was in a completely different mental state when I started reading, so well worth the long read.

his_missus

Afternoon all!

Ok... so I know I said I was going to pay all what I will save by not going out with noody Hubby tonight onto the CC... he was still in a sulk (about football, it's only a game for heaven's sake!:eek:) and I had to pop into B00ts for some hair dye (the stress of living with a footy nut ) and I treated myself to a pair of earrings that were in the half price sale

So I'm going to pay off £15 on CC this aft :T

idristhedragon

HI all can i just run something by you all? Coop have FINALLY transferred my Direct Debits from Satantander, and decided to give me an interest free overdraft of £500 for three months. (OD usually £200) NOW do I pay off the last niggly bit of the Vanquis debt (about £180ish- interest over 40%) I think yes but you are all so wiser than me please can I pick your brains. THen I can concentrate solely on the Capital One debt over the year and lose the mega interest.

sharronej

PedroMatias wrote: »

Right... advice time.

I spent a bit of time on spreadsheets and the like, deciding whether getting a small loan at low APR to pay off my CC and car would be beneficial. I've calculated it would be by a few hundred pounds, even with early repayment charges.

So, I've applied and been accepted for a £7,500 loan from a mainstream bank, representative APR of 6.4%. Below this amount, the APR jumped up. The plan is to pay off everything other than the parental loan with it, and because I'll have money left over, I'll give a lump sum to my mum (who I'm paying 4% interest to) and restructure the remainder of the debt with her so it finishes at Christmas 2012.

Assuming they don't offer me an APR that's significantly different to the representative, do you think this is a good idea? I'll need to be more vigilant and make sure I'm saving to pay it off, but DFD should be easier to reach. The other benefit is I'll be building up a lump sum in a savings account, which is never a bad idea in these times.

Should I sign on the dotted line?

Is it a secured loan? This would be a real consideration if it is other than that if you definitely have the drive to close all your credit cards and you are confident your job and income will be safe then go for it - I presume you have checked out the snow ball calculator first though?

kerri_dfw

Morning/afternoon all, night nurse knocked me for six last night but still a bit full of the cold. Going to go and get some supplies, but no debt busting today booo. Gotta wait until after christmas for the statements how annoying!

Calling14

DorsetGirl wrote: »

Good luck. I have found this thread really motivating so hang around and see what happens

Thank you heres hoping :j

sharronej

idristhedragon wrote: »

HI all can i just run something by you all? Coop have FINALLY transferred my Direct Debits from Satantander, and decided to give me an interest free overdraft of £500 for three months. (OD usually £200) NOW do I pay off the last niggly bit of the Vanquis debt (about £180ish- interest over 40%) I think yes but you are all so wiser than me please can I pick your brains. THen I can concentrate solely on the Capital One debt over the year and lose the mega interest.

I would but I'd make it a priority to clear the overdraft within the three months and then cancel it altogether

Natterjack88

Hi, could I join in please? I will at some point try and catch up with the thread- will be difficult though. I have £10,000 to pay off and my wages aren't even that so its going to be difficult and thats the reason I haven't joined earlier- but its worth a try! If I aim for the stars and reach the moon then I'll be happy! I have loads I can eBay plus a little buy to sell project Im hoping will take off , did really well over past few weeks with it but the items were good christmas presents so I will have to see how it goes in the new year. Im also doing SB and the £10 a day challenge so that will help.

I have a couple of payments that I have made today but I will add that when I have my number etc

camuk81

Morning all No 149 Reporting in. Phoned Vanquis over some late payments and overlimit fee's, When they set the card up I asked for no Repayment protection and direct debit. Lovely chap agreed to refund two late payments and an over limit without listening to the call (in shock) please add another £37.50, bringing my total to £233.72. Thank you

camuk81

kerri_dfw wrote: »

Morning/afternoon all, night nurse knocked me for six last night but still a bit full of the cold. Going to go and get some supplies, but no debt busting today booo. Gotta wait until after christmas for the statements how annoying!

So glad you posted this had headache driving back from inlaws and must have cold head! Just reminded me to take something!