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

HelenPie

Hey everyone!!

Sorry I've not been about. Got carried away with Christmas and time off work Need to update my totals for you but with payments taking time to process I'm a little mixed up at the moment so want to make sure I've got it all right.

I'm sooooo behind on this thread so wont be reading to catch up but I hope you're all doing well and chipping away at those debts. Less than a year to go now :T

SeduLOUs

I'd love to join this and get debt free by the end of 2012!

My figures are in my sig, is it better to say I'm 20% of the way there, or use my latest debt figure as my starting point?

xx

jakes-mum

camuk81 wrote: »

Jakes mum - ps do you think its a man thing i.e. ribbed at work or he wants to assert some control, so he feels like he is working himself toward something?

I think so, he hates feeling like he's working for nothing. This is where we differ, im very much a - I had my treats when I couldnt afford them thats why I have debt - kind of person so am happy to have nothing at all in my pocket. He is a - I work 40 hrs a week and I should have some play money in my pocket - kind of bloke. So I think the compromise to have 2 play accounts will work as there is no pressure on me to spend mine and I have no say in what he spends his on.

I know he wont save it, it will all go on his online game (which irks me something cronic) but I have to ignore it and let him do what he wants with it.

I have also decided to DD in the petrol money for each of us a month, so he gets £30 in his account (ne rides a bike) I think im going to need £50 as I have a car and we use this as a family on weekends. Im trying to get to the stage that we can give up our joint bank account cards, you know hand over the temptation? It might take a few months to get the DD's right but it will also help with the overspending. I just have to figure out what I will do about groceries as I do like to pay cash for those, so may take that money out weekly from the joint account instead of DD it into my new account as I dont want him to feel im getting loads more money than him

jakes-mum

SeduLOUs wrote: »

I'd love to join this and get debt free by the end of 2012!

My figures are in my sig, is it better to say I'm 20% of the way there, or use my latest debt figure as my starting point?

xx

Welcome SeduLOUs :wave:

I think thats entirely up to you, if you find it more motivating to start your debt at its original total then thats what you should do If you think it will spur you on, the challenge of starting again and getting your percentage back up then do that

Everyone has their own way of pushing themselves

sharronej

Well after the high of yesterday's shopping for next Christmas today we hit a snag - my husbands accountant has just phoned and we have a £650 tax bill to pay! Not quite sure what's going on because we haven't had a good year yet this is the highest bill he's ever had The only thing we can think is that there is a threshold where you have to pay so much towards the next year - I didn't actually think he would have anything to pay so this is a bit of a shock.....and no he hasn't saved anything towards it either and has already asked me for the credit card!

SeduLOUs

jakes-mum wrote: »

Welcome SeduLOUs :wave:

I think thats entirely up to you, if you find it more motivating to start your debt at its original total then thats what you should do If you think it will spur you on, the challenge of starting again and getting your percentage back up then do that

Everyone has their own way of pushing themselves

I think I'll start from scratch then. Starting balance £3950. Then my %age represents the actual progress I'm making in 2012 and I can use it to stay on track (i.e. aim for 50% debt clearance by end June).

Thanks! xx

rolo-polo1965

Can i join in?

I have just set up a spred sheet after reading tabout half of this thread over the last couple of days!

My debt is from a vredit card that me and the ex had, i have been divorced from him for 3 years! It is slowly going down. out debts were split between us after the divorce:eek:

I owe £11,300 OMG. But to be honest that is a lot less than what it was a year ago.

This christmas i have not used my credit card at all. Most of the presents for my 4 children and grand son have been bought through out the year.

I have also been selling loads of [STRIKE]carp[/STRIKE] exciting stuff on ebay that i have had lying round the house and intent to continue with this for the forthcoming year!

As i pay off each month or with any extras i will update!

Today i paid of £2,56 to make it a round figure!

InsertWittyName

sharronej wrote: »

Well after the high of yesterday's shopping for next Christmas today we hit a snag - my husbands accountant has just phoned and we have a £650 tax bill to pay! Not quite sure what's going on because we haven't had a good year yet this is the highest bill he's ever had The only thing we can think is that there is a threshold where you have to pay so much towards the next year - I didn't actually think he would have anything to pay so this is a bit of a shock.....and no he hasn't saved anything towards it either and has already asked me for the credit card!

It would be worth asking the accountant for a breakdown of what the costs are.

There isn't really a threshold for payments on account (POA) but it's worth noting that these can be set to £0 if you want (or they can at least via self assessment online).

You should be saving the required amount of tax you will pay from each payment that your OH receives - I can't imagine not doing this as my tax bill will be in the thousands! It's not hard to calculate the tax and NI you need to save, PM me if you need any help.

recurrent-ostrich

No time to stop today, Ebay listing like mad! But it's jolly tedious work, isn't it?

DorsetGirl_2

recurrent-ostrich wrote: »

No time to stop today, Ebay listing like mad! But it's jolly tedious work, isn't it?

Me too - listed 43 items yesterday and have more to do today :j